A non compete contract can protect your company and its unique assets. The business lawyer Orlando FL companies trust, Law Office of Frederic E. Waczewski, P.A., can help you craft the perfect non compete to give you the best chance of protecting your business. Contact us to learn more about our services.
What is a Non Compete Contract Good For?
A non compete contract is created to help an employer from losing those key trade secrets that make their business unique as well key employees and other valuable assets to their competitors. As there is an increase in mobility with the workforce, employers grow more concerned about their training and their trade secrets. Because this can be such a concern for companies, many companies are now asking their employees to sign a non compete agreement in addition to their employment contract. As long as these documents are valid, they can stop a former employee from working with a direct competitor for a certain amount of time after they leave the company.
You have to be careful with how these documents are written as there is a lot of value placed on an employee’s ability to choose where they work. If your document is too restrictive, any ruling in which it is used as evidence in your favor, may be ruled in the favor of your employee.
How to Create a Non Compete Contract
When you create your non compete contract, there are a few important things to keep in mind. First is that you should have a good business reason to make your employees sign a non compete. It should not simply punish your employees for leaving the company as this is frowned upon by the law. In many situations, non compete contracts are only in place to protect certain company secrets and confidential business information.
The next thing to consider would be how it benefits your employee. Because the legal document must benefit both parties in order to be valid. The benefit, in this case, would be an offer for a job. Once they sign the non compete, they get a job offer. If you are getting an existing employee to sign a non compete contract, then you need to offer an incentive such as a pay raise or a promotion.
Finally, make sure that your non compete is reasonable. This means that it should not extend its bounds too far in terms of the length of time the agreement will run for after employment ends, the geographic area that the employee is prohibited from working in, and the types of businesses that the former employee is prohibited from working in.
If you are searching for a business lawyer Orlando FL businesses trust, look no further than Law Office of Frederic E. Waczewski, P.A. We know how to handle non compete agreements to make sure that they are accurate and ready for your employees. Contact us to speak to a business lawyer Orlando FL business owners recommend.