An Acquisition Non Compete Agreement is essential in M&A transactions under Singapore law where the purchaser needs to protect the value of their acquisition. This document establishes restrictions on the seller's ability to compete with the acquired business, typically including geographic limitations, time periods, and specific prohibited activities. It must be carefully drafted to ensure compliance with Singapore competition law while remaining enforceable. The agreement is particularly crucial when the seller possesses significant knowledge, relationships, or expertise that could threaten the acquired business's value if used competitively.
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1. Parties: Identification and details of the contracting parties
2. Background: Context of the acquisition and reason for non-compete provisions
3. Definitions: Key terms used throughout the agreement including relevant legislation references to Competition Act, Contracts Act, and Companies Act
4. Scope of Non-Compete: Detailed description of prohibited activities and specific business restrictions
5. Duration: Time period for which restrictions apply, ensuring compliance with reasonable duration requirements under Singapore law
6. Geographic Scope: Territorial limitations of the restrictions, defined in accordance with Singapore competition law requirements
7. Consideration: Value provided in exchange for non-compete obligations, ensuring valid consideration under Singapore contract law
8. Remedies for Breach: Consequences and available remedies for violation, including injunctive relief and damages
1. Non-Solicitation Provisions: Additional restrictions on soliciting employees, customers, or suppliers - used when protecting against poaching of staff or clients
2. Confidentiality Obligations: Protection of confidential information and trade secrets - used when a separate confidentiality agreement is not in place
3. Assignment Rights: Rights to transfer obligations to other parties - included when transfer of rights might be needed in future
1. Schedule 1 - Restricted Business Activities: Detailed list of specific activities covered by non-compete provisions
2. Schedule 2 - Geographic Territories: Detailed description and maps of restricted territories
3. Schedule 3 - Key Employees: List of key employees subject to restrictions, if applicable
4. Schedule 4 - Consideration Details: Detailed breakdown of consideration provided for non-compete obligations
Relevant legal definitions
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