Virgin Islands Employee Agreement with Covenant not to Compete
Description
How to fill out Employee Agreement With Covenant Not To Compete?
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FAQ
A noncompete agreement is an intangible asset because there is value in preventing another party from operating a business within the same industry. While it is difficult to place a specific value on a noncompete agreement, value can be assigned during purchase accounting.
California law bars covenants not to compete in nearly all circumstances.
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.
This Covenant Not to Compete and Non-Disclosure Agreement is executed upon initial employment or upon the EMPLOYEE's advancement with NIKE and is a condition of such employment or advancement.
I agree that during the course of my employment and for a period of twelve (12)months immediately following the termination of my relationship with the Company, whether I resign voluntarily or am terminated by the Company involuntarily, I will not, without the prior written consent of the Company, whether paid or not: ...
I agree that during the course of my employment and for a period of twelve (12)months immediately following the termination of my relationship with the Company, whether I resign voluntarily or am terminated by the Company involuntarily, I will not, without the prior written consent of the Company, whether paid or not: ...
The well-known general rule is that a covenant not to compete is only enforceable if its terms are reasonable and necessary to protect the legitimate business interests of the employer.
Covenants not to compete are frequently enforced to prevent a former employee from soliciting his or her former customers to buy competing products or services from the new employer.