Useful Information About Non Compete Agreement
Hi, Lisa here. I wanted to take a minute or two to talk to you about noncompete agreements . It comes up a lot in my practice, it comes up a lot with business owners so I thought it would be useful information to share with you. What is a non-compete agreement? It is a tool to protect your business from an unfair competition by someone who has had access to your private, unique, or proprietary information that’s vital to the operation of your business. Who typically signs a non-compete agreement? Commonly it’s going to be your employees, partner of the business, a seller of the business, or a buyer of the business who will have the access to the information of the business to make the decision whether or not to buy the business. Are non-competes enforceable? Well, that depends, (very lawyerly on the answer there) . But the general rule of thumb for enforceable non-compete agreement is that it needs to be limited and both time and geographic scope only to the greatest ...