Non Compete Release Form Template for New Zealand

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Key Requirements PROMPT example:

Non Compete Release Form

"I need a Non Compete Release Form for our senior software developer who is leaving to join a company in a different industry sector, effective March 1, 2025, with specific provisions to maintain confidentiality of our proprietary code."

Document background

The Non-Compete Release Form is essential in situations where parties wish to formally terminate existing non-compete obligations in New Zealand. This document is typically used when circumstances change significantly, such as when an employee moves to a non-competing role, when business relationships evolve, or during business sales and acquisitions. It carefully balances the interests of all parties while ensuring compliance with New Zealand's legal framework, including employment law, contract law, and fair trading regulations. The document includes specific details about the original non-compete provisions being released, the scope of the release, any surviving obligations, and the effective date of the release. It's particularly important in situations where clear documentation is needed to prevent future disputes and provide certainty for all parties involved.

Suggested Sections

1. Parties: Identification of the parties: the entity/person releasing the non-compete obligations and the person being released

2. Background: Context of the original non-compete agreement, reason for the release, and current circumstances

3. Definitions: Key terms used in the release document, including references to the original agreement and any relevant defined terms

4. Release and Discharge: Clear statement of release from non-compete obligations, including specific clauses being released

5. Effective Date: Specification of when the release takes effect

6. Acknowledgments: Statements from both parties acknowledging the terms of the release and their understanding

7. Governing Law: Specification that New Zealand law governs the release

8. Execution: Signature blocks and execution requirements

Optional Sections

1. Consideration: Details of any payment or consideration provided in exchange for the release - include if there is a financial or other consideration

2. Surviving Obligations: Specification of any obligations that continue despite the release (e.g., confidentiality) - include if certain restrictions should remain

3. Mutual Releases: If both parties are releasing each other from obligations - include for mutual releases

4. Non-Disparagement: Agreements regarding future communications about each other - include if reputation management is a concern

5. Return of Property: Requirements for returning company property or documents - include if there are outstanding items to be returned

6. Tax Implications: Statement about tax treatment of any consideration - include if financial consideration is involved

Suggested Schedules

1. Original Non-Compete Provisions: Copy or extract of the original non-compete provisions being released

2. Territory Description: Description of geographical areas where the release applies, if different from the original restricted territory

3. Consideration Details: If applicable, detailed breakdown of any consideration or payment terms

4. Related Agreements: List of any other agreements affected by or related to this release

Authors

Alex Denne

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

alex.den.21@genieai.co

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Let's create your Non Compete Release Form

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