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1. What is an Exclusivity Lockout agreement? 

It is generally witnessed that many business houses enter into exclusive lockout agreements or add this clause in their vendor agreements. This exclusive lockout agreement bars the parties to the agreement from entering into any business transaction with the other party for a definite period agreed. This agreement/ clause is a covenant as it restricts the rights of the party. Time is the primary clause of this agreement. 

2. Why is it important? 

a. It helps in maintaining the exclusivity of the party to each other for some definite period.

b. It helps in the protection of intellectual property and confidential information c. It also benefits any individual or company who uses the intellectual property and earns profits.

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