Oklahoma Clauses Relating to Venture Opportunities (also known as Oklahoma Venture Opportunity Clauses) are provisions included in legal agreements or contracts that govern the relationship between investors and entrepreneurs engaging in venture opportunities in the state of Oklahoma. These clauses are specifically designed to address various aspects of venture opportunities and competition within the state. Here are some types of Oklahoma Clauses Relating to Venture Opportunities: 1. Non-Compete Clauses: These clauses typically restrict entrepreneurs who have been financed or supported by investors from engaging in competitive ventures within a specified geographic area or for a specified period of time. Non-compete clauses aim to protect the investors' interests, ensuring that the entrepreneurs do not divert resources, knowledge, or business relationships to competing ventures. 2. Non-Disclosure Agreements (NDAs): NDAs are common clauses that safeguard the confidentiality of any sensitive information shared between the investors and entrepreneurs during their venture opportunity engagement. These clauses prevent the unauthorized disclosure or use of proprietary, trade secret, or other confidential information that might be valuable to potential competition. 3. Intellectual Property (IP) Clauses: IP clauses focus on the ownership, protection, and usage of intellectual property assets created or utilized during the venture opportunity engagement. These clauses specify the rights and responsibilities of both parties concerning patents, copyrights, trademarks, or any other IP rights associated with the venture. They help define how the IP will be handled, utilized, or shared among the investors and entrepreneurs. 4. Founders' Equity or Ownership Clauses: These clauses define the distribution of ownership or equity stakes among founders and investors in a venture opportunity. They outline the percentage ownership or equity that each party will hold, the conditions for vesting, buy-out options, and other relevant details. Such clauses play a vital role in determining the financial interests and motivations of all parties involved. 5. Termination and Exit Clauses: These clauses cover the terms and conditions under which the venture opportunity engagement can be terminated, including mechanisms for dispute resolution, dissolution procedures, or rights to exit the investment. These clauses also address potential obligations, liabilities, or rights that may arise during or after termination. While these are some commonly addressed types of clauses, it is essential to tailor the contract according to specific venture opportunities and the needs of all parties involved. It is advisable to consult legal professionals well-versed in Oklahoma business laws to ensure the agreements comply with the state's regulations and accurately reflect the parties' intentions.
Oklahoma Clauses Relating to Venture Opportunities, competition
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The short answer is that if you are in Oklahoma it is not enforceable. With a couple of exceptions, Oklahoma law is clear that an individual is allowed to work in his or her chosen business or industry even if a piece of paper says otherwise.
Section 219A provides that where an employee has executed a covenant not to compete with the employer, the employee ?shall be permitted to engage in the same business as that conducted by the former employer as long as the former employee does not directly solicit the sale of goods, services or a combination of goods ...
competition clause generally prohibits an employee from working for a competitor after employment ends, whereas an exclusivity clause prevents an employee from working for any employer during employment.
The essence of a breach of contract claim is that a party did not do what they promised to do in spite of the agreement. This could entail any number of actions, including failing to deliver supplies you purchased or failing to pay you for work you completed.
Non-competition agreements must generally be supported by valid consideration, meaning the employee must receive something of value in exchange for the promise to refrain from competition.
CHARACTERISTICS OF A CONTRACT ? Parties capable of contracting. ? Consent. ? A lawful object; can't involve illegal activity. ? Sufficient cause or consideration.
You can access the full articles from here and also bookmark this page to ensure that you can always access all the articles. Is my Oklahoma non compete agreement enforceable? The short answer is that if you are in Oklahoma the non compete agreement it is not enforceable.
15, § 219A. Noncompetition agreements: Unlawful Contracts ? Oklahoma. Prohibits noncompete contracts except those written to protect the sale of goodwill of a business, dissolution of a partnership or those that prohibit only the direct solicitation of established customers of the former employer.