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b2ap3_thumbnail_shutterstock_1065993944-min.jpgBusinesses have a number of methods that may be used to protect their interests. One issue that may need to be addressed is the possibility that an employee may leave the company and use their knowledge of the business’s operations, client base, or trade secrets to gain an unfair competitive advantage against the company. This issue may be addressed by having employees sign a non-compete agreement. However, employers will want to understand when these types of agreements may be used and when they can be enforced.

Enforcement of Restrictive Covenants

A non-compete agreement may place restrictions on an employee, limiting the types of companies they can work for, the positions they can hold, and the business activities they can participate in. If a former employee who had signed a non-compete agreement violates these terms, their former employer may take legal action, and they may ask that the person be required to follow the terms of the agreement or pay damages for any financial losses that occurred because of the violation.

To be enforceable, non-compete agreements will usually need to address the following issues:

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greenwich contract lawyerContractual agreements are crucial for businesses. They may be used when making significant transactions, entering into a relationship with another business, or ensuring that employers and employees understand their rights and requirements. However, businesses may encounter situations where one party to a contract does not follow their legal obligations. In cases involving contract disputes, the parties will need to understand the potential remedies that may be available if a court determines that one party has committed a breach of contract.

Breach of Contract Remedies

During a civil lawsuit, a judge or jury will review the facts of the case to determine whether a breach of contract occurred. If the court finds that one party has not followed the terms of the contract, certain remedies may be awarded to the other party. These may include:

  • Compensatory damages - The breaching party may be ordered to pay compensation to the non-breaching party. Different types of damages may be available, and they will usually address the monetary losses that the non-breaching party has experienced, including losses that occurred indirectly because the breaching party did not meet its obligations. Liquidated damages may be awarded if a contract specifies an amount that will be paid if one party breaches the contract’s terms. If the breaching party willfully or maliciously violated the terms of the contract or acted fraudulently, punitive damages may be awarded as a form of punishment.

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Greenwich business contract attorneysSeverance agreements contain important rights and responsibilities for both employers and employees. Whether you are an employer or an employee who has been asked to sign a severance contract, it is crucial that you understand what you are agreeing to. Failing to understand what the severance agreement actually means can lead to stress, misunderstandings, and even lawsuits. This is why it is important to discuss any questions and concerns you have about severance packages with an experienced employee contracts lawyer.

What is the Purpose of a Severance Agreement?

A severance agreement is a contract an employee signs upon termination. The main purpose of a severance agreement is to prevent terminated employees from filing a wrongful termination action against the employer. In exchange for signing the agreement, the employee receives severance pay, or compensation beyond the term of his or her employment.

Many employees are thrilled to receive severance pay, as this compensation can greatly reduce the financial strain created by a job loss. However, employees must carefully review the terms of the agreement and work with an attorney to understand the rights that they are giving up in exchange for severance benefits. Most separation agreements include restrictive covenants including non-disclosure agreements, non-compete agreements, and non-solicitation agreements. They also require the terminated employee to release all legal claims. This means that the employee gives up his or her right to sue.

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Metro New York business law attorney non-disclosure agreement

Non-disclosure agreements (NDAs) are legally enforceable contracts that establish a confidential relationship between two parties. NDAs or confidentiality agreements are a valuable tool for employers in every industry. Business owners may use NDAs to protect important information from being misused by potential investors, employees, consultants, or other parties. If a party violates the terms of a confidentiality agreement, the non-breaching party may be able to take legal action and pursue restitution.

How Can a Non-Disclosure Agreement Protect My Business?

In the course of business, business owners often disclose sensitive information to others. Employees are often privy to confidential information about clients, products and services, trade secrets, business strategies, and more. Through a non-disclosure agreement, you can require employees to keep this information confidential. NDAs are often required as a condition of employment or they may be part of a severance package. A confidentiality agreement may also be part of a settlement agreement. NDAs are often subject to misunderstandings, but these contracts are important legal instruments that have a wide range of uses. However, NDAs must meet certain criteria to be enforceable, so it is important to work with a skilled attorney when drafting non-disclosure agreements.

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