Agreement Not To Compete
For good consideration and as an inducement for company to employ employee the undersigned employee hereby agrees not to directly or indirectly compete with the business of the company and its successors and assigns during the period of employment and for a period of.
Agreement not to compete. You are buying a business and you do not want the seller to start a competing business. A non compete agreement is also called a noncompete agreement non competition agreement or non comp for short. In legalese its a covenant not to compete and among what are generally referred to as restrictive covenants. By heather bussing a non compete agreement is a contract between an employer and employee where the employee agrees not to work for competitors of the employer for a certain amount of time after the employee leaves.
In contract law a non compete clause often ncc or covenant not to compete cnc is a clause under which one party usually an employee agrees not to enter into or start a similar profession or trade in competition against another party usually the employer. Is your non compete agreement enforceable. The issue of whether a particular non compete agreement also referred to as a restrictive covenant is enforceable is the source of many employment law disputes. What is a covenant not to compete.
You want to prevent employees or business partners from using proprietary information to compete against you after they leave the company. A non compete agreement is a document used to protect employers from partners employees contractors and other individuals with access to their business secrets and practices using that access to leave the company to start their own competing business in the same industry.