BUSINESS CONTRACTS
Employment Agreement
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EMPLOYMENT AGREEMENT
WHAT IS EMPLOYMENT AGREEMENT?
A written document known as an employment agreement contains every article that governs employment and the rights, obligations, and duties of the parties involved with respect to one another.Whether it is a full-time or part-time hire, an employment agreement contract is required. Salary breakdown, joining date, notice term, and non-compete clause are a few potential items in an employment agreement letter.
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ADVANTAGES
ADVANTAGES OF EMPLOYMENT AGREEMENT
Liability
Clear, well-crafted language in the employment contract structure will keep things on track and eliminate confusion. Also, a well-written employment contract sample reduces potential legal obligations.
Assurance
Mutual respect is established once the employee and the employer sign the employment contract. The employment contract also specifies the duties and obligations of the parties, ensuring that each is treated equally.
CHECKLIST FOR THE AGREEMENT
CHECKLIST FOR THE EMPLOYMENT AGREEMENT
The following essential clauses should be present in any legal employment contract:
Party
It is important to identify the parties (employee and employer) between whom the agreement will be executed. Both parties’ information (names, addresses, etc.) should be included.
Position Title & Profile
The employment contract should include information on the position title and profile for which the individual is hired. It will also detail the tasks and obligations for which the worker will be liable.
Reimbursements and compensation
The agreement should specify in detail the compensation the employee will receive in lieu of his services. It will include a breakdown of his salary, including his basic pay, health perks, travel costs, PF contribution, and other benefits. The agreement should explicitly state that the employee is entitled to payment for any costs incurred in performing his obligations.
Vacancies and additional perks
The contractual employment agreement must contain a clause outlining the number of paid leaves to which the employee is entitled each year and the procedures for making these claims. Clear language should also be used to explain any additional advantages the employee is entitled to (such as incentives, bonuses, appraisals, etc.).
Non-disclosure and confidentiality
The employment agreement must contain a suitable secrecy and non-disclosure clause if the employee’s responsibilities and obligations place him in a situation where he becomes aware of certain confidential information and/or trade secrets.
Termination of employment
The mechanism by which an employee or an employer may end the relationship should be outlined in the employee contract. The employment contract agreement should explicitly state the conditions and reasons for which the employee may be terminated.
Conflict settlement
The employment contract agreement must outline the corrective actions the parties will take, if any, to settle disagreements. It will cover other conflict resolution procedures they may decide to use, such as arbitration.
Terms and conditions
They could include the responsibilities and rights of the employer and employee, the terms of any penalties, and other significant clauses that both parties must abide by.
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