Usually means: Agreement to not engage competitively.
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We found 4 dictionaries that define the word noncompetition:

General (4 matching dictionaries)
  1. noncompetition: Merriam-Webster
  2. noncompetition: Collins English Dictionary
  3. noncompetition: Wordnik
  4. noncompetition: Wiktionary

Definitions from Wiktionary (noncompetition)

adjective:  Of or pertaining to an agreement not to compete with another party
adjective:  A failure to compete

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