________, referred to as SELLER and _____________,referred to as BUYER, agree: BUYER and SELLER have entered into an agreement dated _, 20 for ________. In consideration of the mutual covenants and payments to be made pursuant to the agreement, and in further consideration of the sum of Rs. (______&/100 Rupees) paid to by BUYER to SELLER, receipt of which is acknowledged by the SELLER, SELLER agrees not to compete with BUYER under the terms and conditions set forth herein. During a period of _ from the date of this agreement SELLER will not compete
at any time, directly or indirectly with BUYER in the fields of in the following geographic territory: For the purposes of this agreement “competition” shall be defined to the include, but not
be limited to, the following:
(a) Participating as a director, stockholder, or partner of, or having any direct or indirect financial interest (including a financial interest as a creditor) in any enterprise engaged in the fields stated above;
(b) Participating as an officer, employee, agent, representative, or consultant in, or rendering any services to, any such enterprise within the fields stated above;
SELLER further agrees that for a period extending _ after the substantial
consummation of the sale, SELLER shall not solicit for employment or employ any of the employees as of the date of substantial consummation of the same. However, in the event that BUYER terminates any employee, SELLER may employ that individual, provided that such employment is not limited by any valid non-competition agreement either assigned by SELLER to BUYER or entered into to between BUYER and the employee….
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