The Release of Non-Compete Agreement is utilized when an organization decides to waive the non-competition restrictions previously imposed on an individual, typically a former employee or business partner. This document is particularly relevant in the Philippine business context, where companies must balance their competitive interests with individuals' constitutional rights to work and earn a livelihood. The release may be initiated for various reasons, such as changes in business strategy, goodwill gestures, or as part of settlement negotiations. The document must comply with Philippine contract law principles and labor regulations, ensuring it properly identifies the original non-compete provisions being released, any surviving obligations, and the effective date of the release. When drafting a Release of Non-Compete Agreement, special attention must be paid to Philippine Competition Act requirements and Civil Code provisions regarding contract modifications and terminations.
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1. Parties: Identifies and defines the parties to the agreement - typically the employer/company and the former employee/restricted party
2. Background: Recitals explaining the context, including reference to the original non-compete agreement and reason for release
3. Definitions: Defines key terms used in the agreement, including references to the original agreement, effective date, and any specific terms related to the release
4. Release and Discharge: Core section that explicitly releases the restricted party from their non-compete obligations
5. Acknowledgments: Statements by both parties acknowledging the release and its implications
6. Representations and Warranties: Basic representations by both parties regarding their authority to enter into the release agreement
7. Governing Law: Specifies that Philippine law governs the agreement
8. Execution: Signature blocks and execution requirements
1. Consideration: Include when specific consideration is being provided in exchange for the release
2. Surviving Obligations: Include when certain obligations from the original agreement (such as confidentiality) will survive the release
3. Partial Release: Include when only certain aspects of the non-compete are being released while others remain in effect
4. Return of Property: Include when there is company property or confidential information that needs to be returned
5. Non-Disparagement: Include when parties wish to include mutual commitments not to disparage each other
6. Tax Provisions: Include when there are tax implications from any consideration being provided
1. Original Non-Compete Agreement: Copy of the original non-compete agreement being released
2. Specific Restrictions Released: Detailed list of specific restrictions or obligations being released, if the release is partial or complex
3. Payment Schedule: If consideration is being provided, details of any payment arrangements
4. Company Property List: If applicable, inventory of company property to be returned
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