B
Bobg4
Guest
I am an electronics engineer and recently sold my small manufacturing business.
In the sales contract I have a clause that simply states "Seller agrees not to compete for a period of 3 years from date of closing"
The key employees of the company I sold have left the company feeling that it has no future and are considering opening their own competitive business. They are requesting that I 'help them out' with advice and engineering assistance. I would very much like to help them on a consultant basis where I would receive remuneration for my efforts. I have no intention nor would I have any interest in their new venture other than being a consultant to them on an as required basis.
Can I do this legally?
In the sales contract I have a clause that simply states "Seller agrees not to compete for a period of 3 years from date of closing"
The key employees of the company I sold have left the company feeling that it has no future and are considering opening their own competitive business. They are requesting that I 'help them out' with advice and engineering assistance. I would very much like to help them on a consultant basis where I would receive remuneration for my efforts. I have no intention nor would I have any interest in their new venture other than being a consultant to them on an as required basis.
Can I do this legally?