NON-COMPETE AGREEMENT
THIS NON-COMPETE AGREEMENT ("Agreement") is entered into on ________, at Andaman and Nicobar Islands;
BY AND BETWEEN
________, (PAN No: ________), Parent Name: ________, Correspondence address: ________, ________, Andaman and Nicobar Islands, ________, IN (hereinafter referred to as the ("Restricted Party") which expression shall unless repugnant to the meaning or context thereof also mean and include his successors and permitted assigns)
AND
________, with its principal office located at ________, ________, Andaman and Nicobar Islands, ________, IN (hereinafter referred to as ("Protected Party") which expression shall unless repugnant to the meaning or context thereof also mean its sister concerns, subsidiaries, its successors and permitted assigns).
RECITALS
WHEREAS The Protected Party is engaged in the following business: ________.
WHEREAS The Restricted Party is currently working in the role of ________ with the Protected Party
AND WHEREAS The Protected Party is desirous of protecting its business relationships, trade secrets, business methods, customer lists, and other valuable aspects of its business.
NOW THEREOF In consideration of mutual covenants and promises of the parties hereto, the receipt and sufficiency of which is hereby acknowledged, the Protected Party and the Restricted Party agree as follows:
1. COVENANT NOT TO COMPETE
Restricted Party hereby covenants and agrees that the Restricted Party will not, without the prior written consent of the Protected Party, directly or indirectly, whether individually or through any entity controlled by Restricted Party during the term of the business relationship and for the following period from the date of termination: ________, or such maximum period fixed under the applicable laws of the country, for any reason, directly or indirectly, on his/her own behalf or in the service or on behalf of others, whether or not for compensation, engage in any business activity, or have any interest in any person, firm, corporation or business, through a subsidiary or parent entity or other entity (whether as a shareholder, agent, security holder, partner, consultant, the creditor to establish or operate any such business, partnership or otherwise) which is competitive with the then-existing business of the Protected Party. For the purposes of this Agreement, a "Competitive Business" is a business that derives 10% or more of its revenue from the market in which the Protected Party provides products and/or services as of the date employment is terminated.
Specifically, the restricted area under this clause will be as follows:
________
2. COVENANT NOT TO SOLICIT
During the term of the business relationship and for the following period from the date of termination: ________, the Restricted Party shall not for his or her benefit, or for the benefit of any other person, professional association, partnership or corporation, (a) call upon, accept business from, or solicit the business of any person who is or who had been at any time during the preceding twelve months, a customer or supplier of the Protected Party, (b) interfere with the business relationship between the Protected Party and any of its customers, suppliers or others with whom they have business relationships (c) recruit or otherwise solicit or induce, or enter into or participate in any plan or arrangement to cause, any person who is an employee of, or otherwise performing services for, the Protected Party to terminate his/her employment or other relationship with the Protected Party, or hire any person who has left the employment of or ceased providing services to the Protected Party during the preceding twelve months.
3. CONFIDENTIAL INFORMATION
Restricted Party acknowledges that by reason of business relationship with the Protected Party he/she had or may have access to the confidential information of the Protected Party, including personal information, payroll information, financial statements, budget statements, strategic plans and strategies, pricing and cost information and other information developed or obtained by the Protected Party that is not generally available to the industry in which Protected Party competes ("Confidential Information"). Restricted Party agrees that after entering into this agreement, he/she will not directly or indirectly use or divulge such confidential information for any reason and agrees to return or destroy as advised by the Protected Party within a reasonable time. These obligations are in addition to any obligations the Restricted Party has under the state or central laws. The Restricted Party also agrees that all confidential information shall remain the exclusive property of the owner.
Restricted Party recognises and acknowledges that the confidential and trade secret information is a valuable and unique asset of the Protected Party, and Restricted Party agrees to maintain the confidentiality of the trade secrets and not to disclose it, in whole or in part, to any person, firm, corporation or other entity for any reason.
4. CONSIDERATION
Both the parties agree that the aforementioned covenants are in consideration for the job opportunity/project given to the Restricted Party
5. REMEDIES
Restricted Party recognises that the foregoing restrictive covenants are fair and reasonable and are required for the protection of the legitimate business interests of the Protected Party. The Restricted Party also understands that the Protected Party will be irrevocably harmed if the restrictive covenants are not specifically enforced. Accordingly, the Restricted Party agrees that the foregoing restrictive covenants may be enforced by the Protected Party through temporary and/or permanent injunctive relief, without prejudice to other reliefs as may exist.
