The Non Compete Intellectual Property Agreement serves as a crucial tool for businesses seeking to protect their intellectual assets and competitive advantage in the U.S. market. This document is typically implemented when employees or contractors have access to sensitive information, proprietary technology, or valuable trade secrets. It combines traditional non-compete provisions with comprehensive IP protection measures, ensuring that innovations, developments, and creative works generated during employment remain company property. The agreement must be carefully crafted to comply with varying state laws, particularly regarding duration and geographic scope of restrictions.
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1. Parties: Identifies all parties to the agreement with their full legal names and addresses
2. Background/Recitals: Explains the context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Scope of Non-Compete: Defines the prohibited activities, geographic scope, and duration
5. Intellectual Property Rights: Details ownership and protection of IP created during employment
6. Confidentiality Obligations: Specifies handling of confidential information and trade secrets
7. Return of Materials: Requirements for returning company property and information
8. Governing Law: Specifies applicable jurisdiction and law
1. Garden Leave: Optional provision for paid leave period during restricted period - typically used for senior executives or when required by state law
2. Severance Payments: Optional provision for compensation during non-compete period - used when offering additional consideration for non-compete restrictions
3. Assignment Rights: Optional provision for rights to assign the agreement to another entity - used when company anticipates potential M&A activity
4. Alternative Dispute Resolution: Optional provision for mediation or arbitration procedures - used when parties prefer to avoid court litigation
1. Schedule A - Restricted Territory: Detailed map or list of geographic areas covered by non-compete
2. Schedule B - Restricted Activities: Detailed list of prohibited business activities
3. Schedule C - Intellectual Property Inventory: List of pre-existing IP owned by employee
4. Schedule D - Compensation Details: Details of any consideration provided for the restrictions
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