Examlex
A restrictive covenant prohibits the seller of an existing business from opening a competitive business within a specific time period and geographic area of the existing one.
Payee
An individual or entity that is designated to receive a payment or financial transaction.
Nonnegotiable
Refers to a financial instrument that cannot be transferred or endorsed to another party.
Separate Agreement
A distinct contract or arrangement that is made independently from any other agreements or contracts.
Negotiable
Refers to a written and signed promise or order to pay a specific sum of money that can be transferred from one holder to another with the ownership of the document constituting ownership of the value.
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