The Company Non-Compete Agreement is a crucial legal instrument used in Nigerian business contexts to protect legitimate business interests, trade secrets, and competitive advantages. This document is typically implemented when companies need to safeguard their business interests in relationships with key stakeholders, including other companies, senior executives, or key employees who have access to sensitive information or significant customer relationships. The agreement must comply with Nigerian legal requirements, including the Federal Competition and Consumer Protection Act 2018 and common law principles, ensuring that restrictions are reasonable in scope, duration, and geographic extent. It includes specific provisions for protecting confidential information, preventing unfair competition, and maintaining business relationships, while balancing the rights of all parties involved.
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1. Parties: Identification of the company and the bound party (could be employee, contractor, or another company)
2. Background: Context of the agreement, relationship between parties, and legitimate business interests being protected
3. Definitions: Key terms used throughout the agreement, including 'Confidential Information', 'Competing Business', 'Restricted Period', and 'Restricted Territory'
4. Scope of Non-Compete: Clear definition of prohibited competitive activities and business areas
5. Duration and Geographic Limits: Specific timeframe and geographical boundaries of the non-compete restrictions
6. Protection of Confidential Information: Obligations regarding confidential information and trade secrets
7. Non-Solicitation Obligations: Restrictions on soliciting employees, customers, or suppliers
8. Acknowledgment of Reasonableness: Party's acknowledgment that restrictions are reasonable and necessary
9. Consideration: The benefit or payment provided in exchange for the non-compete obligations
10. Remedies: Available remedies in case of breach, including injunctive relief
11. Governing Law and Jurisdiction: Specification of Nigerian law and relevant courts
12. Execution: Signature blocks and execution requirements
1. Garden Leave: Optional provision for paid non-compete period, typically used for senior executives
2. Assignment Rights: Include when the agreement needs to be transferable to company successors
3. Severability and Modification: Detailed provisions for court modification of unreasonable terms, particularly important in complex commercial contexts
4. Post-Termination Obligations: Additional specific obligations after relationship termination, used in more complex commercial relationships
5. Monitoring and Compliance: Procedures for monitoring compliance, typically included for senior roles or complex business relationships
6. Exception for Shareholdings: Allows ownership of small percentages of publicly traded companies, typically included for sophisticated parties
1. Schedule 1: Restricted Activities: Detailed list of specific activities that constitute competing business
2. Schedule 2: Restricted Territory: Detailed mapping or list of geographical areas where restrictions apply
3. Schedule 3: Consideration Details: Breakdown of any financial or other consideration provided
4. Schedule 4: Key Customers and Suppliers: List of specific customers and suppliers covered by non-solicitation provisions
5. Schedule 5: Confidential Information Categories: Detailed categorization of protected confidential information
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