6. 85885825
552 52558228 82 2588 825222222 552 82885525 225 252 82282282282 22 522252282 2282 525 82 22 852 522822 25 5288282 522 22 252 2528888228 525222 25 225258882 522282 25285 822825582822 25 222282.
7. INTERPRETATION
552 2552828 58222882522 525 52522 2552 2585 25522 558 52882825 525 2222285225 252 22528 525 2528888228 22 2588 825222222 525 558 555 252 22225252822 22 8222588522 22 828 52888822. 88825582282, 252 5582 22 822825582822 22 252 222282 2552 52882582828 552 52828825 5258282 252 55522822 25522 85588 222 82 22282225 82 252 82225252252822 22 2588 825222222. 852525, 252 22528 22 2588 825222222 85588 82 822825525 258582 58 22 8225 2552828 525 222 82 258255 25 5258282 282525 25522.
8. 88 285558
552 2588552 22 522 25522 525222 22 2222582 522 252888822 22 2588 825222222 85588 82 22 852 82 822825525 22 82 5 858825 22 8585 2528888228 25 22 522282 252 85885822 22 2588 825222222 25 522 2552 2525222 25 252 58252 22 282525 25522 22 2222582 2585 525 28252 252888822 82 5882555282 8825 828 22528.
9. 288525885588 82 828552585
52 252 28222 522 252888822 22 2588 825222222 88 5222528225 22 82 8285885 82 522 82552 25 22525 222822 22 822222222 255885882822, 252 252888822 22 2588 825222222 85588 82 522225 22 5582 8222 5222525 525 252 2552828 525222 52522 22 2528522 588 528522228 228288552 22 28852282 8585 522252222 82 58 22 288282522 25 225822 522 8585 8285885 252888822 82 58 22 85552 252 252 822222 22 2588 825222222 58 255 58 22888882 525 22 522525 2588 825222222 22225825882 82 588 52822828 58 82 22582825.
10. NOTICES
All the notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with postage prepaid, once acknowledged by the recipient, (c) sent by email provided under this Agreement.
11. DISPUTE RESOLUTION
Both the parties do hereby agree that any dispute arising out of or in relation to this agreement shall be settled in accordance with the provisions of the Arbitration and Conciliation Act, 1996 and/ or any statutory modification or re-enactment thereof for the time being in force. The parties shall mutually appoint the single Arbitrator. Each party shall pay their own costs and fees of the arbitration and the cost of the arbitrator shall be borne equally. The seat or place of the arbitration shall be as follows: Andaman and Nicobar Islands.
This agreement shall be governed in accordance with the laws of India and the courts of Andaman and Nicobar Islands will have exclusive jurisdiction.
12. LEGAL FEE AND COSTS
In the event of any legal action by the Protected Party or Restricted Party to enforce any one or more provisions of this Agreement, whether at law or in equity, the prevailing party shall be entitled to receive from the other party all enforcement costs including, without limitation, reasonable legal fees and costs whether incurred before, during and after the trial or other litigation including appeal.
13. SURVIVAL OF OBLIGATION
Notwithstanding any other provisions of this Agreement, at termination, expiration or completion of this Agreement, any provisions of this Agreement which would by their nature be expected to survive termination, expiration or completion shall remain in provisions which are explicitly stated to survive termination, expiration or completion shall remain in full force and effect, including but not limited to any provisions which are explicitly stated to survive termination, expiration or completion.
14. COUNTERPARTS
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together constitute one and the same instrument.
15. ENTIRE AGREEMENT
Both the parties represent and agree that they have read this Agreement, understand its terms and the fact that it releases all claims each might have entered into this Agreement without duress or coercion from any source. This Agreement supersedes all other Agreements entered into between the parties.
IN WITNESS WHEREOF, the parties hereto have executed this agreement on ________.
