The Non-Compete Clause in Shareholders Agreement is a fundamental document used to protect a company's business interests under Pakistani law. It is typically implemented when shareholders have access to sensitive business information, trade secrets, or strategic plans that could be detrimental to the company if used competitively. The document outlines specific restrictions on shareholders' ability to compete with the company, including time periods, geographical limitations, and prohibited activities. It must be drafted in compliance with Pakistani legislation, including the Contract Act 1872, Competition Act 2010, and constitutional provisions regarding freedom of trade. This agreement is particularly crucial during business formations, mergers, acquisitions, or when new shareholders join the company, ensuring that the company's competitive advantage and confidential information remain protected.
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1. Parties: Identification of all shareholders and the company entering into the agreement
2. Background: Context of the agreement, including company information and purpose of the non-compete provisions
3. Definitions: Key terms used in the agreement, including 'Competitive Business', 'Restricted Period', 'Territory', etc.
4. Non-Compete Obligations: Core restrictions on competitive activities, clearly defining prohibited actions
5. Duration of Non-Compete: Specific timeframe for which the non-compete obligations will remain in effect
6. Geographical Scope: Clear definition of the territorial limits where restrictions apply
7. Exceptions and Permitted Activities: Activities explicitly allowed despite the non-compete restrictions
8. Consideration: The benefit or value provided in exchange for the non-compete commitment
9. Confidentiality Obligations: Protection of confidential information related to the business
10. Breach and Remedies: Consequences of violating the non-compete provisions and available remedies
11. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and relevant jurisdiction
12. Execution: Signature blocks and execution formalities
1. Independent Legal Advice: Confirmation that parties had opportunity to seek independent legal counsel, recommended for enhanced enforceability
2. Severability: Provision ensuring rest of agreement remains valid if any part is found unenforceable
3. Assignment: Rules regarding transfer of rights and obligations, particularly relevant for shareholding changes
4. Dispute Resolution: Alternative dispute resolution mechanisms like mediation or arbitration
5. Force Majeure: Provisions for unforeseen circumstances affecting compliance
6. Shareholders' Specific Carve-outs: Special exceptions for specific shareholders based on their circumstances
1. Schedule A - Restricted Business Activities: Detailed list of specific business activities covered by the non-compete
2. Schedule B - Territorial Map: Visual representation or detailed description of geographical restrictions
3. Schedule C - Existing Business Interests: Declaration of parties' current business interests that are excluded from restrictions
4. Schedule D - Consideration Details: Specific details of consideration provided for non-compete obligations
5. Appendix 1 - Shareholder Details: Complete information about each shareholder including shareholding percentage
6. Appendix 2 - Company Information: Relevant company details including registration information and business activities
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