You may be asked by your employer to enter into a non-compete agreement. Carefully consider such an agreement before signing, as it may prevent you from working for other specified employers (such as competitors) for a defined period.
Upon entering into a non-compete agreement, you’ll be bound to its terms and conditions. Consult a lawyer if you’re concerned about entering into a non-compete agreement.
There are four kinds of non-compete agreements
1. Non-competition agreements:
- You can't work for a competitor or compete with the employer after you end your employment. This prevents you from using knowledge gained from the employer to benefit a competitor.
2. Non-solicitation agreements:
- This agreement prevents you from seeking or doing business with the employer’s customers after you’ve completed your work term.
3. Non-disclosure agreements:
- This prevents you from using your former employer's proprietary and/or confidential business information, and stops you from making this information known to others for their benefit.
4. Confidentiality agreements:
- This agreement anticipates the exchange of confidential, technical, or business information between employer and employee. It requires you to safeguard and protect the information.