Non Compete Agreement Restricts competition by former employees or business associates for a specified period.
This Non-Compete Agreement (the "Agreement") is made and entered into as of [Date], by and between Homenick Inc, a United States corporation, having its principal place of business at [Address] (the "Company"), and [Employee Name], residing at [Employee Address] ("Employee").
Employee agrees that they are currently employed or engaged as a contractor by the Company, and that their employment/contract relationship with the Company is terminable at will, either by the Company or the Employee, with or without cause and with or without prior notice.
The purpose of this Agreement is to prevent direct or indirect competition with the Company by the Employee during and after the termination of the employment/contract relationship, for any reason, including but not limited to, pursuing business opportunities, appropriating clients, customers, or employees, or disclosing proprietary information or trade secrets, within the scope, duration, and geographic area set forth herein.
4.1. Restrictions on Competition
Employee agrees that, during their employment/contract with the Company and for a period of [Duration, e.g., 24] months after the termination of such employment/contract (the "Non-Compete Period"), they shall not, without the prior written consent of the Company:
(a) directly or indirectly, own, manage, engage, operate, control, join, aid, invest in, advise, support, or participate in the ownership, management, operation, or control of, any business which directly or indirectly competes in any of the Restricted Services (as defined below);
(b) establish a business that provides or distributes products, processes, services, or technologies that are substantially similar to, functionally-equivalent or in direct competition with the Restricted Services;
(c) solicit or entice any present or prospective client, customer, supplier, licensee, or business relation of the Company, or in any other manner induce or attempt to induce, any such person or entity to cease or reduce its business with the Company, or solicit any present or future employee of the Company to seek or accept employment/contract work with a competing organization.
4.2. Restricted Services
For the purposes of this Agreement, "Restricted Services" means any product, process, service, or technology that has been or is offered, planned to be offered, developed, researched, or marketed by the Company during the term of Employee's employment/contract, which is in direct competition with any product, process, service, or technology offered by the Company.
Employee acknowledges and agrees that the Non-Compete Period, as defined in Section 4.1., constitutes a reasonable period of time.
Employee agrees that the restrictions contained in this Agreement shall apply to the activities described in Section 4.1 within the United States of America.
Employee represents and warrants that their compliance with the terms and conditions of this Agreement will not conflict with, or result in a breach or violation of any other agreement, contract, or commitment to which the Employee is a party or by which the Employee may be bound.
8.1. Injunctive Relief
Employee agrees that any breach of this Agreement shall cause irreparable harm to the Company for which there is no adequate remedy at law, and therefore, the Company shall be entitled, in addition to any other legal or equitable remedies, to seek a temporary restraining order, preliminary injunction, or permanent injunction restraining Employee from violating the terms of this Agreement.
8.2. Liquidated Damages
In the event Employee breaches this Agreement, Employee shall be liable for liquidated damages in the amount of [Amount, e.g., $10,000], representing a genuine pre-estimate of the damage suffered by the Company as a result of such breach, and not a penalty.
If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid, void, or unenforceable, such determination shall not render the entire Agreement unenforceable, and the remaining provisions of this Agreement shall remain in full force and effect as if the invalid, void, or unenforceable provision was never a part of this Agreement.
This Agreement may be amended only by a written instrument, executed by both parties hereto, expressly stating the intent to modify the terms of this Agreement.
This Agreement shall be governed by and construed in accordance with the laws of the United States, without regard to its conflict of laws principles. The parties agree that any action or proceeding arising out of or relating to this Agreement shall be brought exclusively in a court of competent jurisdiction within the United States.
This Agreement constitutes the entire understanding and agreement between the parties with respect to the subject matter hereof and supersedes any and all prior agreements, understandings, and representations, whether written or oral.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
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