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Payment For Non Compete Agreement
"I need a Payment For Non Compete Agreement for our outgoing Chief Technology Officer who will receive monthly payments of SGD 15,000 for a 12-month non-compete period starting March 2025, covering Singapore and Malaysia."
1. Parties: Identification of the parties entering into the agreement
2. Background: Context and circumstances leading to the agreement, including reference to prior employment or business relationship
3. Definitions: Key terms used throughout the agreement including Restricted Period, Restricted Territory, and Restricted Activities
4. Non-Compete Obligations: Detailed restrictions and their scope, including specific prohibited activities and geographic limitations
5. Payment Terms: Amount, timing, and conditions of non-compete payments, including any tax considerations
6. Duration: Specific period during which the non-compete restrictions will apply
7. Governing Law: Specification of Singapore law as governing law and jurisdiction
1. Confidentiality: Additional provisions regarding confidential information and trade secrets
2. Non-Solicitation: Additional restrictions on soliciting employees, customers, or suppliers
3. Dispute Resolution: Specific mechanisms for resolving disputes, including mediation or arbitration procedures
4. Remedies: Specific remedies available in case of breach, including injunctive relief
1. Payment Schedule: Detailed breakdown of payment amounts, dates, and any conditions precedent
2. Restricted Territory: Detailed definition and map of geographic areas where restrictions apply
3. Restricted Activities: Comprehensive list of prohibited business activities and sectors
4. Competitors List: Specific companies or entities with whom engagement is prohibited
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