Can anyone please tell me in simple words what this agreement really is about? The company that tried to get me to sign this claimed that it is nothing more than a standard non-disclosure agreement. But to me it looks more like a non-compete agreement.
Any thoughts on this?
Agreement between IB Inc and Draft AB
1) Draft AB hereby undertakes and agrees not to circumvent the party of the other party by making any contract with ordealing in any manner (information given pertain to, specifications, verbal or written descriptions), directly ot indirectly, with the other partys principal(s), or any other person, firm, corporation, or other antity to which Draft AB may be introduced to by IB.
2) Any contact by the parties with aby of the antities identified in paragraph 1 above, other than for the herein stated purpose, must be agreed to by the other party in writing.
3) This proscription shall be binding upon the parties, their principals, and their subsidiaries, affiliates, employees, agents, consultants, partners, shareholders and other related persons for a period of five years from the date of this agreement.
4) Any other contact referred to in paragraph 3 hereof shall mean and include followups, repeats, rollovers, extensions, addidtions, or extended or renegotiated transactions pertaining in any way to the initial transaction as well as any entirely new transactions involving the same parties, any entirely new transactions involving the same parties, whether or not the initial or any subsequent transaction was successful.
5) This agreement shall be bindning upon and insure to the benefit of the parties hereto, their heirs, successors and assigns