________ (Protected Party)
Name: ___________________
Designation: _______________
Date: _____________________
Signature: __________________
________ (Restricted Party)
Designation: _________________
Date: ______________________
Signature: __________________
WITNESS-1
Name: _____________________________
Address: ___________________________
___________________________________
___________________________________
Signature
WITNESS-2
Name: _____________________________
Address: ___________________________
___________________________________
___________________________________
Signature
NON-COMPETE AGREEMENT
THIS NON-COMPETE AGREEMENT ("Agreement") is entered into on ________, at Andaman and Nicobar Islands;
BY AND BETWEEN
________, (PAN No: ________), Parent Name: ________, Correspondence address: ________, ________, Andaman and Nicobar Islands, ________, IN (hereinafter referred to as the ("Restricted Party") which expression shall unless repugnant to the meaning or context thereof also mean and include his successors and permitted assigns)
AND
________, with its principal office located at ________, ________, Andaman and Nicobar Islands, ________, IN (hereinafter referred to as ("Protected Party") which expression shall unless repugnant to the meaning or context thereof also mean its sister concerns, subsidiaries, its successors and permitted assigns).
RECITALS
WHEREAS The Protected Party is engaged in the following business: ________.
WHEREAS The Restricted Party is currently working in the role of ________ with the Protected Party
AND WHEREAS The Protected Party is desirous of protecting its business relationships, trade secrets, business methods, customer lists, and other valuable aspects of its business.
NOW THEREOF In consideration of mutual covenants and promises of the parties hereto, the receipt and sufficiency of which is hereby acknowledged, the Protected Party and the Restricted Party agree as follows:
1. COVENANT NOT TO COMPETE
Restricted Party hereby covenants and agrees that the Restricted Party will not, without the prior written consent of the Protected Party, directly or indirectly, whether individually or through any entity controlled by Restricted Party during the term of the business relationship and for the following period from the date of termination: ________, or such maximum period fixed under the applicable laws of the country, for any reason, directly or indirectly, on his/her own behalf or in the service or on behalf of others, whether or not for compensation, engage in any business activity, or have any interest in any person, firm, corporation or business, through a subsidiary or parent entity or other entity (whether as a shareholder, agent, security holder, partner, consultant, the creditor to establish or operate any such business, partnership or otherwise) which is competitive with the then-existing business of the Protected Party. For the purposes of this Agreement, a "Competitive Business" is a business that derives 10% or more of its revenue from the market in which the Protected Party provides products and/or services as of the date employment is terminated.
Specifically, the restricted area under this clause will be as follows:
________
2. COVENANT NOT TO SOLICIT
During the term of the business relationship and for the following period from the date of termination: ________, the Restricted Party shall not for his or her benefit, or for the benefit of any other person, professional association, partnership or corporation, (a) call upon, accept business from, or solicit the business of any person who is or who had been at any time during the preceding twelve months, a customer or supplier of the Protected Party, (b) interfere with the business relationship between the Protected Party and any of its customers, suppliers or others with whom they have business relationships (c) recruit or otherwise solicit or induce, or enter into or participate in any plan or arrangement to cause, any person who is an employee of, or otherwise performing services for, the Protected Party to terminate his/her employment or other relationship with the Protected Party, or hire any person who has left the employment of or ceased providing services to the Protected Party during the preceding twelve months.
3. CONFIDENTIAL INFORMATION
Restricted Party acknowledges that by reason of business relationship with the Protected Party he/she had or may have access to the confidential information of the Protected Party, including personal information, payroll information, financial statements, budget statements, strategic plans and strategies, pricing and cost information and other information developed or obtained by the Protected Party that is not generally available to the industry in which Protected Party competes ("Confidential Information"). Restricted Party agrees that after entering into this agreement, he/she will not directly or indirectly use or divulge such confidential information for any reason and agrees to return or destroy as advised by the Protected Party within a reasonable time. These obligations are in addition to any obligations the Restricted Party has under the state or central laws. The Restricted Party also agrees that all confidential information shall remain the exclusive property of the owner.
Restricted Party recognises and acknowledges that the confidential and trade secret information is a valuable and unique asset of the Protected Party, and Restricted Party agrees to maintain the confidentiality of the trade secrets and not to disclose it, in whole or in part, to any person, firm, corporation or other entity for any reason.
4. CONSIDERATION
Both the parties agree that the aforementioned covenants are in consideration for the job opportunity/project given to the Restricted Party
5. REMEDIES
Restricted Party recognises that the foregoing restrictive covenants are fair and reasonable and are required for the protection of the legitimate business interests of the Protected Party. The Restricted Party also understands that the Protected Party will be irrevocably harmed if the restrictive covenants are not specifically enforced. Accordingly, the Restricted Party agrees that the foregoing restrictive covenants may be enforced by the Protected Party through temporary and/or permanent injunctive relief, without prejudice to other reliefs as may exist.
