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Compensation For Non Compete Agreement

Compensation For Non Compete Agreement Template for Malaysia

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Key Requirements PROMPT example:

Compensation For Non Compete Agreement

"I need a Compensation For Non-Compete Agreement for a senior software engineer in Malaysia who will have access to our proprietary AI algorithms, with a restriction period of 12 months and coverage for the Southeast Asian region, offering compensation of RM 150,000."

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Document background
The Compensation For Non Compete Agreement is utilized when employers in Malaysia seek to protect their legitimate business interests by restricting former employees from engaging in competitive activities post-employment. This document is particularly crucial for roles involving access to sensitive information, key client relationships, or specialized knowledge. It must balance the employer's need for protection with the employee's rights under Malaysian law, including the Contracts Act 1950 and Federal Constitution. The agreement specifies the compensation amount, payment terms, duration of restrictions, geographical limitations, and scope of prohibited activities. It's essential to ensure the restrictions are reasonable and the compensation is adequate to make the agreement enforceable under Malaysian jurisdiction.
Suggested Sections

1. Parties: Identification of the employer and employee entering into the agreement

2. Background: Context of the agreement, including the employee's position and access to confidential information

3. Definitions: Key terms used in the agreement including 'Confidential Information', 'Competing Business', 'Restricted Territory', etc.

4. Non-Compete Obligations: Detailed description of the restrictions including scope of prohibited activities

5. Duration and Territory: Specific time period and geographical scope of the non-compete restrictions

6. Compensation: Details of the consideration provided in exchange for the non-compete obligations

7. Payment Terms: Schedule and method of compensation payment

8. Acknowledgments: Employee's acknowledgment of the reasonableness of restrictions and receipt of consideration

9. Enforcement: Rights and remedies available to the employer in case of breach

10. Governing Law: Specification of Malaysian law as governing law and jurisdiction

11. General Provisions: Standard clauses including severability, entire agreement, and amendments

Optional Sections

1. Non-Solicitation Obligations: Additional restrictions on soliciting customers or employees, included when protecting client relationships is crucial

2. Confidentiality Provisions: Detailed confidentiality obligations, included when not covered in a separate agreement

3. Garden Leave: Provisions for paid leave during notice period, included for senior executives

4. Professional Activities Exception: Exceptions for certain professional activities, included for specialized professionals

5. Return of Property: Requirements for returning company property, included when handling sensitive materials

6. Survival Clause: Specification of which provisions survive termination, included for complex agreements

Suggested Schedules

1. Schedule 1 - Compensation Details: Detailed breakdown of compensation amount, payment schedule, and conditions

2. Schedule 2 - Restricted Territory: Detailed map or list of geographical areas covered by the restriction

3. Schedule 3 - Competing Businesses: List of specific competitors or types of businesses considered competitive

4. Appendix A - Acknowledgment Form: Form for employee to acknowledge receipt of compensation and understanding of terms

5. Appendix B - Compliance Certificate: Template for periodic certification of compliance with non-compete obligations

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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Chief Executive Officer

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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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