What can I do about a contract that grants exclusive rights?

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What can I do about a contract that grants exclusive rights?

I granted limited power of attorney to ABC Company to find unsecured money for me. In the agreement I signed it states that I agree not to apply for unsecured loans to any lenders that ABC Company applied me to for 180 days. I recently ending the power of attorney and my business relationship with ABC Company because they were not moving quick enough to find the money I need. I spoke to a rep on the phone and he listed 6 banks he wanted to use. I do not believe he ever actually applied to any of them. Can I apply to the banks he mentioned or will I violate my previous agreement?

Asked on June 21, 2013 under Business Law, Illinois

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If he did not apply to those banks, you can be free to use them immediately. All you have to do to confirm is contact and see if a) your name has been used by such a broker/rep in the past 180 days or b) if the ABC company applied within the 180 days for you or in the amount you wished to borrow.


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