6. 85885825
552 52558228 82 2588 825222222 552 82885525 225 252 82282282282 22 522252282 2282 525 82 22 852 522822 25 5288282 522 22 252 2528888228 525222 25 225258882 522282 25285 822825582822 25 222282.
7. INTERPRETATION
552 2552828 58222882522 525 52522 2552 2585 25522 558 52882825 525 2222285225 252 22528 525 2528888228 22 2588 825222222 525 558 555 252 22225252822 22 8222588522 22 828 52888822. 88825582282, 252 5582 22 822825582822 22 252 222282 2552 52882582828 552 52828825 5258282 252 55522822 25522 85588 222 82 22282225 82 252 82225252252822 22 2588 825222222. 852525, 252 22528 22 2588 825222222 85588 82 822825525 258582 58 22 8225 2552828 525 222 82 258255 25 5258282 282525 25522.
8. 88 285558
552 2588552 22 522 25522 525222 22 2222582 522 252888822 22 2588 825222222 85588 82 22 852 82 822825525 22 82 5 858825 22 8585 2528888228 25 22 522282 252 85885822 22 2588 825222222 25 522 2552 2525222 25 252 58252 22 282525 25522 22 2222582 2585 525 28252 252888822 82 5882555282 8825 828 22528.
9. 288525885588 82 828552585
52 252 28222 522 252888822 22 2588 825222222 88 5222528225 22 82 8285885 82 522 82552 25 22525 222822 22 822222222 255885882822, 252 252888822 22 2588 825222222 85588 82 522225 22 5582 8222 5222525 525 252 2552828 525222 52522 22 2528522 588 528522228 228288552 22 28852282 8585 522252222 82 58 22 288282522 25 225822 522 8585 8285885 252888822 82 58 22 85552 252 252 822222 22 2588 825222222 58 255 58 22888882 525 22 522525 2588 825222222 22225825882 82 588 52822828 58 82 22582825.
10. NOTICES
All the notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with postage prepaid, once acknowledged by the recipient, (c) sent by email provided under this Agreement.
11. DISPUTE RESOLUTION
Both the parties do hereby agree that any dispute arising out of or in relation to this agreement shall be settled in accordance with the provisions of the Arbitration and Conciliation Act, 1996 and/ or any statutory modification or re-enactment thereof for the time being in force. The parties shall mutually appoint the single Arbitrator. Each party shall pay their own costs and fees of the arbitration and the cost of the arbitrator shall be borne equally. The seat or place of the arbitration shall be as follows: Andaman and Nicobar Islands.
This agreement shall be governed in accordance with the laws of India and the courts of Andaman and Nicobar Islands will have exclusive jurisdiction.
12. LEGAL FEE AND COSTS
In the event of any legal action by the Protected Party or Restricted Party to enforce any one or more provisions of this Agreement, whether at law or in equity, the prevailing party shall be entitled to receive from the other party all enforcement costs including, without limitation, reasonable legal fees and costs whether incurred before, during and after the trial or other litigation including appeal.
13. SURVIVAL OF OBLIGATION
Notwithstanding any other provisions of this Agreement, at termination, expiration or completion of this Agreement, any provisions of this Agreement which would by their nature be expected to survive termination, expiration or completion shall remain in provisions which are explicitly stated to survive termination, expiration or completion shall remain in full force and effect, including but not limited to any provisions which are explicitly stated to survive termination, expiration or completion.
14. COUNTERPARTS
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together constitute one and the same instrument.
15. ENTIRE AGREEMENT
Both the parties represent and agree that they have read this Agreement, understand its terms and the fact that it releases all claims each might have entered into this Agreement without duress or coercion from any source. This Agreement supersedes all other Agreements entered into between the parties.
IN WITNESS WHEREOF, the parties hereto have executed this agreement on ________.
________ (Protected Party)
Name: ___________________
Designation: _______________
Date: _____________________
Signature: __________________
________ (Restricted Party)
Designation: _________________
Date: ______________________
Signature: __________________
WITNESS-1
Name: _____________________________
Address: ___________________________
___________________________________
___________________________________
Signature
WITNESS-2
Name: _____________________________
Address: ___________________________
___________________________________
___________________________________
Signature
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