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I have a business partnership, and we I have agreed to not…

I have a business partnership...
I have a business partnership, and we I have agreed to not do external business in the area where our partnership is doing business. As our partnership produces products, they could easily create new products that target a market that is outside of our partnership. We would like to know what type of agreement we should seek to have a sort of "first right of refusal" that way when they do something based on one of our ideas, we can get a cut of that new product that they launch outside of our partnership, just like they have a cut of everything that is launched inside the partnership if that makes sense
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Answered in 13 minutes by:
1/7/2018
Law Educator, Esq.
Category: Business Law
Satisfied Customers: 121,698
Experience: All corporate law, including non-profits and charitable fraternal organizations.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only. Please feel free to ignore any phone service request, the expert does not send those unless asked by customer and they are sent by the site automatically.

This would be a competition and solicitation agreement that would have to be written from scratch, there are no templates for this type of agreement. It is something where you would need to write the terms under which they can compete in the markets that the partnership does not pursue and the terms of use of the partnership products or derivative works from the partnership products and fee structure you agree upon.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

Law Educator, Esq.
Category: Business Law
Satisfied Customers: 121,698
Experience: All corporate law, including non-profits and charitable fraternal organizations.
Verified
Law Educator, Esq. and 87 other Business Law Specialists are ready to help you
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Customer reply replied 1 month ago
That may be right, but it doesn’t seem to like you are understanding my situation. Totally on me, but if we could quick chat so I feel more comfortable/confident you understand the whole situation.
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Law Educator, Esq.
Law Educator, Esq.
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Category: Business Law
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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