Colorado Employment Non-competition Package
Description
How to fill out Employment Non-competition Package?
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FAQ
The required notice must be in ?clear and conspicuous terms in the language in which the worker and employer communicate,? and must be signed by the worker. Importantly, the notice and signature must be on a document that is separate and apart from the document which contains the covenant restrictions.
Colorado. The new minimum highly compensated employee threshold is $112,500 for 2023. Noncompetes are prohibited for employees who do not meet the highly compensated employee threshold.
In the State of Colorado, non-compete agreements generally are not allowed, unless they fall under one of the following four exceptions: They are used to protect trade secrets. They are used to protect the purchaser in connection with the sale of a business and/or its assets.
Colorado Governor Jared Polis signed HB 22-1317 into law on June 8, 2022. The new law significantly limits the enforceability of non-compete agreements executed after August 10, 2022 ? the law's effective date ? for employers with employees working or living in Colorado.
To try to prevent such an outcome, a worker who is a party to a non-compete or non-solicitation agreement, may seek a declaratory judgment from a Colorado court of competent jurisdiction, or an arbitrator if an arbitration clause applies, to ask that it be declared that the non-compete or non-solicitation agreement is ...
In 2023, the salary requirement has been raised to $112,500. The Colorado Department of Labor and Employment (CDLE) determines this threshold annually. Agreements for the non-solicitation of customers with employees earning more than 60 percent of the HCE salary threshold are permitted.
Notice requirements. Employers must provide notice of the non-compete and the terms of the non-compete to any prospective worker either before the worker accepts the job or 14 days before the effective date or date of additional compensation that provides consideration for the covenant.
New Colorado Law Prohibits Non-Disparagement and Non-Disclosure Agreements which Prohibit Disclosure of Unfair Employment Practices. On August 7, 2023, the ?POWR? Act will go into effect. As discussed in a previous blog post, this new law will change the law of workplace discrimination and harassment in many ways.