It’s good to be in agreement with other people, especially if has to do with business. Just imagine what a business would be like if the parties involved in it does not agree with each other? Do you think that business is still possible of they don’t agree?
Similarly, it is good to be in agreement with your employer and the people you work with. That is is why it is important to have agreements in place that will clearly define the roles and responsibilities of the employer and employee. We will be learning about executive employment agreements, its uses and other related topics. You may also check out the sample templates we have gathered here.
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What Is an Executive Employment Agreement?
Do you know what an employment agreement is? An employment agreement is a document that records the details about the terms and conditions that govern one’s employment. There are two main parties involved in this agreement and they are the employer and the employee. The employee or the hiring party lays out the necessary terms and conditions of the employment agreement based on the job or position being filled in as well as the qualifications of the employee being hired. The document is then presented and often explained to the new employee before they become officially part of the company. The employee can request or demand for changes in the employment agreement and if they are doable, the employer may just have it granted. If the employee accepts everything that has been stated in the agreement, they’ll be asked to sign the document. If thy disagree, then there may or may not be any future transactions regarding the offer.
An executive employment agreement on the other hand is a type of employment agreement that is similar in many ways to a regular employment agreement but not quite. What sets is apart from the usual employment agreement is that it is used specifically when the employee being catered to is in the executive level. Executive level employees include, chief executive officers or CEOs, members of the board and many more. Executive employment agreements also differ from that of regular agreements in terms of the details and clauses involved. This is because executive level employees have different sets of tasks and responsibilities to handle as well as manage the entire company population. They will also be given access to confidential and propriety information that can help them manage company successfully. That is why so much is expected from them.
There are a number of factors that differentiates an executive employment agreement from regular employment agreements, but they do have common uses and they are as follows.
- It provides the details of the employment of an executive level employee, which include the terms and conditions of the job, their duties and responsibilities, salary and agreement clauses like the non complete clause.
- The agreement is used to bound both parties to the stated terms and conditions so that they will be obliged to follow whatever it says.
- The document is used as a form of reference so that both parties will be enlightened or have something to look into in case they have questions or need to refresh their memories about the agreement.
- It serves as proof that both parties agreed to the provisions of the agreement.
- The presence of the document in the hiring process makes the transactions more appealing and legal.
As you can see, the uses listed above are similar to a regular employment agreement. The only difference really has to do with the contents and some some sections in the agreement. Want to read more about agreements? Check out the library of articles that we have available on our website. Some examples are Enterprise Agreement Samples and Templates, Terms of Service Agreement Samples & Templates, and OEM Distribution and License Agreement Samples & Templates.
Why Are Agreements Important?
Have you noticed that agreements are used in just about any business or personal transaction? For example when conducting business with another business, an agreement must be in place to record all of the details of that transaction. When opening a bank account you sign agreement stating the terms and conditions of its use. There are even agreements even when you’re only buying something. Now, if you don’t think that its a lot, then you should know that you signed and employment agreement before you started working, and agreed to the terms and conditions upon signing up with an online account.
What’s with all these agreements? Well, there are tow sides in every story and one story may not exactly agree with the other. This is how you identify who is right and who is wrong, but this isn’t the case with agreements. Imagine a business wherein one party claims something and another party claims another? That sounds just like trouble! What if the other party already did their part and the other party won’t do theirs? In business, you need to minimize the what-ifs as much as possible. The agreement plays an important role in a business transaction as it binds the parties involved to the details, or the terms and conditions that has been agreed. This way there will be no two sides of the story and only one story should exist, and that is the one written in the agreement.
Once the parties are bound to the agreement, they are obliged to follow it or else they will suffer consequences. Now, these consequences are appropriate or equivalent to the damage that will be done in case of a breach but it may still be really heavy. Another notable reason why having an agreement is important is because it helps establish a trusting relationship. With an agreement in place, parties can have a feeling of security that the transaction they are doing is protected. It’s not easy to trust strangers, especially in business but it is a must or else your business plans will go down the drain.
