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Waiving Non Compete Agreement

Waiving Non Compete Agreement Template for Australia

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Key Requirements PROMPT example:

Waiving Non Compete Agreement

"I need a Waiving Non Compete Agreement for our senior software developer who's leaving amicably on March 1, 2025, to start their own consulting business, which won't directly compete with our core enterprise software products but may involve working with similar technologies."

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Document background
The Waiving Non Compete Agreement is utilized when an employer decides to release an employee from existing non-compete restrictions, typically due to changed circumstances, negotiated settlements, or strategic business decisions. This document is particularly relevant in Australian business contexts where original non-compete clauses were implemented but are no longer necessary or desired. It includes specific details about the original restrictions, the scope of the waiver, effective dates, and any conditions attached to the release. The agreement must comply with Australian competition law, employment regulations, and common law principles regarding restraint of trade. It's commonly used during employee departures, business restructuring, or when original restrictions are deemed unnecessarily broad or no longer serving their intended purpose.
Suggested Sections

1. Parties: Identification of the employer/company and the employee/former employee who are parties to this waiver agreement

2. Background: References to the original employment agreement, non-compete clause, and circumstances leading to this waiver

3. Definitions: Key terms used in the agreement, including references to the Original Agreement, Restricted Period, Restricted Activities, and Waiver

4. Acknowledgment of Original Agreement: Confirmation of the existing non-compete obligations and their current binding nature

5. Waiver Declaration: Clear statement of the company's waiver of their rights to enforce the non-compete provisions

6. Scope of Waiver: Specific details of what restrictions are being waived and to what extent

7. Effective Date and Duration: When the waiver takes effect and how long it remains valid

8. Remaining Obligations: Specification of any obligations that continue to remain in force

9. Governing Law: Specification that the agreement is governed by Australian law

10. Execution: Signature blocks and execution details for all parties

Optional Sections

1. Consideration: Details of any consideration being provided in exchange for the waiver, if applicable

2. Confidentiality Obligations: Reminder of ongoing confidentiality obligations, if needed to be reinforced

3. Limited Nature of Waiver: Clarification that the waiver applies only to specific provisions and not to other obligations, if needed

4. Conditions Precedent: Any conditions that must be met before the waiver takes effect

5. Mutual Releases: If the waiver is part of a broader settlement or release agreement

6. Amendment Provisions: Procedures for modifying the waiver agreement, if anticipated to be needed

Suggested Schedules

1. Schedule 1 - Original Non-Compete Provisions: Copy or extract of the original non-compete provisions being waived

2. Schedule 2 - Specific Waived Activities: Detailed list of specific activities or businesses that are now permitted

3. Appendix A - Original Employment Agreement: Copy of the relevant sections of the original employment agreement

4. Appendix B - Consent Forms: Any required corporate or third-party consent forms related to the waiver

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Technology

Professional Services

Financial Services

Healthcare

Manufacturing

Retail

Media and Entertainment

Consulting

Pharmaceuticals

Telecommunications

Relevant Teams

Human Resources

Legal

Executive Leadership

Sales

Business Development

Research and Development

Product Development

Information Technology

Marketing

Operations

Relevant Roles

Chief Executive Officer

Chief Technology Officer

Senior Manager

Sales Director

Business Development Manager

Software Engineer

Product Manager

Account Executive

Research Scientist

Technical Lead

Department Head

Regional Manager

Strategy Consultant

Senior Developer

Marketing Director

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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