Karenzentschädigung
English translation: compensation for observing competitive restriction
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| 05:30 Mar 28, 2004 |
| German to English translations [PRO] Law/Patents - Finance (general) / joint venture | |||||
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|  Selected response from: Robert Schlarb Local time: 16:47 | ||||
Grading comment
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| 4 +1 | compensation for observing competitive restriction |
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| 4 | perhaps |
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| 4 | undertake in consideration of payment required by statute for the restrictive covenant |
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Answers
2 hrs confidence: 
peer agreement (net): +1
peer agreement (net): +1compensation for observing competitive restriction Explanation: Messrs. Podyla and Vazov shall be obliged not to engage in competition with the new company...and shall in return receive compensation for observing competitive restriction as required by law... - is how I read it Dietl/Lorenz |
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Grading comment
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9 hrs confidence:
perhaps Explanation: In exchange for a legally mandated indemnity payment under the noncompete clause, Mssrs. Podpolya and Vazov herewith pledge to abstain for a period of 3 years – following expiration of their employment and/or consultancy status with the company – from entering into direct or indirect competition against the company or its subsidiaries |
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1 day 5 hrs confidence:
undertake in consideration of payment required by statute for the restrictive covenant Explanation: This a res. cov. on employment. They also exist in development planning and leases. They are usually enforceable, whereas restraints of trade are not. The way the payments are taxed in the UK has to be watched: see the revenue law case of Higgins (Tax Inspector) v. the late actor Sir (Lord)Lawrence Olivier, paid for a res. cov. NOT to act for a certain time. 'Similarly, *restrictive covenants* will usually be deemed validly ... as stock in the practice or *payment for the res. cov.* interest in exchange for *entering into the covenant* ...' Reference: http://www.physiciansnews.com/law/697wyatt.html |
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