A non-competition agreement has been formed between a company and an employee. It is a condition precedent to the obligations of the company under the merger agreement that the employee enter into a non-competition agreement in the form of this agreement with the company, including the covenant not to compete contained within the agreement, and the employee understands and acknowledges that this agreement is a material inducement to the company upon which it is relying in consummating the transactions contemplated by the merger agreement.
Virginia Sample Noncompetition Agreement between Company Employer and Employee
Category:
State:
Multi-State
Control #:
US-C-9154
Format:
Word;
Rich Text
Instant download
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FAQ
A standard non-compete agreement is a formal agreement between an employer and employee that states that the employee will not engage in any employment activities that are in competition or conflict with their primary job.
After expiration or termination of this agreement, employee name agrees not to compete with company name for a period of number years within a number mile radius of company name and location.
An employment contract doesn't always have to be in writing to be enforceable. While that may be the case, written agreements are certainly easier to enforce and not subject to certain limitations that oral agreements are. Oral agreements are still subject to the requirements of what it takes to form a basic contract.
After expiration or termination of this agreement, employee name agrees not to compete with company name for a period of number years within a number mile radius of company name and location.
A verbal job offer, which is made and accepted formally, is legally binding on both the parties. However, it's a bit more complicated than a written agreement since you must establish the terms of employment at the time of the offer.
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.
The Employee specifically agrees that for a period of months/years after the Employee is no longer employed by the Company, the Employee will not engage, directly or indirectly, either as proprietor, stockholder, partner, officer, employee or otherwise, in the same or similar activities as were performed for
Key TakeawaysA non-compete agreement legally binds a current or former employee from competing with an employer for some period of time after employment ceases.Under such an agreement, the employee must not reveal any trade secrets learned during employment.More items...
In Virginia, non-compete and non-solicitation agreements are enforceable only if they are narrowly drawn to protect the employer's legitimate business interests, are not unduly burdensome on the employee's ability to earn a living, and are not against public policy.
Oral contracts are just as enforceable as written contracts, but much harder to prove. If there's a dispute, it will be your word against the employer's. Like a written contract, an oral contract might be for at-will employment or it might limit the employer's right to fire.
