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Form #1562Provision or agreement as to noncompetition by seller
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Provision or agreement as to noncompetition by seller
This form has not been reviewed by a lawyer
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Provision or agreement
as to noncompetition by seller.
Sellers (the _________ Company and all its directors,
officers, executives and shareholders), severally and individually, to protect
the goodwill sold and transferred, and as a material inducement to buyer to
purchase the property and business, contract and covenant that for the full
period of _________ years, from this date, sellers (the _________ Company and
all its directors, officers, executives and shareholders) will not engage,
either directly or indirectly, as principal or on their own account, either
solely or jointly, or jointly with others, or as stockholders in any
corporation or joint stock association, in the business of _________, at
_________, or any place within a radius of _________ miles, nor for the same
period in _________ lend their credit or money for the purpose of establishing
or operating any such business, nor furnish quarters, or give advice, either
directly or indirectly, to any third person, firm, joint stock association or
corporation, engaged or engaging in this business, nor will they during this
period ship or cause to be shipped or have any part in shipping to _________ or
within _________, for resale or any purpose, any _________. Since it would be
difficult and impracticable to calculate and ascertain accurately and definitely
the damages buyer would sustain from a breach by seller, of any of the above
covenants, the parties assess and fix as liquidated damages for any breach
$_____, plus _________ percent of the gross proceeds of all goods dealt in and
sold in any manner constituting or related to a violation of these terms,
and/or plus _________ percent of the purchase price of all goods dealt in
contrary to these terms, otherwise than by sale, during the time the breach
continues. In case of a breach seller agrees to pay, and buyer shall be
entitled to recover, the liquidated damages from seller, their heirs,
executors, administrators, assigns, or successors, but without prejudice to the
concurrent or alternative resort to any other appropriate legal remedy by
injunction, or otherwise. The above covenants and stipulations shall run in
favor of the heirs, successors and assigns of the buyer, provided that in case
any of the above restrictions are held to be invalid, they shall be deemed, and
it is agreed that they are meant to be severable, and shall not defeat the
remaining provisions and covenants.
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regading how we deal with your email. We pledge that we will:
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Terms Of Use
Submissions to this site, including any legal or business forms, posts, responses
to questions or other communications by contributors are not intended as and should
not be construed as legal advice. You are strongly encouraged to consult competent
legal council before engaging in any action based upon content contained on this
site.
These downloadable forms are only for personal use. Retransmission, redistribution,
or any other commercial use is prohibited. This includes reposting forms from this
site to another site offering free legal or other document forms for download.
Please note that the donator may have included different usage terms regarding this
form, and you agree to abide by these terms. It is highly recommended that you have
a licensed attorney review any legal documents for which you are searching in order
to make sure that your needs are being properly and completely satisfied.
Your use of this site constitutes your acceptance of our terms of use and your agreement
to hold this site, its officers, employees and any contributors to this site harmless
for any damage you might incur from your use of any submissions contained on this
site. If you do not agree to the above terms, please do not proceed.
These forms are provided to assist business owners and others in understanding important
points to consider in different transactions. They are offered with the understanding
that no legal advice, accounting, or other professional service is being offered
by these documents or on this website. Laws vary in the different states. Agreements
acceptable in one state may not be enforced the same way under the laws of another
state. Also, agreements should relate specifically to the particular facts of each
situation. Therefore, it is important to consult legal counsel whenever utilizing
these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com
is not engaged in recommending or referring members on the site or making claims
about the competence, character or qualifications of its participating members.
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