Covenant not to compete.
Enter the name of the SELLER, referred to as SELLER and Enter the name of the BUYER, referred to as BUYER, agree:
BUYER and SELLER have entered into an agreement dated Enter the date of the purchase and sale agreement for Enter the trade name of the business.
In consideration of the mutual covenants and payments to be made pursuant to the agreement, and in further consideration of the sum of $ Enter the compensation for non-compete in numerals (Enter the compensation for non-compete in numerals 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 Enter the number of months for non-compete in numerals months from the date of this agreement SELLER will not compete at any time, directly or indirectly with BUYER in the fields of:
Enter the fields for non-competition
in the following geographic territory:
Enter territory for the non-compete
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;
The SELLER is engaged in the following activity:
Describe permitted activity
Notwithstanding other provisions in this agreement, it is agreed that this agreement not to compete shall not apply in any way to the operations of the activity described above.
SELLER further agrees that for a period extending Enter number of months for no employment 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.
Enter the name of the SELLER, SELLER
Enter the name of the BUYER, BUYER