An undertaking not to compete is a clause often used in commercial contracts in industries where competition is fierce. The clause aims to prevent a partner company or employee from engaging in business with a competitor during the term of the contract. In some cases, the undertaking not to compete, also sometimes called a non-compete clause, may prevent competition even after the contract ends for a set period of time.
There are three general types of registration for property in Japan. The first is the system of registration for immovable property or real estate. Registering ownership of real estate will clarify not only the ownership rights but also what types of rights are included in that ownership.
Sometimes an agreement involves cargo or products that, if lost, would create more liability than either party is willing to accept. In these situations, where the risk of loss is disproportionally larger than the contract price, the parties may agree to include an insurance clause to ensure that, if the cargo is lost or destroyed, neither party will have to pay for the damage.
The term “force majeure” comes from French and means “superior force.” As a legal term, it refers to an unpredictable and extraordinary event that prevents the competition of a contract. Due to the extreme and unpredictable nature of force majeure events, a force majeure clause is often used in business agreements to relieve both parties of liability for non-performance of the contract during a force majeure event. In many cases, performance of the contract must be resumed after the force majeure event has ended.