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No contact agreement

Discussion in 'Freight Broker Forum' started by 8ballexpress, Sep 30, 2014.

  1. Sep 30, 2014 #1
    8ballexpress

    8ballexpress Bobtail Member

    5
    5
    May 1, 2011
    Twin Cities, MN
    0
    I ran a FB setup for a couple of years and then sold out do to health and family issues. Both of those issues have been corrected (for the good!) and I am looking to re-establish my business. One thought that I came up with is the no-contact clause in some of my broker agreements. Is two years out of business enough time to avoid any conflicts if I directly contact some of the shippers I pulled loads from? Or should I have notified each one that I was out of business to start the one year time frame?
    Another thought is that I would like to cut back on the number of loads I factor when I restart the biz. Some factoring companies have told me they have a right to a cut of every paper I sign on. Really? Can they do that? Do they enforce it?
     
    8ballexpress, Sep 30, 2014
    8ballexpress, Sep 30, 2014
    #1
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  3. Sep 30, 2014 #2
    baha

    baha Road Train Member

    4,137
    2,834
    Jul 25, 2013
    ga
    0
    Take the time to reread the old contracts and the new factor papers they will be sending you, most have expired by now, but some dirty factor co. want everything you own as a part of their deal, some only want a few of the bills?
     
    baha, Sep 30, 2014
    baha, Sep 30, 2014
    #2
  4. Sep 30, 2014 #3
    jbatmick

    jbatmick Road Train Member

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    2,441
    Dec 1, 2009
    hastings, Fl
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    Lawyer time.
     
    jbatmick, Sep 30, 2014
    jbatmick, Sep 30, 2014
    #3
  5. Sep 30, 2014 #4
    Lite bug

    Lite bug Road Train Member

    1,362
    20,482
    May 3, 2014
    Columbus Ohio
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    Paul good to see you getting back in. This time you have an edge with the past experance. I only factored a few loads and after a while they cancelled me (I did not do enough business with them ) Do your homework on the non compete. If you can go direct ship without any blow back you will be way ahead of the game. Then consider how much the broker has or will do for you ( or has done in the past they may have really made you). Mike
     
    Lite bug, Sep 30, 2014
    Lite bug, Sep 30, 2014
    #4
  7. Oct 1, 2014 #5
    G/MAN

    G/MAN Road Train Member

    7,031
    8,621
    Sep 3, 2010
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    If you don't want to use the same factor then you need to make sure to get a release from them. Most brokers have a 1 year non compete or back solicitation clause in their contracts. But, you need to read over what you signed and act accordingly. If you have doubts, then find a good contract lawyer to check things over. If you plan on using another factor, you might want to make sure that the terms are something you can agree, such as factoring all or part of your receivables. Another thing is the recourse vs non recourse. There are a number of factors around. Find one that makes you comfortable. Good luck.
     
    G/MAN, Oct 1, 2014
    G/MAN, Oct 1, 2014
    #5
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