noncompetes

Example:The company is trying to negotiate noncompete agreements with all departing employees to protect its trade secrets.

Definition:Contracts that restrict former employees from working in direct competition with their previous employer.

Example:His new employment contract includes a significant noncompete clause preventing him from working with any competitor for two years.

Definition:A specific part of a contract that outlines the restrictions placed on an individual regarding employment in the same field after leaving their current job.

Example:Many states have specific noncompete rules that employers must follow when drafting such agreements.

Definition:Legal guidelines that dictate the terms and conditions of noncompete agreements.