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Non Compete Agreement Buying A Business

Non Compete Agreement Buying A Business Template for Australia

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Key Requirements PROMPT example:

Non Compete Agreement Buying A Business

"I need a Non Compete Agreement Buying A Business for purchasing an accounting firm in Sydney, with a 3-year restriction period within New South Wales, specifically protecting client relationships and preventing the seller from providing accounting services to existing clients."

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Document background
The Non-Compete Agreement Buying A Business is a crucial document in Australian business acquisitions, designed to protect the purchaser's investment by preventing the seller from competing with the acquired business. This agreement is essential when purchasing goodwill-dependent businesses or operations where the seller's knowledge and relationships could significantly impact the business's future success. It must comply with Australian competition laws while balancing the buyer's legitimate interests against restraint of trade principles. The document typically includes specific provisions regarding geographical scope, duration, prohibited activities, and may also cover non-solicitation of employees and customers. It's particularly important in cases where the seller has significant industry expertise, strong customer relationships, or access to confidential information that could be used to compete with the purchased business.
Suggested Sections

1. Parties: Identifies and defines the seller, buyer, and any other relevant parties to the agreement

2. Background: Explains the context of the agreement, including details of the business sale and reason for the non-compete provisions

3. Definitions: Defines key terms used throughout the agreement, including the business, restricted activities, territory, and confidential information

4. Non-Compete Obligations: Details the specific activities the seller is restricted from engaging in, including scope of prohibited activities

5. Geographic Restrictions: Specifies the geographical area where the non-compete restrictions apply

6. Duration: Specifies the time period for which the non-compete restrictions will remain in effect

7. Confidentiality Obligations: Details obligations regarding confidential information and trade secrets

8. Acknowledgments: Seller's acknowledgment that restrictions are reasonable and necessary to protect the business

9. Remedies: Outlines remedies available in case of breach, including injunctive relief and damages

10. General Provisions: Standard contract terms including governing law, severability, and entire agreement provisions

11. Execution: Signature blocks and execution details

Optional Sections

1. Non-Solicitation of Employees: Restrictions on hiring or soliciting employees of the business - include when staff retention is crucial

2. Non-Solicitation of Customers: Restrictions on approaching or dealing with customers - include when customer relationships are vital

3. Exceptions: Specific allowed activities or carve-outs - include when seller retains certain business interests

4. Assignment: Rights to assign the agreement - include when buyer may restructure or sell the business

5. Independent Legal Advice: Acknowledgment of receiving legal advice - include when dealing with individual sellers

6. Step-Down Provisions: Cascading restrictions for duration and geography - include when enforceability concerns exist

Suggested Schedules

1. Schedule 1 - Business Description: Detailed description of the business being purchased and protected

2. Schedule 2 - Restricted Territory: Maps or detailed description of the geographical restrictions

3. Schedule 3 - Restricted Activities: Comprehensive list of prohibited business activities

4. Schedule 4 - Confidential Information: Detailed list of what constitutes confidential information

5. Appendix A - Step-Down Provisions: Matrix of cascading geographical and temporal restrictions

6. Appendix B - Key Customers: List of key customers covered by non-solicitation provisions if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



































Clauses






























Relevant Industries

Retail

Professional Services

Manufacturing

Technology

Healthcare

Hospitality

Construction

Financial Services

Education and Training

Distribution and Logistics

Real Estate

Consulting

Relevant Teams

Legal

Mergers & Acquisitions

Corporate Development

Executive Leadership

Compliance

Risk Management

Business Development

Operations

Commercial

Strategy

Relevant Roles

Chief Executive Officer

Business Owner

Managing Director

Chief Legal Officer

Commercial Director

Mergers & Acquisitions Manager

Business Development Manager

Corporate Lawyer

Legal Counsel

Compliance Officer

Contract Manager

Risk Manager

Business Broker

Operations Director

Company Secretary

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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