Legal Question in Employment Law in New Jersey
Dear Sir,
I have a question related to Employment Agreement, as per the Agreement, I am required to serve a 90 days written notice, in case I terminate my employment without providing the company with the above notice period, I will be required to give US $10,000 towards the damages to the company.
Also, there is an Enforcement point which states, " I agree in the event of a breach or threatened breach of the provisions of the conditions of this employment agreement, monetary damages would be inadequate to compensate the company and in addition to any other remedies or rights it may have, the company shall be entitled to obtain an injunction to enforce the terms of this condition of employment agreement.
I want to understand, If I resign, give 4 weeks notice and provide the company $10000, can they still hold me for any reasons for upto 90 days ?
Thanks
Ankush
2 Answers from Attorneys
I would need to see the agreement to determine what rights you have.
For example, what rights do you have if the employer breaches the agreement?
Is there a no compete clause in the agreement?
I asked because I am not sure whether you are seeking employment with a competitor or opening up a business that competes with your current position.
Feel free to answer my inquiries or to contact me in my office or via email.
Sincerely,
Generally speaking, such a clause is called "liquidated damages" and many times liquidated damages clauses are invalid unless it can be proven that the amount relates to actual damages sustained as a result of the breach. The other language you quoted is called "specific performance" and it typically relates to non-compete, non-disclosure and non-solicitation provisions.
Your best bet is to have an attorney review the agreement. Ping me offline for help on this.
Roman R. Fichman, Esq.
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