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Iowa Non-Compete Agreement Template

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The Iowa Non-Compete Agreement Template can fulfill an entity’s need to prevent an unfair competition from any party that has gained it Trade Secrets because of the two being in a professional relationship. It is commonplace for a business entity such as corporations, limited liability companies, or privately-owned company to allow its employees or contractors access to its information. For instance, a Toy Company with a profitable Trade Secret may need to hire new employees for its R&D Department. Naturally, as part of such a department’s staff, this party will have access to some very sensitive information. However, what if this business relationship ends or the researcher is a consultant whose contract will expire without renewal? Obviously, the employee or contractor will seek additional employment even though they possess knowledge about their Employer that would not normally be available. A need to prevent this information from being misused or profit a Competitor can potentially be disastrous. The contract on this page will address this need nicely.

There is no statute or regulation for non-compete agreements.

Restrictions

Section 523H.8 of the Iowa Code governs non-compete franchises in the state of Iowa. Non-compete agreements are not enforced against a franchise owner when cancelling a franchise contract if the franchise owner has at least six months’ notice of the contract cancellation, there is a legitimate business reason for the non-renewal, both parties agree not to renew, or the franchisor stops distributing its products or services in the franchise’s geographic market.

Laws – None

How to Write

1 – Supplement The First Paragraph’s Language By Introducing The Participants

In section 1, under the heading “1. Purpose,” the hiring representative must establish the document between the Contract Company issuing this Non-Compete Contract and the Contract Individual willing to sign and agree to its conditions. This will be accomplished by entering the name of the Contract Company in the first empty space of this section then entering the name of the Contract Recipient in the second empty space available in this section 

2 – Present The Restrictions The Contract Company Will Insist The Contract Recipient Comply With

The next part, “2. Non-Compete/Disclosure,” supplies several different types of restrictions the Contract Company may find useful and the Contract Recipient will agree to by Signature. Here, the Contract Company will need to physically select each restriction that applies. Selecting a restriction to apply requires a mark in the checkbox to the right of the Restriction Paragraph. For instance, to restrict the Contract Recipient from selling similar products and services as the Contract Company after their professional relationship has ended will require the “Business Practices” checkbox be marked. The Contract Company may wish to impose one, some, or all the Restrictions listed at its discretion. In addition to “Business Practices,” it may insist the Contract Recipient not engage in the activities defined in the Restriction Paragraphs labeled “Clients/Customers,” “General Competitor(s),” “Specific Competitor(s),” and “Employees.” Keep in mind that if “Specific Competitor(s)” is selected a list detailing each Competitor the Contract Company wishes the Contract Recipient to be restrained from doing business with must be supplied in the blank lines provided. Such a list may be continued on a properly labeled attachment if more room is required.

3 – The Length Of Time And The Start Event Of These Restrictions Should Be Defined

The next section “3. Time Period” requires the Contract Company to establish a time period when the Contract Recipient will be bound by these restrictions by recording that time period (i.e.: 1 year) in the first statement. A blank line has been provided for this purpose. The Contract Company must then either mark the first checkbox to name the Execution Date of this contract as the Start Date of these Restrictions or mark the second checkbox to indicate the Termination Date of their professional relationship as the Start Date.

4 – Purchasing Contract Relief

In “4. Purchase Option,” the Contract Company will report its decision as to whether it will allow the Contract Recipient will be able to exchange a sum of money for a nullification of this paperwork. That is, if the first checkbox in this section is marked and a sum of money is reported on the blank lines in the corresponding statement, the Contract Recipient will be able to nullify the obligations of this contract by paying the reported sum of money to the Contract Company. If there will be no such relief option, then mark the second checkbox so, the Contract Recipient be expected to adhere to the rules of this document until it expires.

5 – The Location Where The Contract Restrictions Apply And Will Be Enforced Must Be Reported

Find “5. Jurisdiction,” fill in the State or the Local and State Government where the restrictions listed here will be effective and governed on the blank line presented in this statement.

6 – The Information In This Contract Must Be Verified By Signature

Once the remaining sections have been read and possibly discussed by and between the employee and hiring representative, both parties must sign this contract. The signatures will each require some standard items often found when executing a form. However, we will need to provide one more item beforehand: this contract’s Execution Date.

This document’s Date of Execution will need to be reported in the last statement, starting with the words “In Witness Whereof,” using the empty spaces that have been furnished with it.

The left-hand column, “The Company” must have the Contract Company’s signature provided. If this is an entity with the real owner then, an authorized representative should sign this form on behalf of the Contract Company. Three lines have been provided below this heading: “Signature,” “Print Name And Title,” and “Date.” The Authorized Representative will need to sign and print his or her Name, then enter the Date these items were provided.

The Contract Recipient will also have to verify his or her participation in this contract in the same manner. The right-hand column (“Recipient”) will contain three blank lines: “Signature,” “Print Name,” and “Date.” The Contract Recipient must sign and print his or her Name then, report the Date when he or she signed this contract.


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