A non compete agreement is between your employee and the company. It can be made on a stamp paper and registered along with witnesses. That way it would be enforceable.
Regards
Regarding Admissibility in Court
I am preparing a non compete for a new business partner. I would like to know if a stamp duty or attestation is required along with the signatures of witnesses and parties? Please let me know, thanks
Asked 6 years ago in Business Law
10 Answers
Stamp duty is required on non compete agreement
2) it has to be signed by parties
3) attestation is not required
Yes it is required
Witness is not essential for contract. It is optional. 100 rupees stamp duty will be sufficien for partnership deed. Parties signature is must.
You need to get the agreement notarized in the presence of two witnesses.
agreement should be printed on stamp paper and then both parties need to sign the document..
See add clause in a supplementary partnership deed then print same on 100 Rs. stamp and get same notarized.
Non solicitation clause not valid in India. Well, it will execute on 500rs. stamp and notorised, admissible in court.
The stamp duty and registration is required for a non compete agreement with your business partner.
It should be signed by both parties. The witness is not required for this agreement.
Non compete agreement may be prepared on a stamp paper but ther is no necessity to pay any stamp duty for this.
Since this will be between the employer and the employee there may not be a necessity for a witness to attest this however if you feel it to be safe then you may obtain a witness to signature by the employee.
