A Non-Compete After the Sale of Business Agreement, more commonly known as a “Non-Compete Agreement” is a contract that restricts the party signing the contract against operating a similar business, or sometimes from working within the same field as the party presenting the agreement. Restrictions often apply for a specified period of time, or within a given geographic area. It is often presented at the conclusion of employment to prevent former employees from detracting profits through skills learned during employment, and thereby competing with the business at which they were previously employed.
It is also often utilized in situations where a party is selling a business or its assets, in order to prevent the selling party from subsequently competing with the buyer.
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