Covenant Not To Complete
Definition of "Covenant not to complete"
Legal agreement not to perform an activity similar to that performed by another individual or business. This contractual provision may be necessary to keep trade secrets, prevent taking away existing clients using the current business's methods, or otherwise seriously impair the activities of the existing business.. Foe example, a real estate broker who signs a covenant not to complete may prohibit him from opening up a real estate brokerage firm within 50 miles for a two-year period. this restriction is particularly important when the employee is highly qualified and will likely develop a strong customer following. However, if the restriction is very excessive, it may be legally unenforceable.
Popular Real Estate Terms
Person who dies leaving a will specifying the distribution of the estate. ...
Along with the square foot factor method, this is the most widely used method for estimating comparable building costs. The cubic foot factor method requires the computation of the cubic ...
What is a botel?, you ask. You know hotels, right? And the marketing denomination of them to motorists; the "motel”. Well, the best botel definition is “hotel for ...
Upgrading made by a lessee to leased property. Examples are paneling and wallpapering. These improvements revert to the lessor at the expiration of the lease term. As improvement costs are ...
Agreement in which the promises of the parties are revealed in words, either orally or in writing. ...
An individual against whom a court has placed a financial judgment with a creditor. For example, a court determines that Cole owes Smith $2,000 and makes Cole a judgment debtor. ...
Governmental body that reviews property tax assessment procedures. ...
See accommodation endorser, maker, or party. ...
Sometimes a landlord agrees to implement within the rent contract the possibility of the tenant buying the house at a certain price, by a certain date. It’s what’s called in the ...
Have a question or comment?
We're here to help.