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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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1993-08-01
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73 lines
COVENANT NOT TO COMPETE
Planter's Supply Co., referred to as SELLER and Tri-County
Nurseries, referred to as BUYER, agree:
BUYER and SELLER have entered into an agreement dated March 22,
1995 for Tri-County Nurseries.
In consideration of the mutual covenants and payments to be made
pursuant to the agreement, and in further consideration of the sum
of $ 5,000.00 ( five thousand & no/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 6 months from the date of this agreement SELLER
will not compete at any time, directly or indirectly with BUYER in
the fields of:
supply broccoli seedlings in tri-county area
in the following geographic territory:
Lincoln, Jefferson & Washington Countied
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 12 months 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: ____________________________
__________________________________________________
Planter's Supply Co., SELLER
___________________________________________________
Tri-County Nurseries, BUYER