Please note that the information contained herein is NOT legal advice and is provided for educational purposes only. Laws are subject to change and without notice. If you need legal advice, you should seek professional assistance (e.g. make a post on Dynamic Legal Forms).
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“Restrictive Covenants” are terms and conditions in an Agreement (such as an Employment, Independent Contractor, Shareholder, Share Purchase or Partnership Agreement) that limit one party’s ability to do certain things. Typical examples include restrictions on the use and disclosure of confidential information as well as non-compete and non-solicitation clauses. The idea behind restrictive covenants is that a party which is privy to another party’s sensitive information or clients should be prevented from simply leaving the relationship and competing with the other party with all those benefits.
Non-Compete vs. Non-Solicitation Clauses
A “Non-Compete” clause in an agreement puts limits on one party’s ability to compete in the same business as the other party. In other words, during the term of the agreement and for a period of time thereafter and within a set geographic area, one party cannot establish their own business or work for others such that they sell the same products or services as did their current or former client, employer, partner, etc. A “Non-Solicitation” clause in an agreement means that one party will not solicit (attempt or actually sell) customers or employees of the current or previous employer, client, or partner. This is a less drastic restrictive covenant than a Non-Compete clause. Both types of restrictions can find their way in employment agreements and independent contractor agreements.
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