Newsletter-21

58 NEWSLETTER 2016 On the other hand, non-compete clauses, after the termination of the share transfer agreements, are set forth under the competition law, and the criteria provided by the competition legislation may be taken into account by the judge in order to resolve any disputes arising from the non-compete clauses in share transfer agreements. In our opinion, the abovementioned case should have been resolved in accordance with the principles provided in competition law. It should be noted that the Competition Board would have assessed the dispute, accordingly, if the relevant concentration exceeded the thresholds set forth by Com- muniqué No.2010/4 Concerning the Mergers and Acquisitions Calling for the Authorization of the Competition Board. In our opinion, the 15 (or 12) year period for non-compete is un- reasonable; however, the appropriate solution would be the limitation of that period in accordance with competition law. Thus, the common and real intention of the parties will be determined and applied. In contrast, the ruling of the 11th Civil Chamber of the Court of Cas- sation rendering the non-compete clause totally invalid, and releas- ing the transferor from the non-compete obligation, is contrary to the principle of contract economy, as well as the intention of the parties; therefore, we are not in agreement with the decision of the 11th Civil Chamber.