When you are hired at a new job, there is a lot of paperwork you will need to fill out. This may include a non-compete agreement. Generally, you should not sign anything without fully understanding it, and even speaking with an attorney first. Read on to learn more about non-compete agreements, what they entail, and what makes them valid in New Jersey.
What is a Non-Compete Agreement?
A non-compete agreement is essentially an agreement that states that the employee may not leave his or her current job for another job in the same, or a largely similar field for a certain period of time.
There are various reasons for asking employees to sign these agreements, but the main reason is that the employer does not want the new employee to learn strategies and inside information, leave the company, and use that information to benefit a competing company.
Make Makes a Non-Compete Agreement Valid in New Jersey?
In order to be considered valid and enforceable, all non-compete agreements are required to meet the following standards:
- Consideration: This means that the employer will have to give the employee something of value in exchange for the promise to abide by the terms of the agreement. Generally, the item of value is as simple as a regular paycheck.
- Valid Business Interest: For an employer to ask an employee to sign such an agreement, that employer must have a valid business interest. Essentially, this means that there must a valid reason to create the agreement. For example, he or she must be looking to protect trade secrets, private company information, and more. That being said, if you were asked to sign an agreement without a valid reason, we may work to have it overturned.
- Reasonableness: These agreements should cover only certain geographical regions, and they should generally only valid for a certain amount of time.
Before signing anything, it may be best to speak with an experienced employment law attorney. Our firm is here to walk you through all of your employment law matters. Reach out today to discuss your options.
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