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Waiver And Release Of Non Compete Obligations

Waiver And Release Of Non Compete Obligations Template for Malaysia

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Key Requirements PROMPT example:

Waiver And Release Of Non Compete Obligations

"I need a Waiver and Release of Non-Compete Obligations for our departing Chief Technology Officer who is joining a company in a different market segment, effective March 1, 2025. We want to maintain confidentiality obligations but release all non-compete restrictions."

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Document background
The Waiver And Release Of Non Compete Obligations is essential in situations where an employer decides to release a former employee from existing non-compete restrictions under Malaysian law. This document is typically used when circumstances change, making the original non-compete provisions unnecessary or when negotiating an employee's departure. It includes specific details about the original restrictions being waived, the effective date of the release, and any surviving obligations. The document ensures legal certainty under Malaysian jurisdiction while facilitating workforce mobility and protecting legitimate business interests.
Suggested Sections

1. Parties: Identification of the parties including the employer/company releasing the non-compete obligations and the individual being released

2. Background: Context of the original non-compete obligations, reference to the original agreement, and circumstances leading to this waiver

3. Definitions: Key terms used in the document including references to the Original Agreement, Non-Compete Obligations, and Effective Date

4. Waiver and Release: Express waiver of the non-compete obligations, specifying which obligations are being released

5. Effective Date: The date from which the waiver becomes effective

6. Acknowledgments: Statements confirming both parties understand the implications of the waiver

7. Governing Law: Specification that Malaysian law governs the waiver

8. Execution: Signature blocks and execution formalities

Optional Sections

1. Consideration: Include when there is a payment or other consideration for the waiver

2. Surviving Obligations: Include when certain obligations from the original agreement remain in effect

3. Confidentiality Obligations: Include when confidentiality obligations remain despite the non-compete waiver

4. Mutual Release: Include when both parties want to release each other from all claims related to the non-compete provisions

5. Return of Company Property: Include when there is outstanding company property to be returned

6. Non-Disparagement: Include when parties wish to include mutual non-disparagement provisions

Suggested Schedules

1. Original Non-Compete Agreement: Copy or extract of the original non-compete provisions being waived

2. List of Waived Obligations: Detailed list of specific obligations being waived, if multiple or complex

3. Consideration Details: If applicable, schedule detailing any consideration or payment terms

4. Company Property Schedule: If applicable, list of company property to be returned

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Technology

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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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