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covenant not to compete |
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covenant not to compete n. a common provision in a contract for sale of a business in which the seller agrees not to compete in the same business for a period of years or in the geographic area. This covenant is usually allocated (given) a value in the sales price. (See: covenant) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Emmis sued Spanish Broadcasting System, accusing it of making the change in violation of a non-compete clause in the lease. Left Phillips and moved to Europe because of a non-compete clause in the Phillips deal. A non-compete clause (examples can be found on Google) is worded so an employed teacher cannot take the students recruited by and taught in the employer's business and then transfer them to a new studio run by that employee. |
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