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gabriell

Contract with the broker for freelance work

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Hi,
I am freelancer who is making research reports for a couple of forex brokers (only oral agreements, no contarcts signed with them). I found a new broker recently who wishes to work with me but he insists that I sign a contract that I WILL NOT WORK WITH THE OTHER BROKERS....The broker is Cyprus based. I wonder if there can be legal problems if I violate this part of the contract (other brokers do not show my name under reports but still if they found out)? Does the broker need to specify these legal consequences in the contract? I am residing outside of Cyprus - shoudl I be concerned ? I am not planning to do anything which will harm their business just do not want to be tied to any one broker . They can sue me when I visit Shengen Area?
Thanks!
Dave

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2 hours ago, gabriell said:

wonder if there can be legal problems if I violate this part of the contract (other brokers do not show my name under reports but still if they found out)? Does the broker need to specify these legal consequences in the contract? I am residing outside of Cyprus - shoudl I be concerned ?

Breaching a contract certainly can result in legal liability.  

You didn’t indicate where you are located, though, and the concerns about the broker being based in Cyprus and your potential travel to the Schengen area suggest you may be based somewhere in Europe.  This message board only deals with issues of US law. 

 

And even if you are based somewhere in the US, the contract with a broker based in Cyprus may be subject to non-US law. 

For that reason, I can’t really answer your other questions.  Most contracts under US law would not need to specify particular consequences for a breach to be enforceable, but I have no idea what Cyprus law may require in that regard. The fact that you are not in Cyprus probably creates some challenges for contract dispute litigation and for enforcement of resulting judgments regardless of which law governs, but these challenges are not insurmountable. 

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