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Definition of 'Non-Compete Agreement'
An agreement between two parties, typically an employee and employer, where the employee agrees not to use information learned during employment in subsequent business efforts for a set period of time. Employers usually insist on non-compete agreements because of the possibility of an employee, upon termination or resignation, working for a competitor or starting a business, and gaining competitive advantage by abusing confidential information about their former employer's trade secrets or sensitive information such as customer/client lists, business practices, upcoming products and marketing plans.
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Investopedia explains 'Non-Compete Agreement'
In some states, non-compete agreements are extremely difficult to enforce. Some jurisdictions, such as the state of California, do not allow non-compete-clauses at all. A very popular example of a non-compete agreement dispute is the case of Kai-Fu Lee, a Google executive who used to work for Microsoft. In this case, Kai-Fu Lee left Microsoft and started working for Google within one year of a signed non compete agreement..
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Search results for 'Non-Compete Agreement'
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http://www.investopedia.com/articles/pf/08/sell-small-business.asp
... In addition, the buyer may have you sign a noncompete agreement, in which you would
agree to not start a new, competing business and woo away customers. ...
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http://stocks.investopedia.com/stock-analysis/2010/Hewlett-Packard-Not-Done-With-Hurd-Yet-HPQ-ORCL-MSFT-IBM-SAP-CA0909.aspx
... Hewlett's Case While there was apparently no non-compete agreement between Mr. Hurd
and Hewlett-Packard (and those are difficult to enforce in California anyway ...
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http://www.investopedia.com/articles/financialcareers/07/asset-management.asp
... This is in addition to the initial application, non-compete agreement and other
paperwork that the majority of employees in other professions must complete as ...
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http://www.investopedia.com/exam-guide/cfa-level-1/ethics-standards/standard-loyalty.asp
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