Confidentiality Agreements and Non-Competes
The first step of any business sale transaction is generally a Confidentiality Agreement between the parties to keep all information confidential that is shared. This Confidentiality Agreement generally continues past the business sale transaction and generally a Non-Compete Agreement would be entered into to prohibit the Seller of a business from competing with the business that has just been transferred. Such Non-Compete Agreements have numerous statutory restrictions which limit both the time and the geographic scope of such Agreement’s jurisdiction.
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