Legal experts convey that around 75 percent of the businesses in acquisition domain that they handle and specifically those having local or regional market diffusion, prefer the sellers and employees to become a party to non-compete agreements.
Know the Non-compete and Non-disclosure Agreements
A non-competition agreement specifies your consent on not competing straight with your earlier employer for an even-handed period of time as agreed and inside appropriate geographic limits. So, you stand violating a non-compete agreement when you accept a job at the sole 'specific' product manufacturer in the state, and after learning the trade well, you bid an adieu attempting to commence your own company with the identical competing product in the same 'exclusive' geographical limit.
A non-disclosure agreement details your consent on not to reveal such vital information which the company may term as to be proprietary or private; like the information relating to new or forthcoming products, technology, business plans, financial information, models, sketches etc. Again, this doesn't signify that you are prevented to get employed at the competitors' firm; but it simply defines that you can't use proprietary or confidential information that you exclusively learned or gained during your tenure with the former employer with a new employer.
Facing the Signing Dilemma
Those on a hunt for a job are more probable be directed to sign non-compete or non-disclosure agreements as compared to the currently employed workforce.
Answer to the signing dilemma shall depend more on your how severely you require the job. Further, if once signed, then you're compelled to comply by the terms so stated in case you depart from the company for some raison d'être.
Also, remember to review the agreement very closely prior to signing it in order to decide on its' reasonability. As if its' reasonable, the court shall support the enforcement of the contract according to the stipulated terms and conditions.
Defining Your Leaving Reasons
If you are willing to work in the same field after leaving your present job then you need to justify the reason for leaving. Given that if you leave considering a fairer job prospect with a competitor, an employer may not release you from a non-compete agreement that easily. Whereas in case you're to be laid off, then discussing with your boss in regards to getting released from the agreement is vital. Hence when you're not opting to go away all by your own will, an employer may be ready to let you leave along with absenting any restrictions on the task of searching a new job. Thus reading throughout the document cautiously and consulting a lawyer is a must.
