Non-compete
Illinois Non Compete Agreement
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This form (sometimes known as a Non-Compete Agreement), although not actually used to transfer ownership of any business assets, may often be used separately during the course of various business transfer transactions. It provides for the party who is selling a business or business assets to agree not to operate a similar business which will compete with the buyer. The terms include a geographical limitation (in terms of miles of radius) on how closely such a competing business can be operated. Also included is a time limit (in term of years) that such an agreement will be in effect