Document background
The Non Compete Agreement Selling Business is essential when transferring business ownership in Singapore, providing crucial protection for the purchaser's investment. It prevents sellers from immediately establishing competing businesses or poaching customers and staff. The agreement must balance the purchaser's legitimate interests with Singapore's competition laws and common law principles. Typical provisions include duration of restrictions, geographic scope, prohibited activities, and consideration. The agreement should be carefully drafted to ensure enforceability under Singapore law while protecting the business's goodwill and customer relationships.
