Non-Compete Deed
Non-Compete Deed
Preamble
This Non-Compete Deed ("Deed") is entered into as of this 5th day of September 2050, by and between [Your Name], with its principal place of business at Sacramento, CA 95820 ("Party A"), and Donnie Beck, with its principal place of business at Sacramento, CA 95820 ("Party B"). Collectively referred to as the "Parties".
1. Definitions
For the purposes of this Deed, the following terms shall have the meanings ascribed to them below:
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"Non-Compete Obligation": The obligation of Party B to refrain from engaging in any competing activities as described in this Deed.
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"Territory": The geographical area specified as the State of California.
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"Term": The duration of the Non-Compete Obligation, commencing on the date of this Deed and continuing for a period of 2 years.
2. Non-Compete Obligation
Party B agrees that during the Term of this Deed, Party B will not, within the Territory, directly or indirectly, engage in, represent, advise, or have any interest in any business that competes with the business activities conducted by Party A.
3. Consideration
In consideration of Party B’s compliance with the Non-Compete Obligation, Party A agrees to pay Party B the sum of Fifty Thousand Dollars (50,000 USD), payable as follows:
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Initial Payment: Ten Thousand Dollars (10,000 USD) due upon execution of this Deed.
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Subsequent Payments: Five Thousand Dollars (5,000 USD) due quarterly, commencing on December 5, 2050.
4. Confidential Information
Party B acknowledges that during the course of their relationship with Party A, they have had access to and have become familiar with confidential and proprietary information belonging to Party A. Party B agrees to maintain the confidentiality of such information and not to disclose it to any third party without the prior written consent of Party A.
5. Remedies
In the event of a breach of this Deed by Party B, Party A shall be entitled to seek equitable relief, including but not limited to injunctive relief and specific performance, in addition to any other remedies available at law or in equity.
6. Governing Law and Jurisdiction
This Deed shall be governed by and construed in accordance with the laws of the State of California. Any disputes arising out of or in connection with this Deed shall be subject to the exclusive jurisdiction of the courts of California.
7. Entire Agreement
This Deed constitutes the entire agreement between the Parties with respect to its subject matter and supersedes all prior agreements, understandings, and negotiations, whether written or oral.
Signatures
IN WITNESS WHEREOF, the Parties have executed this Non-Compete Deed as of the date first above written.
Party A
Name: [Your Name]
Title: Owner/CEO
Party B
Name: Donnie Beck
Title: Authorized Representative
