Legal Question in Business Law in New York
Non-compete.
In this contract the firm that we are going into contract with they did not write specific details about intellectual property rights which I think is very good for us i.e. we can license the same product to other firms please view this and let me know is I�m correct
10. Non-compete. For the term of this Agreement, the Manager shall not engage in any securities-related business activities outside of the services provided to the Company pursuant to this Agreement, whether or not such activity shall be engaged in for pecuniary profit (�Competing Work�). The Manager shall be responsible for ensuring that none of its employees assisting the Manager in providing the services contemplated by this Agreement shall engage in Competing Work.
2 Answers from Attorneys
Re: Non-compete.
A lawyer runs a terrible risk when the client narrows his vision. The entire contract has to be examined to determine its meaning and the meaning of each of its parts.
Therefore, I cannot give a definitive answer.
Generally, "shall not engage" is a very broad term and by using the software in a securities related business you probably will violate this restriction.
Re: Non-compete.
Any lawyer with his/her salt would tell you that a contract needs to be viewed in its entirety before any advise can be given as to whether it protects your rights or not. I suggest that you meet with a lawyer before signing the document. Best of luck.
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