Non-compete Agreement HR
NON-COMPETE AGREEMENT
This Non-Compete Agreement ("Agreement") is made as of the 7th day of July, 2050, by and between:
[Your Company Name]
[Your Company Address]
("Company")
AND
[Employee Name]
[Employee Address]
("Party").
Collectively referred to as the "Parties."
COVENANT NOT TO COMPETE
For the consideration described herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Party agrees and covenants not to compete with the business of the Company, its successors or assigns:
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The term "Non-Compete Period" as used in this Agreement shall mean the period that ends in two (2) years after the termination of the Party's engagement with the Company.
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The term "Territory" as used in this Agreement shall be defined as:
|
Territory |
Specific Region |
|
National |
All states of [Country] |
|
Regional |
[Specific States/Provinces] |
|
Local |
[Specific City/Town] |
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The Party shall refrain from participating in any capacity – as an owner, partner, investor, employee, consultant, or agent – with any entity that offers similar products or services as the Company.
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Party agrees that during the Non-Compete Period, they shall not, without the Company's prior written consent, invest in, advise, help organize, or join any commercial venture that, in the judgment of the Company, competes with its products, services, processes, or systems.
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Upon termination of Party's engagement with the Company, or at the Company's request at any time, Party shall immediately return to the Company all documents, notes, plans, records, reports, and software and other materials regarding the Company or its business, its customers, or its employees that Party has, without retaining any copies, drafts, notes, or excerpts thereof.
NON-SOLICITATION
Understanding the critical significance of the Company's relationships with its employees, contractors, clients, and vendors, and recognizing the investment the Company has made in developing these relationships, Party agrees to the following terms:
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For the duration of Party's engagement with the Company and for a period of two (2) years following its termination, Party shall not directly or indirectly solicit, induce, or attempt to induce any employee or contractor of the Company to terminate their relationship with the Company, or to join, assist, or become affiliated with any other business entity that might be competitive to the Company's interests.
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Party shall refrain from hiring, contracting, or engaging in any business activity with any current or former employee or contractor of the Company during the Non-Solicitation Period.
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Party agrees not to interfere with, disrupt, or attempt to disrupt the relationship, contractual or otherwise, between the Company and any of its clients, customers, or vendors, or engage in any transactions with such entities in a manner that harms the Company's interests during the Non-Solicitation Period.
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Party acknowledges that this non-solicitation clause is necessary to protect the Company's legitimate business interests, including its proprietary and confidential information, its trade secrets, and its client and customer relationships and goodwill.
CONSIDERATION
Recognizing the intrinsic value of the commitments made by the Party in this Agreement, the Company offers the following considerations as a token of its appreciation and to strengthen the mutual relationship between the Parties:
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The Party shall be entitled to additional financial incentives based on performance and adherence to the terms of this Agreement, subject to periodic review by the Company.
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The Company will sponsor professional development courses aimed at enhancing the Party's skills, directly benefiting both the Party and the Company.
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The Party can avail flexible working hours or remote work options for a predetermined number of days per month, promoting a healthy work-life balance.
BREACH
It is understood and agreed that any breach of the provisions contained in this Agreement will result in substantial, continuing and irreparable injury to the Company. Therefore, in addition to any other remedies that may be available to the Company, the Company shall have the right to enforce this Agreement and any of its provisions by injunction, specific performance or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have for a breach of this Agreement.
AMENDMENT
This Agreement stands as a testament to the mutual understanding and accord established between the Parties. To preserve the integrity and intent of this Agreement, any modifications, alterations, or changes to its terms, provisions, or conditions shall be valid and effective only if they are in writing. Such amendments must be mutually discussed, agreed upon, and duly signed by both Parties, emphasizing their joint intention to abide by the newly adjusted terms. Any oral discussions or understandings that aren't encapsulated in a written amendment shall not be considered valid or binding.
GOVERNING LAW
This Agreement, in its entirety, including its formation, interpretation, breach, termination, and any disputes arising out of it, shall be governed by and construed in line with the laws of [State/Country]. Both Parties agree to submit to the exclusive jurisdiction of the courts of [State/Country] for any legal action or proceeding arising out of or in connection with this Agreement. The Parties recognize the significance of this clause and intend for it to define the appropriate legal and judicial framework for addressing any concerns related to this Agreement.
ENTIRE AGREEMENT
This Agreement embodies the full and complete understanding between the Parties relating to the subject matter herein. It supersedes and renders null and void any and all prior and contemporaneous discussions, agreements, understandings, or representations, be they oral or written, that might have existed between the Parties prior to or concurrently with this Agreement. Both Parties acknowledge and affirm that they haven't relied on any promise, representation, or assurance not contained herein. Any annexes, schedules, or exhibits attached to this Agreement are integral parts of it and shall be treated as if they were written into the main body of this Agreement.
IN WITNESS WHEREOF, the Parties hereto have executed this Non-Compete Agreement as of the date first above written.
Signature: Signature:
[Name] [Employee Name]
[Job Title] [Job Title]
July 07, 2050 July 07, 2050
