EMPLOYEE
NON-COMPETE AGREEMENT
- AGREEMENT is
made at___ this day of___between VIBGYOR
Co.Ltd, a Company incorporated under the
Companies Act, 1956 and having its
registered office at___ hereinafter
referred to as the Company which
expression shall, unless it be repugnant
to the context or meaning thereof, be
deemed to mean and include its successors
and assigns) of the ONE PART; and
Mr.____, Indian Inhabitant residing at
___ hereinafter referred to as the
Employee which expression shall, unless
it be repugnant to the context or meaning
thereof, be deemed to mean and include
its successors and assigns) of the OTHER
PART
WHEREAS the
Company is carrying on business of manufacturing
/fabricating the items of machinery (give
details)
WHEREAS the
Employee is appointed by the Company as___.
NOW IT IS AGREED
BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:
- For good
consideration and as an inducement
for_________________(Company) to
employ_____(Employee), the undersigned
Employee hereby agrees not to directly or
indirectly compete with the business of
the Company and its successors and
assigns during the period of employment
and for a period of _____ years following
termination of employment and
notwithstanding the cause or reason for
termination.
-
- The term
"not compete" as used herein
shall mean that the Employee shall not
own, manage, operate, consult or to be
employed in a business substantially
similar to, or competitive with, the
present business of the Company or such
other business activity in which the
Company may substantially engage during
the term of employment.
-
- The Employee
acknowledges that the Company shall or
may in reliance of this agreement provide
Employee access to trade secrets,
customers and other confidential data and
good will. Employee agrees to retain said
information as confidential and not to
use said information on his or her won
behalf or disclose same to any third
party.
-
- This
non-compete agreement shall extend only
for a radius of________ miles from the
present location of the Company and shall
be in full force and effect for________
years, commencing with the date of
employment termination.
IN WITNESS WHEREOF
the parties have hereunto set their hand and seal
the day and year first hereinabove written
- SIGNED, SEALED AND DELIVERED
- by the withinnamed Company
- by the hands of its
authorised
- representative/Director
Mr.[name]
- in the presence of Mr.[name]
-
- SIGNED, AND DELIVERED
- by the withinnamed Employee
- in the presence of Mr.[name]
-
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