Non Compete Agreement
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Form reviewed by Bahman Eslamboly, Attorney at FindLegalForms
Agreement Not to Compete (after the sale of a business) designed for use in all states
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The terms include a geographical limitation (in terms of miles of radius) on how closely such a competing business can be operated. Also included is a time limit (in term of years) that such an agreement will be in effect.
This attorney-prepared packet contains:
- Information about the Non-Compete Agreement
- Non-Compete Agreement (after the sale of a business)
Non Compete Agreement
Product Details
| Product | Non Compete Agreement |
| Country | United States |
| Pages | 2 |
| Dimensions | Designed for Letter Size (8.5" x 11") |
| Printer compatibility | Designed to print on all ink-jet and laser printers |
| Editable | Yes (.doc, .wpd and .rtf) |
| Format |
Microsoft Word Adobe PDF WordPerfect Rich Text Format |
| Platform |
Windows Compatible Mac Compatible Linux Compatible |
| Availability | In Stock. Instant Download |
| Usage | Unlimited number of prints |
| Category | Non-Compete After the Sale of Business |
| Product number | #22030 |
| Download time | Less than 1 minute (approx.) |
| Document Access |
Via secret online address Email with download links Email with attachment upon request |
| Refund Policy | 60 days, no-questions asked, 100% money back guarantee |
Frequently Asked Questions
A Non-Compete Agreement is a legal contract that restricts a party from engaging in business activities that compete with another party, typically after the sale of a business. It aims to protect the buyer's investment by limiting the seller's ability to create competition.
The duration of a Non-Compete Agreement varies but is typically defined in the contract. Common time limits range from one to five years, depending on the nature of the business and the geographical area involved.
Enforceability of Non-Compete Agreements varies by state. Some states have strict limitations on their enforceability, while others may uphold them if they are reasonable in scope and duration.
Geographical limitations refer to the specific area where the seller is prohibited from competing. This is usually defined in miles from the business location and is intended to protect the buyer's market.
If a Non-Compete Agreement is violated, the injured party may seek legal remedies, which can include monetary damages or injunctive relief to prevent further competition. Courts will evaluate the reasonableness of the agreement before enforcing it.
Is This Form Right For You?
Use This Form If:
- Individuals who are selling their business may require a Non-Compete Agreement to ensure that the buyer does not start a competing business in the same geographical area. This protects the seller's interests and helps maintain the value of the business they sold.
- Situations requiring the protection of trade secrets often call for a Non-Compete Agreement. By preventing the seller from entering into direct competition, the buyer can safeguard sensitive information that could be detrimental if disclosed.
- For those involved in a merger or acquisition, a Non-Compete Agreement can be essential to prevent former owners from undermining the new business. This legal document helps to create a stable environment for the new ownership structure.
- In cases where a business is sold to a competitor, the seller may need to sign a Non-Compete Agreement to avoid any conflicts of interest. This ensures that the seller does not leverage their previous knowledge to benefit a rival company.
- Businesses expanding into new markets might require a Non-Compete Agreement to prevent former owners from establishing similar operations nearby. This helps to secure the investment made in the new market and fosters a competitive edge.
Do Not Use If:
- – This form is not appropriate when the seller intends to remain in the same industry without any restrictions. In such cases, the seller may need to negotiate different terms that allow for continued business activities.
- – If the business being sold has no competitive value or is not likely to compete with the buyer's business, a Non-Compete Agreement may be unnecessary. In these situations, the seller should consider other forms of agreements.
- – In jurisdictions where Non-Compete Agreements are deemed unenforceable, using this form would not be advisable. Sellers should consult local laws to determine the viability of such agreements.
- – For businesses that are being sold to a family member or a close associate, a Non-Compete Agreement may not be suitable. Personal relationships can complicate the enforcement of such agreements.
- – If the seller is not privy to sensitive information or trade secrets, a Non-Compete Agreement may not be needed. In such cases, the buyer may not require protection against competition.
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