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Complete Home & Office Legal Guide
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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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1993-08-01
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67 lines
COVENANT NOT TO COMPETE
____________________, referred to as SELLER and ________________
_________, referred to as BUYER, agree:
BUYER and SELLER have entered into an agreement dated __________,
199___ for ____________________.
In consideration of the mutual covenants and payments to be made
pursuant to the agreement, and in further consideration of the
sum of $_________ (_______________&___/100 dollars) paid to by
BUYER to SELLER, receipt of which is acknowledged by the SELLER,
SELLER agrees not to compete with BUYER under the terms and
conditions set forth herein.
During a period of ________ from the date of this agreement
SELLER will not compete at any time, directly or indirectly with
BUYER in the fields of:
________________________________________________________________
in the following geographic territory:
_________________________________________________________________
For the purposes of this agreement "competition" shall be defined
to the include, but not be limited to, the following:
(a) participating as a director, stockholder, or partner of, or
having any direct or indirect financial interest (including a
financial interest as a creditor) in any enterprise engaged in the
fields stated above;
(b) participating as an officer, employee, agent, representative,
or consultant in, or rendering any services to, any such
enterprise within the fields stated above;
SELLER further agrees that for a period extending _________ after
the substantial consummation of the sale, SELLER shall not
solicit for employment or employ any of the employees as of the
date of substantial consummation of the same. However, in the
event that BUYER terminates any employee, SELLER may employ that
individual, provided that such employment is not limited by any
valid non-competition agreement either assigned by SELLER to
BUYER or entered into to between BUYER and the employee.
SELLER acknowledges that the restrictions contained herein are
reasonable and necessary to protect the business and interest
which BUYER is acquiring pursuant to the above-referenced
purchase and sale agreement. It is further agreed that BUYER would
suffer irreparable injury if the restriction is not obeyed, and
that injunctive relief is appropriate for any violation of the
same.
Dated: ____________________________
__________________________________________________
____________________, SELLER
___________________________________________________
____________________, BUYER