Standard Non-Compete Agreement - Only for Real Estate Agent Revenue Sharing and Per Transaction Recruiting
Overview of this form
The Standard Non-Compete Agreement specifically for Real Estate Agent Revenue Sharing and Per Transaction Recruiting is a legal document that helps protect a company's confidential information and business interests. This agreement restricts a recipient's ability to engage with similar businesses during and after their employment, ensuring that sensitive information remains confidential. Unlike other non-compete agreements, this form is tailored to the unique needs of real estate agents involved in revenue sharing and transactional recruiting.
Main sections of this form
- Parties Involved: Identification of the Disclosing Party (company) and the Recipient (employee).
- Non-Compete Clause: Obligates the recipient to refrain from engaging in similar business activities without consent during and after the employment period.
- Confidential Information Definition: Specifies what constitutes confidential information, ensuring clarity on protected details.
- Permitted Disclosures: Outlines conditions under which confidential information may be disclosed legally.
- Return of Materials: Mandates the return of all confidential materials upon termination or request.
- Governing Law: Identifies the jurisdiction under which the agreement is governed.
When to use this document
This form is essential for real estate companies that wish to protect their proprietary information when hiring new agents. It should be used when making an employment offer that includes revenue sharing or transaction-based recruiting to ensure all parties understand their obligations about confidentiality and competition.
Who can use this document
- Real estate companies seeking to safeguard their business interests.
- Real estate agents receiving employment offers that involve confidential business information.
- Employers looking to ensure compliance with non-compete terms from the onset of employment.
Completing this form step by step
- Identify the parties: Fill in the names of the company and the recipient.
- Define the effective date: Enter the date when the agreement becomes enforceable.
- Specify the scope of the non-compete: Clearly outline the restrictions on engaging with similar businesses.
- Detail confidentiality terms: Describe what constitutes confidential information specific to your work.
- Sign and date: Both parties should sign and date the agreement to validate it.
Does this document require notarization?
In most cases, this form does not require notarization. However, some jurisdictions or signing circumstances might. US Legal Forms offers online notarization powered by Notarize, accessible 24/7 for a quick, remote process.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to specify the scope or duration of the non-compete.
- Neglecting to identify all parties involved accurately.
- Overlooking necessary signatures or dates, which can invalidate the agreement.
Why complete this form online
- Convenience: Download and complete the form at your own pace.
- Editability: Customize the agreement to fit specific business needs easily.
- Reliability: Receive a template based on legal standards created by licensed attorneys.
Legal use & context
- This agreement is legally binding as long as it complies with state laws regarding non-compete enforceability.
- Provisions should be reasonable in scope and duration to enhance enforceability.
- Periodic review of the agreement may be necessary as business practices and legal standards evolve.
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FAQ
- The two most common settings for legitimate non-competition agreements are the sale of a business and an employment relationship. When a non-compete agreement is ancillary to the sale of a business, it is enforceable if reasonable in time, geographic area, and scope of activity.
Non-competes were originally created to protect trade secrets and other confidential information. While they remain prevalent for well-paid and highly educated workers, these agreements are increasingly more common in underpaid industries, irrespective of job duties or access to confidential information.
Legal Requirements for Non-Competition Agreements In order to be considered valid, a non-competition agreement must: Be supported by consideration at the time it is signed. Protect a legitimate business interest of the employer. Be reasonable in scope, geography, and time.
The Federal Trade Commission proposes preventing employers from entering into non-compete clauses with workers and requiring employers to rescind existing non-compete clauses. The Commission estimates that the proposed rule would increase American workers' earnings between $250 billion and $296 billion per year.
In order to be enforceable, a non-compete agreement must include an offer, acceptance, intent, and a benefit or ?consideration? to the employee in exchange for his or her promise. The benefit could be as simple as getting the job or, for an existing employee, getting a promotion or raise.
Noncompete agreements are often used when a business is sold or when employees will gain access to confidential, proprietary information over the course of their employment.
competition clause generally prohibits an employee from working for a competitor after employment ends, whereas an exclusivity clause prevents an employee from working for any employer during employment.
