Free Legal Forms
| Release Covenant, Employee & Employer |
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_________________________, Referred to as EMPLOYEE, and _________________________, referred to as EMPLOYER, agree: The parties entered into an employment contract on ____________________, with a stated term beginning on ___________________ and terminating on _________________________. The parties desire to enter into a full and final settlement of the obligations under the contract, and in consideration of the mutual covenants and obligations and other considerations, the receipt and sufficiency of which is acknowledged herewith: Jointly release one another from all claims from the beginning of time until the present. Nevertheless the following new agreement shall continue in full force and effect: For a period of _________________________ months from this date, EMPLOYEE shall not engage in the business of ____________________________________ in the following territory: _____________________________. Whether as a proprietor, employee, shareholder, consultant or in any other capacity. The parties agree that the damages, which may be suffered by the EMPLOYER, are difficult to fix, and which damages may be irreparable, and the parties specifically agree that this covenant may be specifically enforced. This is the entire agreement between the parties, and there are no agreements not expressed herein, and this agreement may be only modified in writing executed by the parties hereto. Dated: _______________________________ ______________________________________________ _________________________ By Employee or Contractor ______________________________________________ _________________________ By Employer |
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