The Kentucky Non-Compete agreement is created when a corporation, entity, or organization intends to assure that the recipient they are dealing with will not, under any circumstances, use its confidential information against it. The mentioned confidential information usually means, but is not limited to:
Everything that the company has publicly revealed or well-known facts about the subject enterprise is not classified as confidential.
Depending on the non-compete agreement example terms, the recipient is not allowed to do the following while on tenure:
The Company indicates a specific validity period during which the recipient is obliged to comply with the Kentucky Non-compete Agreement’s terms. The agreement comes into force either on its signing date or right after the employment contract termination. Once the binding non-compete agreement becomes invalid, the recipient must return all documents and other tangible materials representing commercial value and containing the company’s confidential information.
The recipient can revoke all liability and withdraw from the agreement by making payment to the company. Usually, the payment amount in US dollars is defined in the NCA unless the company provides its official (preferable written) refusal.
If both parties are satisfied with the terms of the contract, they claim to work under prescribed conditions by appending their signatures, printed names, and dating the paper.
If the recipient happens to breach any part of the agreement, they guarantee to reimburse the company for any loss or damage resulting from unauthorized disclosure.
Presently, there are no laws that regulate the NCA compilation in Kentucky. The document is considered valid if it clearly states its purpose, jurisdiction, duration, and main points the parties have agreed upon.
In 2014, a Kentucky court was considering a case of imposing a Non-Compete Agreement over a hired employee. The court held that such practices would not be recognized lawful in the state, creating an obvious precedent.