Non-Solicitation Agreements Versus Non-Competes: Which Is Better?
By Jerry Hayes OD | in
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10/14/2009 - 5:15 pm
In last week’s blog (OD Buys Practice, Now The Seller Is Opening Across The Street), Dr. Joe Jones sold his practice to Dr. Bill Barry and signed a five-year ‘Non-Compete Agreement’.
What Is A Non-Compete Agreement, And How Do They Work?
There are two ways a Non-Compete Agreement (NCA) typically comes into play in private practice optometry.
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Here is an interesting
Here is an interesting anecdote about non-compete contracts.
My OD father-in-law sold his practice to a young optometrist in 1989. For accounting purposes, they divided the purchase price into two contracts. One was a non-compete agreement, and the other was for the equipment.
Unfortunately, Doc Sr. died unexpectedly shortly after selling the practice. The new OD then quit paying on the non-compete contract.
The seller's estate then sued the buyer and the court agreed that the non compete was valid and the buyer had to fulfill his contract.