Common use of Remedies Liquidated Damages Clause in Contracts

Remedies Liquidated Damages. Employee expressly agrees and acknowledges that the covenant not to compete and the nonsolicitation covenants contained in this Section 7 are for the Company’s protection because of the nature and scope of the Company’s business and Employee’s position with and the scope of the duties, responsibilities and obligations delegated to Employee by the Company hereby. If any of the covenants or agreements contained in this Section 7 are violated or breached by Employee, Employee agrees and acknowledges that any such violation or threatened violation or breach or threatened breach will cause irreparable injury to the Company and that the remedy at law for any such violation or threatened violation or breach or threatened breach will be inadequate and that the Company will be entitled to injunctive relief and other equitable remedies without the necessity of proving actual damages or posting a bond. The noncompetition and nonsolicitation provisions set forth in Sections 7.1, 7.2, and 7.3 hereof, respectively, shall be extended by any period of time during which Employee is in violation or breach of this Section 7. In addition to the injunctive relief and other remedies previously described, Employee and the Company agree that the amount of damage resulting to the Company from a violation of Sections 7.1 and 7.3 hereof is difficult to ascertain and quantify, and therefore Employee acknowledges and agrees that the Company shall be entitled to liquidated damages from Employee in the amount of any money received by Employee from any competitive business or any client or customer of the Company multiplied by two. Such damages shall be paid by Employee within ten (10) days after receipt of written demand from the Company, and if not so paid may be offset against any amounts owed by the Company to Employee. Employee and the Company agree that such liquidated damages shall not be deemed a penalty and are a good faith approximation of the damages to the Company as a result of any violation of Sections 7.1 and 7.3.