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A Non-Compete and Non-Solicitation Agreement is a legally binding contract between an employee and their employer. This agreement restricts the employee from competing with or soliciting from the company or its successors or assigns. This document is drafted in a neutral form, short, and simple to ensure that the employee signs without negotiation.
The agreement defines certain expressions such as "Business," "Compete," "Solicit," and "Confidential and Proprietary Information" for clarity. It also outlines the employee's obligations, which include not competing with the company's business in a specified area, not soliciting customers, clients, directors, officers, employees, and consultants from the company through any communication, and keeping confidential any trade secrets, business secrets, customer data, or confidential and proprietary information obtained from the company.
The employee acknowledges that the restrictions set forth in this agreement are fair, reasonable, and necessary to protect the company's business interests. The agreement will terminate a specified number of months after the termination of employment with the company for any reason.
The agreement also includes an enforceability clause, which states that if any provision is found to be invalid or unenforceable, all remaining provisions will remain in full effect. The parties will also be allowed to come to an agreement and substitute the invalid provision with a similar enforceable term.
It is important to note that a person who is not a party to this agreement shall have no right under any law to enforce any of its terms. The agreement is governed by the jurisdiction clause stated in the document.
In conclusion, this non-compete and non-solicitation agreement template is a valuable tool for employers seeking to protect their business interests. The short and simple format of the agreement makes it easy for employees to sign without negotiation, and the inclusion of key expressions and legal clauses ensures that the agreement is legally binding and enforceable.
1. Understand the purpose: This document restricts an employee from competing with the company's business and soliciting the company's clients/customers after the termination of employment.
2. Identify the parties: The agreement is between the employee (Party 1) and the company (Party 2).
3. Define the terms: The agreement defines key terms, such as Business, Compete, Solicit, and Confidential and Proprietary Information.
4. Outline the obligations: The employee agrees not to compete with the company's business in a specific area and not to solicit any clients, customers, directors, officers, employees, or consultants. The employee must also keep confidential any trade secrets, business secrets, customer data, or Confidential and Proprietary Information obtained from the company.
5. Employee acknowledgments: The employee acknowledges that the restrictions and prohibitions set forth in the agreement are fair, reasonable, and equitable, and necessary to protect the business interest of the company.
6. Define the term: The obligations under this agreement will terminate after a specific period of time (TERM) after the termination of employment with the company for any reason.
7. Enforceability: If any provision in the agreement is found to be invalid or unenforceable, all remaining provisions will remain in full effect. The parties will be allowed to come to an agreement and substitute the invalid provision with a similar enforceable term.
8. No rights under contracts for third parties: A person who is not a party to this agreement shall have no right under any law to enforce any of its terms.
9. Governing law and jurisdiction: The agreement will be governed by the law of a specific jurisdiction, and any dispute arising out of or in connection with this agreement shall be subject to the exclusive jurisdiction of a specific court.
Overall, both parties should sign and return a copy of the agreement, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed. The time period and the geographical area for non-competition must be clearly mentioned in the agreement.