A Non Competition Agreement Sale Of Business is essential when selling a business in New Zealand to protect the purchaser's investment and the goodwill being acquired. This document is typically executed alongside or as part of the main business sale agreement, particularly when the seller's knowledge, relationships, or reputation are crucial to the business's value. The agreement ensures the seller cannot immediately compete with the business they've sold, typically including restrictions on competition, customer solicitation, and employee poaching. Under New Zealand law, such restrictions must be reasonable in duration, geographic scope, and nature of restricted activities to be enforceable. The agreement should be carefully drafted to comply with the Commerce Act 1986 and relevant case law regarding restraint of trade.
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1. Parties: Identifies and defines the seller and purchaser of the business
2. Background: Sets out the context of the business sale and necessity for the non-compete provisions
3. Definitions: Defines key terms including the Business, Restricted Business, Territory, and Restricted Period
4. Non-Compete Obligations: Details the specific restrictions on the seller's future business activities
5. Duration and Territory: Specifies the time period and geographic area where restrictions apply
6. Consideration: States the consideration provided for the non-compete obligations as part of the business sale
7. Acknowledgments: Seller's acknowledgment that restrictions are reasonable and necessary
8. Exceptions: Permitted activities that do not breach the non-compete obligations
9. Remedies: Outlines available remedies in case of breach, including injunctive relief
10. General Provisions: Standard contract terms including governing law, notices, and severability
1. Non-Solicitation of Employees: Additional restrictions on hiring former employees, used when key staff are crucial to business value
2. Non-Solicitation of Customers: Specific provisions regarding customer relationships, used when customer base is a key business asset
3. Confidentiality: Additional confidentiality obligations, used when not covered in main sale agreement
4. Intellectual Property Protection: Special provisions protecting IP rights, used when IP is a significant business asset
5. Assignment Rights: Rights to assign the benefit of the restrictions, used when purchaser may want to on-sell the business
6. Independent Legal Advice: Acknowledgment of receiving legal advice, used when there's significant disparity between parties
1. Business Description: Detailed description of the business being sold and protected by the non-compete
2. Restricted Activities: Comprehensive list of specific activities that are restricted
3. Territory Map: Map and/or detailed description of the geographic area where restrictions apply
4. Key Customers: List of key customers covered by non-solicitation provisions (if applicable)
5. Consideration Details: Breakdown of consideration specifically allocated to non-compete obligations
6. Related Companies: List of related entities of the seller subject to restrictions
Relevant legal definitions
Clauses
Relevant Industries
Retail
Professional Services
Manufacturing
Technology
Healthcare
Hospitality
Construction
Distribution
Consulting
Education and Training
Real Estate
Financial Services
Relevant Teams
Legal
Corporate Advisory
Mergers & Acquisitions
Executive Leadership
Business Development
Finance
Compliance
Commercial
Relevant Roles
Chief Executive Officer
Managing Director
Business Owner
Corporate Lawyer
General Counsel
Business Development Manager
Mergers & Acquisitions Director
Commercial Director
Chief Financial Officer
Company Secretary
Legal Counsel
Business Broker
Corporate Advisory Manager
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