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Vendor Non-Compete Agreement

A vendor non-compete agreement is an arrangement used primarily to prevent competition in a business setting. State laws on non-compete agreements vary. In many states, they cannot be enforced.

  1. Purposes

    • Typically, the buyer of a business uses a non-compete agreement to prevent the previous owner from opening a similar business nearby. In another scenario, employers request participation in non-compete agreements from their employees --- sometimes as a condition of employment --- to prevent disclosure of proprietary information to rival companies or to stop an employee from going to work for a competitor.

    Features

    • In almost all cases, a non-compete agreement has a time limit, rarely extending beyond five years in any circumstance. In most cases, a geographical component exists as well.

    Details

    • A non-compete agreement states the names and addresses of both parties. The agreement specifically details the arrangement made between them, states the terms and conditions of the agreement and is signed by both parties.

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