WHAT IS A NON-COMPETE AGREEMENT?
A Non-Compete Agreement is a contract between two parties, where one party agrees not to compete with the other for a period of time.
- It helps you in protecting the confidential information of business.
- It helps you in commercial benefit by reducing the competition.
- It provides business owners and employers a degree of protection. A business owner cannot sell his business and then turn around and start a competitive business. A key employee cannot join a company, work there for several months, then leave and start a competing business in the same capacity.
It is an agreement between the two parties whereby one party promises to refrain from competing with that of another party business.
- It must supported by consideration at the time it is signed;
- It should protect a legitimate business interest of the employer and
- It should be reasonable in scope, geography, and time.
Most courts will simply invalidate the parts in the non-compete agreement that are illegal and enforce the other provisions of the contract. Generally, it is enforceable in that case where contracting parties at the same footing. For instance, a co-founder of a startup who signed a non-compete clause can be held to it, but if a employee signs a non-compete clause with the employer the same may not be enforceable.
You can file a lawsuit enforce the agreement for an injunction (i.e. decree to the court to refrain you from violating the agreement) or money damages or apply for GADcapital can lend you money.
Generally, yes. These agreements are generally assignable, i.e. freely transferable.
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