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Compete agreement is a contract between an employee and employer. The vast majority of it is in the form of paper.Define the complete scope of work involved in the business transaction. The daily management of the business will be left to the lead mechanic. A written contract plays a vital role in any business transaction. Apart from making the agreement between concerned parties legally binding, contracts can. This particular free business contract template allows multiple projects to be entered into Statements of Work that will be negotiated under this agreement.