Many business owners in the United States create companies to achieve success and profit. However, business management and workflow regulation are not always smooth. There is a possibility of information leakage to competitors because the market is quite competitive today. Moreover, many unscrupulous employees leak their superiors’ confidential information to rivals for money or malice. That is why each company must have a non-compete form that regulates issues related to trade secrets.
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First, such a title document ensures the security and protection of your data and customer information. It enables you to maintain customers’ trust and loyalty and protect yourself from threats and attacks from the outside. The Oklahoma non-compete agreement also guarantees that measures are taken against any signatory who violates the deal.
The document must consist of two copies for the signatories. The signatories are usually new employees, business partners, or even new owners. Non-disclosure of trade secrets applies to everyone, including the owners.
It is worth noting that such a treaty is valid from the moment it is signed by mutual consent. Moreover, it is better to present it to new employees before commencing work to avoid misunderstandings and confusion.
In Oklahoma, companies also have the right to enter into such contracts. However, the agreement must not contradict the basics of labor activity. The agreement must be reasonable and transparent, without any tricks and intrigues.
Any form of non-competitive agreement contains the following information:
Any extraneous information is not mandatory, but everyone must write their names and signatures. The term of the contract is also indicated, as is the termination date. Companies can also regulate the reasons for the termination of the agreement.
The company owners should think through everything to the smallest detail, especially regarding privacy. This will prevent mistakes, misunderstandings, dismissals, and information leaks.
Unlike other states in the US, in Oklahoma, non-compete agreements operate based on legislation. If you need to sign such a contract or present it to your partners, be sure to learn about all the laws in force in Oklahoma. For more information, refer to the Oklahoma Statute Title 15. Non-compete clauses are not allowed.
According to sections of this law, employees are obliged to follow the internal regulations of work and defend the interests. Oklahoma law permits non-solicitation agreements with employees but does not permit prohibitions on the hiring of individuals by former employees.
However, employees must also adhere to clear conditions and fulfill their duties. Besides, if you change your workplace, you can continue your activities without disclosing information about your former employer. Also, non-compete agreements operate only based on reasonableness and adequacy. Unfortunately, they are unenforceable under section 219A of the Oklahoma statute.
We offer a multitude of key Oklahoma forms to anyone seeking convenience when handling all sorts of agreements, contracts, and other paperwork.