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Ah, like a job finding firm that sets you up, takes a percent of the pay - and if you just quit and join the company directly they loose their cut?
Yes, exactly. They have a separate clause in their contract that makes it so you can't be hired at the company you're being contracted to until you're most of the way through your contract (or the company has to pay the contracting agency a decent chunk of change if they really want to hire you on early).
And the noncompete is an additional document to prevent you from just ending your contract early and applying for the real position at the company without that issue.
Basically the contracting agency trying to get as much money as possible. Even while offering the most minimum of worker benefits they can legally manage.