The Non Competition Agreement Sale Of Business is essential when transferring business ownership in Singapore, protecting the purchaser's investment and goodwill. This document establishes clear restrictions on the seller's future business activities, including competition, customer solicitation, and employee recruitment. It must comply with Singapore's Competition Act and common law principles, ensuring restrictions are reasonable in duration, geographic scope, and business activities. The agreement is particularly crucial when the seller's knowledge, relationships, or reputation are integral to the business's value.
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1. Parties: Identification of the seller and purchaser of the business
2. Background: Context of the business sale and need for non-compete provisions
3. Definitions: Key terms including restricted business, territory, and period
4. Non-Compete Obligations: Core restrictions and specific prohibited activities
5. Duration: Time period for restrictions
6. Geographic Scope: Territorial limits of restrictions
7. Consideration: Payment or benefit in exchange for non-compete obligations
8. Governing Law: Specification of Singapore law as governing law
1. Non-Solicitation Provisions: Additional restrictions on approaching employees or customers
2. Confidentiality Obligations: Protection of confidential information
3. Remedies: Specific remedies for breach including injunctive relief
1. Restricted Business Description: Detailed description of business activities covered by restrictions
2. Territory Map: Visual representation of geographic restrictions
3. Consideration Details: Breakdown of payment or other consideration if complex
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