What is Non-Compete Agreement?
Non-compete agreement refers to a contract between an employer and an employee in which the employee gives consent not to use the data acquired during employment period to enter into competition with the employer.
Non-compete agreement
Non-compete agreement refers to a contract between an employer and an employee in which the employee gives consent not to use the data acquired during employment period to enter into competition with the employer.
These type of agreements say that the employee can't enter into profession which are considered to be in competition with the employer for a specific amount of time or on a specific location.
Importance of non-compete agreement
Non-compete agreements are crucial for modern competitive business because they reduce the possibility that an employee, will work for a competitor or start a business by abusing confidential information about their former employer's trade. It's limits employee's competitive advantage.