Non-compete agreements protect businesses from unfair competition when an employee leaves the company. The agreements typically include language that prevents sharing trade secrets or using your unique skills to help the competition for a specific length of time.
One basic principle of the American free market system is that workers have the opportunity for advancement. If that opportunity does not come at your current job, a competitor might see your experience and hire you at a better salary. It is a cornerstone of the economy and something that most people take for granted.
Non-compete agreements serve an important purpose: To protect a company's interests after an employee departs. An issue involving non-compete agreements recently entered the news in New York.
Alphabet Inc.'s Waymo recently made a settlement offer to Uber Technologies Inc. in its lawsuit over autonomous car technology. The lawsuit, which alleges Uber hired a former Waymo engineer who used Waymo trade secrets to Uber's benefit, has been in pretrial stages for months. No settlement talks are scheduled, according to Reuters sources, but Waymo still offered a way out for Uber.
A Walgreens customer who was insured through Anthem Blue Cross Blue Shield has filed a federal class action lawsuit against Walgreens accusing it of conspiring to overcharge customers who have insurance. According to the lawsuit, Walgreens has secret agreements with a number of pharmacy benefit managers, or PBMs, which allow the pharmacy to charge the full copay to insured clients even though many drugs cost less than that copay -- and is sold at that lower price to people without insurance. This is remarkably similar to a case successfully concluded by Ms. Fischer against CVS/Caremark.
In business, contracts are a viable, commonly employed method used to protect the interests of two parties. When one party violates the terms of a business contract, it can result in serious legal and financial complications, and often, it takes a long time to resolve. If you or your New York business is suffering the ramifications of a breach of contract, you do not have to face it alone.
Businesses face enough issues from the outside world. The last thing that any business wants is an issue internally among executives, partners or employees. This can cause strife among workers and make it much more difficult for a business to achieve what it wants. Unfortunately, internal disputes can arise that dramatically affect a company. Partnership disputes are one form of these internal disputes.