Payment For Non Compete Agreement Template for Singapore

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Key Requirements PROMPT example:

Payment For Non Compete Agreement

"I need a Payment For Non Compete Agreement for our outgoing Chief Technology Officer who will receive monthly payments of SGD 15,000 for a 12-month non-compete period starting March 2025, covering Singapore and Malaysia."

Document background

The Payment For Non-Compete Agreement is utilized when an organization wishes to protect its legitimate business interests by preventing a departing employee from competing activities, in exchange for financial compensation. Common in Singapore's competitive business environment, this document outlines specific restrictions, payment terms, and duration of non-compete obligations. It must be drafted in compliance with Singapore's legal framework, ensuring reasonable scope and adequate consideration. This agreement is particularly relevant when dealing with senior employees or those with access to sensitive information, trade secrets, or valuable client relationships.

Suggested Sections

1. Parties: Identification of the parties entering into the agreement

2. Background: Context and circumstances leading to the agreement, including reference to prior employment or business relationship

3. Definitions: Key terms used throughout the agreement including Restricted Period, Restricted Territory, and Restricted Activities

4. Non-Compete Obligations: Detailed restrictions and their scope, including specific prohibited activities and geographic limitations

5. Payment Terms: Amount, timing, and conditions of non-compete payments, including any tax considerations

6. Duration: Specific period during which the non-compete restrictions will apply

7. Governing Law: Specification of Singapore law as governing law and jurisdiction

Optional Sections

1. Confidentiality: Additional provisions regarding confidential information and trade secrets

2. Non-Solicitation: Additional restrictions on soliciting employees, customers, or suppliers

3. Dispute Resolution: Specific mechanisms for resolving disputes, including mediation or arbitration procedures

4. Remedies: Specific remedies available in case of breach, including injunctive relief

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment amounts, dates, and any conditions precedent

2. Restricted Territory: Detailed definition and map of geographic areas where restrictions apply

3. Restricted Activities: Comprehensive list of prohibited business activities and sectors

4. Competitors List: Specific companies or entities with whom engagement is prohibited

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

Relevant legal definitions

Clauses

Relevant Industries

Technology
Financial Services
Professional Services
Manufacturing
Healthcare

Relevant Teams

Human Resources
Legal
Executive Leadership
Finance
Research & Development

Relevant Roles

Chief Executive Officer
Senior Manager
Sales Director
Technical Lead
Research Director

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Let's create your Payment For Non Compete Agreement

Authors

Alex Denne

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