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Today, the Federal Trade Commission issued a final rule to promote competition by banning noncompetes nationwide, protecting the fundamental freedom of workers to change jobs, increasing innovation, and fostering new business formation.
A Texas judge late last month struck down a nationwide ban on noncompete agreements that was supposed to take effect this Wednesday. Existing noncompete agreements will therefore now remain in...
A federal judge in Texas has struck down the government's ban on noncompetes. An estimated 30 million U.S. workers are subject to the employment agreements.
A non-compete agreement legally binds a current or former employee from competing with an employer for a specific time after employment ceases. Under such an...
1. What, exactly, are non-compete agreements? Non-compete agreements are contracts between an employer and an employee that are typically signed at the start of their business relationship. Essentially, a non-compete agreement prohibits the employee from competing with the business directly or indirectly for a specific duration of time after ...
A noncompete agreement is a contract that an employer can use to prevent employees from taking certain jobs with competitors after they leave the company. Sometimes, an employer can make signing a non-compete agreement a condition of employment.
Under the Noncompete Rule, the FTC adopts a comprehensive ban on new noncompetes with all workers, including senior executives. The final rule is due to go in effect September 4, 2024.
Texas law makes non-compete agreements enforceable if they are: Accompanied by or part of an otherwise enforceable agreement; Supported by valid consideration (ie. something of value given to the employee), and; Reasonable in time, geographic scope, and activities to be restrained.
The ban on non-competes would have made all non-compete agreements, existing and future, unenforceable and reportable to the FTC. The sole exception would be non-competes already in place that applied to employees making over $151,164 and who have policy-making power. The FTC said that “ it is an unfair method of competition — and therefore ...
A non-compete agreement or clause is a legal contract where one party agrees not to engage in competitive activities, such as working for a rival company or starting a competing business, for a specified period and within a defined geographic area after leaving their current employment or business arrangement.