Other things that most people worry about while doing transactions with another is that the other party may terminate earlier than agreed or might just quite right then and there. Nobody wants this. Through agreement, parties can’t just quit or leave. This is because of the provisions of a certain clause called a termination clause. Well, it doesn’t really stop the parties from leaving, but it provides details and circumstances if parties decide to leave.
There are also transactions that does not require and agreement document, and that is perfectly fine. It is important that you know an agreement is important and when it should be used. This will save you from all the hassle and trouble and makes your transaction go smoothly. Other articles you may want to check out are Marketing Agreement Samples and Templates, Joint Marketing Agreement Samples and Template, and Indemnity Agreement Samples and Templates.
Why Are Written Agreements Preferred Over Verbal Agreements?
Written agreements and verbal or oral agreements are the two main type of agreement that are being used up to this day. Both agreements are considered legal even if they are done and used differently. Written agreements are those agreements that has been recorded and created into a document that can be used for future references. Verbal or oral documents on the other hand, as its name implies, are agreements that has been discussed and agreed on simply by saying a promise or saying one’s agreement.
It’s easy to choose the type of agreement to use with the definition above. Of course, a lot of us would prefer a written agreement over a verbal or oral agreement. Why do think that is so? When it comes to agreements, it is best to have proof or evidence of the transaction and that is what written agreements actually offer. When the details of a transaction are recorded in an agreement, which has been agreed and signed by the parties involved this binds them to it. The parties can’t just make claims, deny or make up stories because the agreement is their to prove them otherwise. If you are also getting into a long-term agreement, then one that is written is the more preferred type. This is not something that verbal agreements can do.
Well, even if written agreements are preferred, there are still instances when its use may not be necessary and practical. Depending on the state or country, verbal or oral agreements are legally binding, too. This is because of the different laws and jurisdiction of different locations that Certain conditions must be met. An example would be agreeing to buy gifts together with a friend. It would be impractical to have an agreement for this. Another example is a agreed meeting with a business partner. Although this is a business transaction, you really don’t need a written agreement for this.
Knowing when to use which type of agreement would be to your own advantage. This is because one of the essential elements of a valid agreement is that it should conform to legal formalities and that is by using the appropriate type of document fir the transaction. Also check out other related topics, like Sample Room Rental Agreement Templates, Sample Apartment Rental Agreement Template, and Non-Disclosure Agreement Templates.
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What Agreements Are Commonly Used?
Below is a list of the commonly used agreements and their specific uses.
- Employment agreements – Employees sign employment agreements before they start working in a company or organization. The provisions of the agreement covers everything about the job, the corresponding duties and responsibilities, what is expected from the employee, etc.
- Lease agreements – This agreement covers the details of a property lease, which is usually a long term use of a property or asset with the appropriate payment. With real estate businesses on the rise and the need for people to get somewhere to live, it is no wonder why it’s on of the commonly used agreements.
- Rental agreements – Just like lease agreements, rental agreements also cover the terms and conditions of the use of a property or asset often in a monthly basis or shorter duration. The agreement can be used for room and apartment rentals, equipment rentals, even rentals and many more.
- Non-disclosure agreements – A non-disclosure agreement is often part of a contract, but can also stand as a document on its own. It is used to maintain the secrecy of confidential or proprietary information and protect is from further disclosures.
- Business agreements – You would need this type of agreement in your business transactions, like the sale and purchase of items or products.
- Loan agreement agreements – This agreement states the terms and conditions for borrowing a certain amount from a lending institution or a bank. The agreement ensures that you make the appropriate payment for the amount that you borrowed plus the interest. It’s easy to run away when you have the money, but a loan agreement will get you tied that you can’t run away from it.
- Advertising and marketing agreement – Businesses offering advertising and marketing services use this agreement to make things clear with their clients, and to establish a trusting relationship.
- Compensation agreement – Compensation agreements cover all of the details of an employees, compensation and benefits. it is often part of an employment contract and other contracts that involved compensating someone for something.
You can read more about agreements with the different articles we offer. To name a few titles that you will surely find interesting are Office Lease Agreement Template, Real Estate Partnership Agreement Templates, and Outsourcing Services Agreement Templates.
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