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Lifetime Non Compete Agreement
"I need a Lifetime Non-Compete Agreement under Nigerian law for our tech startup's co-founder who is selling their shares and exiting the company in March 2025; the agreement should especially protect our AI technology and client relationships in West Africa."
1. Parties: Identification of the parties entering into the agreement, including full legal names and addresses
2. Background: Context of the agreement, relationship between parties, and legitimate business interests justifying the non-compete restrictions
3. Definitions: Detailed definitions of key terms, including 'Competitive Business', 'Confidential Information', 'Territory', and 'Restricted Activities'
4. Consideration: Clear statement of the consideration provided in exchange for the non-compete obligations
5. Non-Compete Obligations: Core restrictions and obligations, including scope of prohibited activities and geographical limitations
6. Protection of Confidential Information: Obligations regarding confidentiality and protection of trade secrets
7. Non-Solicitation: Restrictions on soliciting employees, customers, or suppliers
8. Acknowledgments: Party acknowledgments regarding reasonableness of restrictions and receipt of independent legal advice
9. Remedies: Available remedies for breach, including injunctive relief and damages
10. Severability: Provisions for partial enforcement if any terms are found unenforceable
11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
12. Execution: Signature blocks and execution requirements
1. Garden Leave: Provisions for paid non-compete period, recommended when immediate competition risk exists
2. Assignment Rights: Rights to assign the agreement, particularly relevant for corporate restructuring
3. Monitoring and Compliance: Procedures for monitoring compliance with non-compete obligations, useful for high-risk situations
4. Alternative Dispute Resolution: Mediation or arbitration provisions, recommended for complex business relationships
5. Return of Property: Obligations regarding return of company property, relevant when party had access to physical assets
6. Survival Clause: Specification of which provisions survive termination, important for complex agreements
1. Schedule 1 - Restricted Territory: Detailed description and/or maps of geographical areas covered by restrictions
2. Schedule 2 - Restricted Activities: Comprehensive list of prohibited business activities and sectors
3. Schedule 3 - Consideration Details: Breakdown of consideration, including payment terms and conditions
4. Schedule 4 - Confidential Information: Detailed list of types of confidential information covered
5. Appendix A - Compliance Certificate: Form of periodic compliance certification
6. Appendix B - Notice Requirements: Detailed procedures for serving notices under the agreement
Authors
Technology
Financial Services
Pharmaceuticals
Manufacturing
Oil and Gas
Professional Services
Healthcare
Telecommunications
Research and Development
Consumer Goods
Industrial Technology
Business Consulting
Executive Leadership
Research and Development
Product Development
Strategic Planning
Business Development
Technical Operations
Corporate Strategy
Innovation
Engineering
Legal and Compliance
Chief Executive Officer
Managing Director
Chief Technology Officer
Senior Research Scientist
Company Founder
Executive Director
Head of Research and Development
Chief Financial Officer
Senior Business Development Manager
Technical Director
Chief Operating Officer
Senior Product Manager
Principal Engineer
Head of Strategy
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