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WHAT TO KNOW BEFORE YOU SIGN A NON-COMPETE AGREEMENT

If you own a business, you've probably poured yourself into it. You've created jobs and brought value to customers. Many laws exist to protect your business, and our commercial litigation experts are here to guide you through. In our last blog, we discussed restrictive covenants, which are the promises built into contracts. They are made to prevent employees or other companies from acting against companies they work for (or used to work for). As with all things, they are more complex than that simple explanation, but that's no worry when you have experts like us in your corner. Today, we're going to take an in-depth look at one flavor of restrictive covenant: the non-compete agreement.

WHAT IS A NON-COMPETE AGREEMENT?

It's one of the most common agreements in employment contracts and businesses sales, because it requires companies and employees to play fair. When a non-compete agreement is made, one party promises not to compete against the other. There is usually a qualifier, such as an amount of time, a certain time period, or a specified area of business. It's away to protect what's important, especially during times of change.

ARE THERE DIFFERENT TYPES OF NON-COMPETE AGREEMENTS?

Absolutely. Though there are unique situations, non-compete agreements generally crop up in these two main areas:

  • Employment Contracts: When you have a successful business, you have to expand your team, which means hiring employees. The employees will learn the secrets to your success. If they end up leaving your employ, you don't want them to start a competing operation in the same industry that uses your secrets. A non-compete agreement will prevent employees from using your own success against you.
  • Business Sales: Some people sell their companies, hoping to get away and make a fresh start in the same industry. If you're buying a preexisting company, the last thing you need is the former owner starting up a competing operation. A non-compete agreement protects you and your new company from its previous owner.

CAN I CONTEST A NON-COMPETE AGREEMENT?

You absolutely can. Things get sticky, though. Because these agreements are overseen by state government, an agreement made in one state may not apply in another. Additionally, taking an agreement to court can take years and consume a lot of your revenue. However, if you need to contest one in New York, don't be afraid to do so. At Quatela Hargraves & Chimeri, we are experts in commercial litigation, and we're ready to help!

Running a business isn't easy. In fact, it can be an all-out battle. At the end of the day, you're as good as the team in your corner. At our law firm, we have the experience to be the allies you need. Commercial litigation is one of our favorite areas, because we're in the business of fighting for businesses as well as people. Don't let the ups and down of being a business owner make you crash. Get aggressive, efficient representation with our New York Law Firm. Contact us today - we're here to help!

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