Illinois Employment Agreement with Business Development Manager with Covenant not to Compete
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How to fill out Employment Agreement With Business Development Manager With Covenant Not To Compete?
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FAQ
Can your current employer stop you from going to work for a competitor? Well, if you are fortunate enough to be employed in California, the answer is NO, your current employer cannot stop you from going to work for a competitor.
2022 Will Bring Strict Limits on Illinois Non-Compete and Non-Solicitation Agreements. On January 1, 2022, Illinois' amendment to the Illinois Freedom to Work Act (IFWA) will take effect. The amended statute will render unenforceable non-compete agreements with employees earning less than $75,000 annually.
Effective January 1, 2022, employers will need to comply with significant new amendments to the Illinois Freedom to Work Act (the Act), a previously narrow statute restricting the use of non-competes with low wage workers.
Employers may not enforce non-competition and non-solicitation covenants against an employee who loses their job due to COVID-19 or to circumstances that are similar to the COVID-19 pandemic unless the employers provide the employee with the equivalent of their base salary for the duration of the restricted period,
Of particular note for employees is that in Illinois in order for a non-compete restrictive covenant agreement to be enforceable, among other things, there must be adequate consideration.
The amendment provides that non-compete and non-solicit agreements are illegal and void unless: (1) the employee receives adequate consideration (explained below); (2) the covenant is ancillary to a valid employment relationship; (3) the covenant is no greater than is required for the protection of a legitimate
When you're resigning from your current workplace, write out a formal resignation letter to your supervisor to inform them properly but don't include where you're going. What is this? You don't necessarily have to tell them you're leaving for a competitor, but do know that it won't stay a secret.
A restriction in the contract of employment preventing you from working for a competitor after leaving your current employment is called a 'restrictive covenant' or 'restraint of trade' clause.
For example, if a non-compete or non-solicitation agreement relies solely on two years of continued employment for consideration, until the employee has worked for the employer for two years after signing the agreement, the employee is free to engage in competitive employment or to solicit customers or employees.