This Non-Compete Agreement is a covenant provided by the employee ABC to the employer DEF not to compete or indulge in any activity that is in direct competition with the business carried out by DEF during and after his employment with DEF. For the purposes of this Non-Compete Agreement ABC shall be termed as the employee and DEF shall be termed as the employer. This contract is dated dd/mm/yyyy and comes into effect with the signing of the employment contract with the employee.
1. Undertaking to Not Compete
As is customary with Non-Compete Agreements, this section contains an undertaking by the employee not to indulge in any activity that would directly or indirectly compete with the company during or after the employment. The following additional clauses apply:
1.1. The employee is fully aware that the services he is providing to the company are unique, valuable and play a major role in the success of the company. These services are being compensated and in return the employee agrees not to compete with the company in this Non-Compete Agreement
1.2. As with Non-Compete Agreements, the employee is restricted from competing with the company for 3 years after his employment with the company ends. This includes joining as a partner, shareholder, agent or officer any other competing firm.
1.3. This Non-Compete Agreement stipulates that during the 3 years provided in the clause above, the employee shall not solicit, employ or attempt to solicit or employ any individual who is still working for the company.
1.4. As is common with Non-Compete Agreements, the employee shall not disclose any information relating to the company to any third party during or after his employment. This is a lifetime undertaking and not restricted to any time period.
2. No Guarantee of Employment
This Non-Compete Agreement is an addendum to the employment contract signed by the employee and in no way offers any guarantee to the employee as to his employment with the company. The contract with the employee can be terminated at any time as is outlined in his employment contract.
3. Transfer of Benefit
According to Non-Compete Agreements, if the employee fails to comply with the covenants contained in this Non-Compete Agreement, the company is entitled to demand from the employee all profits or benefits that it lost to the employee as a result of this breach of contract.
As per Non-Compete Agreements, the employee has understood all the terms and conditions of the contract and agrees that these are reasonable expectations and restrictions. In the event that any clause contained in the Non-Compete Agreement is not acceptable to either party or does not comply with the laws of the state, that clause alone shall be set aside. All other terms and conditions of the Non-Compete Agreement shall continue to be in force.
5. Binding on all parties
According to Non-Compete Agreements, this contract shall be binding on all successors, heirs and assigns of the employee.
6. Legal Fees
As is customary with Non-Compete Agreements, if the company is forced to file a legal claim against the employee for breach of this agreement and is found successful, all legal fees arising from this effort shall be borne by the employee.
Both parties have carefully read the clauses contained in the Non-Compete Agreement and understand their implications. The signing of the document validates their agreement to the stipulations contained therein.