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Agreement Not To Work For Competitor
"I need an Agreement Not To Work For Competitor for our Lagos-based fintech company, covering our Chief Technology Officer who will be leaving in March 2025, with specific focus on protecting our proprietary trading algorithms and preventing work with competitor payment processing companies in West Africa for 12 months."
1. Parties: Identification of the employer and employee/former employee, including full legal names and addresses
2. Background: Context of the agreement, including the employee's role, access to confidential information, and legitimate business interests being protected
3. Definitions: Key terms including 'Restricted Business', 'Competitor', 'Confidential Information', 'Territory', and 'Restricted Period'
4. Non-Competition Obligations: Core restrictions on working with competitors, including geographical scope and duration
5. Non-Solicitation of Customers: Restrictions on approaching or dealing with customers or prospective customers
6. Non-Solicitation of Employees: Restrictions on recruiting or attempting to recruit other employees
7. Confidentiality Obligations: Obligations regarding the protection and non-disclosure of confidential information
8. Duration and Territory: Specific timeframes and geographical areas where restrictions apply
9. Acknowledgments: Employee's confirmation of reasonableness and understanding of restrictions
10. Remedies: Consequences of breach and available legal remedies including injunctive relief
11. General Provisions: Standard clauses including governing law, severability, and entire agreement
1. Garden Leave: Provisions for paid leave during notice period to protect business interests
2. International Scope: Additional provisions for businesses operating in multiple countries
3. Post-Employment Compensation: Terms of any payment made in consideration for non-compete restrictions
4. Return of Property: Requirements for returning company property and documents
5. Independent Legal Advice: Confirmation that employee has received or had opportunity for independent legal advice
6. Alternative Dispute Resolution: Procedures for resolving disputes through mediation or arbitration
7. Training Costs Reimbursement: Provisions regarding repayment of training costs if applicable
1. Schedule 1 - Restricted Competitors: List of specific competitors or types of competing businesses
2. Schedule 2 - Restricted Customers: List of specific customers or customer categories covered by restrictions
3. Schedule 3 - Restricted Territory: Detailed description or maps of geographical areas covered by restrictions
4. Schedule 4 - Confidential Information: Detailed categories and examples of confidential information
5. Appendix A - Consideration Details: Details of any financial compensation provided for the restrictions
Authors
Technology
Financial Services
Telecommunications
Professional Services
Manufacturing
Oil and Gas
Healthcare
Pharmaceuticals
Consumer Goods
Media and Entertainment
Consulting
Research and Development
Industrial Services
Education and Training
Executive Leadership
Sales
Research and Development
Product Development
Client Services
Technical Operations
Business Development
Strategic Planning
Professional Services
Customer Success
Engineering
Information Technology
Human Resources
Legal
Chief Executive Officer
Managing Director
Chief Technical Officer
Sales Director
Senior Software Engineer
Research Scientist
Business Development Manager
Product Manager
Senior Account Executive
Technical Lead
Head of Operations
Chief Financial Officer
Regional Manager
Senior Consultant
Head of Research and Development
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