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The risk of an undisclosed restrictive covenant coming to the notice of a buyer or developer after they have acquired a site has been seen as especially high in regard to infill residential development. Restrictive covenant indemnity insurance is often available to mitigate this risk. [17]
Land Law (restrictive covenants on land are imposed upon subsequent purchasers if the covenant benefits neighbouring land) Agency and the assignment of contractual rights are permitted. Third-party insurance - A third party may claim under an insurance policy made for their benefit, even though that party did not pay the premiums.
Davidson Bros., Inc. v. D. Katz & Sons, Inc., 643 A.2d 642 (App. Div. 1994), was a case decided by the Appellate Division of the Superior Court of New Jersey that first applied public policy considerations instead of the touch and concern doctrine when deciding the validity of a restrictive covenant.
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A contractual undertaking not to trade is void and unenforceable against the promisor as contrary to the public policy of promoting trade, unless the restraint of trade is reasonable to protect the interest of the purchaser of a business. [2] Restraints of trade can also appear in post-termination restrictive covenants in employment contracts.
In contract law, a non-compete clause (often NCC), restrictive covenant, or covenant not to compete (CNC), is a clause under which one party (usually an employee) agrees not to enter into or start a similar profession or trade in competition against another party (usually the employer).
Labour law, Contract law, Restrictive covenants, A restrictive covenant in an employment contract which prevented the employee from holding any shareholding (of any size) in a competitor following cessation of employment was too broad and was therefore unenforceable. This part of the clause was required to be severed from the covenants. [32]
Indemnity insurance compensates the beneficiaries of the policies for their actual economic losses, up to the limiting amount of the insurance policy. It generally requires the insured to prove the amount of its loss before it can recover. Recovery is limited to the amount of the provable loss even if the face amount of the policy is higher.