Definition: [non kəmˈpiːt əˈɡriːmənt] is a written legal contract between the master and the worker. It outlines the mandatory conditions and provisions on the ability of a collaborator to work in the same industry and competing firms after the termination of cooperation with the current hirer. Employers benefit from similar treaties because they keep a former employee from sharing experience, knowledge, commercial secrets, customer lists, strategic plans, and other confidential information. Wage-earners get advantages from non-compete contracts since they are offered a monetary compensation or a job in return.
In a sentence Non-compete Agreement:
- Recently, post-soviet countries are increasingly adopting the practice of concluding non-compete agreements.
- Some courts treat non-compete agreements as documents that restrict freedom of movement and choice of placement.
Synonyms and related words: non-rival contract, non-contest treaty, non-strive agreement
