If a 5 year non-compete failed to define a start date, would it be reasonable to assume that it began on the date that the “seller†and “buyer†signed and notarized an asset purchase agreement?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If a 5 year non-compete failed to define a start date, would it be reasonable to assume that it began on the date that the “seller†and “buyer†signed and notarized an asset purchase agreement?
About 4 1/2 years ago, I signed an asset purchase agreement for the sale of a pre-determined number of residential landscape accounts. The non-competition (section 9) of the agreement states that the seller shall not engage in any activity that may directly compete with the buyer for a period of five years. However, the non-competition clause does not specify a start date. I would like to begin soliciting my services again but do not want to breach our agreement.
Asked on May 18, 2014 under Business Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
The time period would most likely begin on the effective date of the sale; e.g. if the agreement was signed on June 25, 2009, but the effective date of the sale (analogous to the closing date for a real estate purcchase) was September 1, 2009 it would most likely begin running Sept. 1, 2009. Of course, the effective date may well be the same date as the date of execution or signing.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.