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Compensation For Signing A Non Compete Agreement
"I need a Compensation For Signing A Non Compete Agreement for our Singapore tech startup to protect our AI technology, offering monthly payments of SGD 5,000 over 12 months to our departing CTO who will be restricted from working with competitors in Southeast Asia."
1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Context of the agreement, including employment relationship and reason for non-compete
3. Definitions: Key terms used in the agreement, including 'Restricted Business', 'Territory', 'Confidential Information'
4. Non-Compete Obligations: Detailed description of restrictions and obligations
5. Compensation Details: Amount, payment schedule, and conditions for compensation
6. Duration: Time period for which restrictions apply
7. Governing Law: Specification of Singapore law as governing law
1. Severability: Clause allowing rest of agreement to remain valid if parts are found unenforceable
2. Alternative Dispute Resolution: Procedures for resolving disputes before litigation
3. Tax Provisions: Treatment of compensation for tax purposes
1. Schedule of Restricted Activities: Detailed list of specific activities covered by non-compete
2. Schedule of Territorial Restrictions: Detailed geographical scope of restrictions
3. Payment Schedule: Detailed breakdown of compensation payments and timing
Authors
Restricted Period
Territory
Compensation
Confidential Information
Competitive Activity
Effective Date
Business Day
Group Company
Intellectual Property Rights
Trade Secrets
Customer
Supplier
Payment Date
Termination Date
Material Interest
Competing Enterprise
Business Relationship
Compensation
Payment Terms
Duration and Territory
Confidentiality
Non-Solicitation
Return of Company Property
Acknowledgments
Breach and Remedies
Severability
Assignment
Governing Law
Dispute Resolution
Entire Agreement
Amendments
Notices
Tax Implications
Force Majeure
Waiver
Survival
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