Massachusetts Letter Agreement with Potential Joint Venture Party in Acquisition, As to Confidentiality and Noncompetition
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How to fill out Letter Agreement With Potential Joint Venture Party In Acquisition, As To Confidentiality And Noncompetition?
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FAQ
There is a narrow exception to allow non-competes in "sale-of-business" agreements, but the exception only applies where the individual has at least 25% ownership in the business. (Proposed Rule § 910.3 is here.) It would supersede all contrary state laws.
Massachusetts law requires that non?compete agreements be limited in time, scope, geography, and supported by consideration. A non-compete must not be broader than necessary to protect one or more of the following legitimate business interests of the employer: The employer's trade secrets.
Key Takeaways. A non-compete agreement legally binds a current or former employee from competing with an employer for a specific time after employment ceases. Under such an agreement, the employee must not reveal any trade secrets learned during employment.
A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity.
You agree that at no time during the term of your employment with the Company will you engage in any business activity which is competitive with the Company nor work for any company which competes with the Company.