A Non Compete Product Agreement is essential when businesses need to protect their product-related interests in the Singapore market. This document is particularly valuable when sharing proprietary product information with business partners, suppliers, or distributors, or when divesting product lines. The agreement must comply with Singapore's legal framework, including competition law and the restraint of trade doctrine. It typically includes specific product definitions, geographic scope, duration of restrictions, and protection mechanisms for intellectual property and trade secrets.
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Key Requirements PROMPT example:
Non Compete Product Agreement
"Need a Non Compete Product Agreement to prevent our Singapore-based electronics component supplier from manufacturing similar products to our new smart device range for 3 years starting January 2025, specifically in Southeast Asian markets."
1. Parties: Identification and details of all contracting parties
2. Background: Context and purpose of the agreement
3. Definitions: Key terms used tHRoughout the agreement
4. Scope of Non-Compete: Specific products, services, and activities covered by the restriction
5. Duration: Time period for which restrictions apply
6. Geographic Scope: Territorial limitations of the non-compete restrictions
7. Confidentiality Obligations: Protection of confidential information and trade secrets
8. Governing Law: Specification of Singapore law as governing law
1. Assignment Rights: Rights to transfer obligations, used when transferability is important
2. International Trade Provisions: Specific provisions for international trade compliance when products involve cross-border trade
3. Exit Provisions: Conditions for early termination when flexibility in termination is required
1. Schedule 1: Restricted Products: Detailed list of products covered by the non-compete
2. Schedule 2: Restricted Territory: Detailed description of geographic restrictions
3. Schedule 3: Competitive Activities: Specific activities prohibited under the agreement
4. Appendix A: Technical Specifications: Technical details of restricted products if applicable
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