Common Contracts
1 similar Employee Non-Solicitation Agreement contracts
Employee non solicitation agreementEmployee Non-Solicitation Agreement • June 26th, 2021
A non-solicitation, or non-solicit, agreement is a promise by both the target company and the acquirer that for a certain period of time after closing they will refrain from engaging in business that is competitive to the existing or acquired business and will not try to lure or hire away each other's customers or employees. This agreement is particularly pertinent when a larger company acquires a smaller one that operates in the same industry. When an organization acquires another one, two prominent types of clauses are signed by both parties: non-compete and non-solicit. Non-compete agreements prevent one company from partnering with a competitor or from creating a business that is directly competitive in any way to either organization. Non-solicit agreements, on the other hand, stipulate that one organization cannot lure or hire the employees of another organization for a certain period of time, which prevents loss of information and/or expertise for both.There is also another type
