The Non-Compete Agreement Sale Of Business is a crucial document in New Zealand business transactions that protects the buyer's investment by preventing unfair competition from the seller. It is typically used when selling a business where the seller's knowledge, relationships, or reputation could pose a significant competitive threat if they were to re-enter the same market. The agreement must comply with New Zealand's restraint of trade principles, requiring restrictions to be reasonable in duration, geographic scope, and protected activities. It includes detailed provisions on prohibited activities, enforcement mechanisms, and consequences of breach. This document is particularly important in situations where the business value significantly depends on customer relationships, trade secrets, or specialized knowledge that the seller possesses.
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1. Parties: Identification of the seller (covenantor) and buyer (covenantee) of the business
2. Background: Context of the business sale and reason for the non-compete provisions
3. Definitions: Key terms including Business, Restricted Business, Territory, Restraint Period, Confidential Information
4. Non-Compete Obligations: Core restrictions on competing activities, including scope of prohibited activities
5. Geographic Restrictions: Definition of the territorial scope of the non-compete obligations
6. Duration of Restrictions: Timeframe for which the non-compete obligations will apply
7. Non-Solicitation Provisions: Restrictions on soliciting employees, customers, and suppliers
8. Confidentiality Obligations: Protection of confidential information and trade secrets
9. Acknowledgments: Acknowledgment of reasonableness of restrictions and receipt of consideration
10. Consideration: Details of the consideration provided for the non-compete obligations
11. Remedies: Available remedies in case of breach, including injunctive relief
12. General Provisions: Standard contract terms including governing law, notices, and interpretation
1. Assignment Rights: Rights to assign the agreement, particularly relevant if the buyer may want to sell the business in the future
2. Intellectual Property Protection: Additional provisions protecting IP rights, needed if the business has significant IP assets
3. Training and Transition: If the seller is providing any training or transition services to the buyer
4. Exceptions to Restrictions: Specific carved-out activities or investments that are permitted
5. Independent Contractor Provisions: Required if the seller will continue to provide services as a contractor
6. Shareholder Provisions: Needed if the seller retains any shareholding in the business
1. Schedule 1 - Business Description: Detailed description of the business being sold and protected
2. Schedule 2 - Territory Map: Map or detailed description of the geographic territory covered
3. Schedule 3 - Restricted Activities: Comprehensive list of specific activities that are restricted
4. Schedule 4 - Key Customers and Suppliers: List of protected business relationships if applicable
5. Schedule 5 - Consideration Details: Breakdown of consideration specifically attributed to the non-compete
6. Appendix A - Deed of Adherence: Template deed for related parties who need to be bound by the restrictions
Relevant legal definitions
Clauses
Relevant Industries
Professional Services
Retail
Manufacturing
Technology
Healthcare
Hospitality
Construction
Education
Financial Services
Consulting
Real Estate
Engineering
Distribution
Food and Beverage
Software Development
Relevant Teams
Legal
Corporate Development
Mergers & Acquisitions
Executive Leadership
Business Development
Finance
Risk Management
Compliance
Strategy
Operations
Relevant Roles
Business Owner
CEO
Managing Director
Legal Counsel
Corporate Lawyer
Business Development Manager
Chief Financial Officer
Company Secretary
Commercial Director
Operations Manager
Mergers & Acquisitions Manager
Business Broker
Franchise Manager
Strategy Director
Risk Manager
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