Declared Intent Not to Compete Sample Clauses
The 'Declared Intent Not to Compete' clause serves to formally state that a party does not intend to engage in business activities that would compete with the other party during the term of the agreement. This clause typically applies to situations where one party is privy to sensitive information or has a close business relationship, and it clarifies that they will refrain from starting or joining a competing business. Its core function is to provide assurance and reduce the risk of conflicts of interest, thereby protecting the legitimate business interests of the party seeking the commitment.
Declared Intent Not to Compete. Executive hereby indicates that Executive intends/does not intend [indicate by crossing through the inapplicable language] to refrain from engaging in certain activities specified in Section 2.1 (“Competitive Activities”) for some period of time following his Termination of Employment. If Executive has indicated an intent not to engage in Competitive Activities, in consideration for each month Executive refrains from engaging in Competitive Activities, PremierWest will pay Executive the monthly payments as described in Section 11 of the Employment Agreement until the earlier of (i) the date when Executive engages in a Competitive Activity or (ii) the end of the Optional Restriction Period, which is two years after the date on which Executive’s Termination of Employment becomes effective.
Declared Intent Not to Compete. EXECUTIVE hereby indicates that EXECUTIVE intends / does not intend [indicate by crossing through the inapplicable language] to refrain from engaging in certain activities specified in Section 2.1 ("Competitive Activities") for some period of time following termination of employment. If EXECUTIVE has indicated an intent not to engage in Competitive Activities, in consideration for each month EXECUTIVE refrains from engaging in Competitive Activities, the Corporation will pay EXECUTIVE the monthly payments as described in Section 11 of the Employment Agreement until the earlier of (i) when EXECUTIVE engages in a Competitive Activity or (ii) the end of the Optional Restriction Period, which is [one year/two years] after the date on which EXECUTIVE'S termination of employment becomes effective.