Covenant Not To Complete
Legal agreement not to perform an activity similar to that performed by another individual or business. This contractual provision may be necessary to keep trade secrets, prevent taking away existing clients using the current business's methods, or otherwise seriously impair the activities of the existing business.. Foe example, a real estate broker who signs a covenant not to complete may prohibit him from opening up a real estate brokerage firm within 50 miles for a two-year period. this restriction is particularly important when the employee is highly qualified and will likely develop a strong customer following. However, if the restriction is very excessive, it may be legally unenforceable.
Popular Real Estate Terms
Structure built into the water from the land providing a facility for boats to tie up. A dock will often provide utility access ...
Amount still unpaid at a particular date on a loan or other financing agreement. ...
A will where the decedent's nomination of an executor/executrix is flawed, requiring an administrator to be appointed by the court and annexed to the will. ...
Financing technique aimed at those people who only plan to live in a house for a short time. Under this mortgage, a lower interest rate and, thus, a lower monthly mortgage payment are ...
Restraining a person or business from denying an appropriate conveyance of property evidenced by a deed has given. ...
Items of real and personal property that usually have a long life, such as housing and other real estate. ...
Partner in a real estate business who remains anonymous but has legal rights and obligations. ...
Individual who has a legal obligation to pay money to another. ...
Law of the state establishing guidelines and requirements for constructing buildings. The standard may differ between the states. ...
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