Excerpt from Term Paper:

......4. Choice of Law Clause- A provision in a contract in which the parties stipulate that any dispute between them arising from the contract shall be determined in accordance with the law of a particular jurisdiction. If the dispute is litigated, the choice is not binding, but is normally honored, by the court hearing the lawsuit. The choice is binding if the dispute is arbitrated. This clause helps to determine what state litigation will take place in, the advantage of using such a clause allows a contract originator to pick a state where laws may be more in their favor. This allows them to have an advantage if litigation becomes inevitable
5. Non-Competition Clause a/k/a Covenant Not to Compete Clause - Most companies will attempt to protect their intellectual capital from competitors by having employees sign a non-competition agreement or, alternatively, by including a non-competition clause as part of an employment contract. Such agreements restrict an employee from joining forces with a competitor or setting up his or her own competing business for some period of time within a particular territory (geographical or otherwise). These agreements have become so common in the technology sector that most people use them without

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