noncompetition agreement

noncompetition agreement
   A provision in an employment contract or a contract for the sale of a business, under which one party agrees not to compete with the other party for a specific period and/or within a particular area. A salesperson or a literary agent might sign an agreement preventing her or him from using the contacts of one employer to benefit another employer. In the sale of a business, such an agreement is usually given a value in the sale price. Some states will not enforce a noncompetition agreement unless the restrictions are very narrow.

Business law dictionary. 2015.

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