What is Non-Compete Agreement?
In this particular article we will be talking about the non-compete agreement, what is the meaning of such agreement, how these non-compete agreements work, and how they are helpful for a business?
Let’s talk about what is Non-compete agreement, it is the one which is usually for the employees of the company which prohibits them to become the competitor of the company or which prohibits them to work for the competitor’s company, and for a specific period of time. We can also say that this is a kind of negative, which is to be done when there is any conflict arises between the employer and the employee and employer wants to prohibits their employees working in another company which is the competitor’s one.
There is a proper procedure which is to be followed to make it work, and there are some important things which have to be kept in mind while doing this agreement. The primary condition is that it should start from an effective date, the terms and conditions (related to compensation as well), the ending date of the agreement should also be there, and the reason for such kind of prohibits.
Such kind of contracts are very much helpful for a business, as it helps them to protect their trade secrets, it helps the employer to retain their employees who are presently working, also it helps the company to make their ex employees non competent for the business. So it protects and secures them from such kind of issues which can arise.
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