What should be included in a sales non-compete agreement?
A sales non-compete agreement is created specifically for employees in sales roles. These agreements typically include details about the salesperson’s sales restrictions and their limitations when selling for other parties.
Is it illegal to sign a non-compete agreement?
Two bills were introduced this year in the Senate to ban non-competes for low-wage workers. Meanwhile, several states have passed legislation restricting how broad the terms may be and, in some cases, also have banned employers from using them on low-wage employees.
Do you need to notarize a sales non compete agreement?
A sales non-compete agreement is created specifically for employees in sales roles. These agreements typically include details about the salesperson’s sales restrictions and their limitations when selling for other parties. Does a non compete agreement need to be notarized? No.
How long does a non compete agreement last?
The time frame for non compete agreements must be for a reasonable duration and is usually determined by the state. Non compete agreements generally last two to three years. Learn more about non-compete agreements. How do I write a non-compete agreement? Use a non-compete agreement template and customize it for your specific requirements.
What does it mean to sign a non compete agreement?
A non-compete agreement, or a covenant not to compete (CNC), is a contract that companies ask employees to sign to protect their corporate interests; violating a CNC can mean facing possible litigation.
Can a seller of a business transfer a non-competes?
Basically, some jurisdictions do not permit the seller of a business’ assets to transfer its Non-Competes to the purchaser unless the employee consents to the assignment. This means that the purchaser of a business’ assets may not be able to enforce its Non-Competes without the employee’s consent.
What are the effects of non-competes in business?
Often, non-competes restrict the employee or former employee from working with direct competitors, taking customers with them, or hiring staff out from under the employer. They may also restrict the employee from utilizing information that belongs to the employer, such as client lists, customer contacts, strategy documents, etc.
When do non-competes go into effect in Maine?
Finally, Non-Competes in Maine cannot take effect until one year after the employee is hired or six months after the employee signs the agreement, whichever is later.