An employment contract is a written agreement between an employer and an employee, a legally binding document that formalizes the employment terms of a newly hired worker and outlines details such as the employee’s job position, work responsibilities, compensation, and benefits.
Employment contracts need to be written in order for it to be enforceable. Having a contract allows an employer and an employee to protect their rights and to set proper expectations between both parties. You can view our Sample Contracts to give you a clear idea on what should be incorporated in an employment contract.
Sales Executive Employment Contract
Executive Employment Contract Sample
Senior Executive Employment Contract in PDF
Negotiating Executive Employment Contract
Standard Executive Employment Contract
An employment contract is generally different from a job offer, although many people assume that the two are similar, they actually differ in content and in definition.
A job offer letter means exactly as it sounds. It is a letter offering a job to an individual and contains less details than an employment contract. Job offers are typically used for low-level work positions and directly contain an offer for a job to an applicant. Some job offers contain details about the job position, job responsibilities, and compensation.
An employment contract, on the other hand, provides a more extensive detail pertaining to an employee’s employment package. Below is a list of the details that are typically included in an employment contract:
- name of the parties involved
- date of hire
- job position
- outline of tasks and responsibilities
- probationary period and its duration
- work address
- salary or compensation
- paid vacation leaves
- paid sick leaves
- paid holidays
- work schedules
- total number of hours required to work in a week
- non-compete clause
- nondisclosure clause
Bank Executive Employment Contract
Services Executive Employment Contract
Executive Employment Contract Example
Chief Executive Employment Contract Sample
Executive Employment Contract in PDF
As with other contracts, an employment contract is crucial in the employment process because it does not only protect the interests of both the employer and the employee, but it also serves as a reference for when disputes or misunderstanding arise or when issues pertaining to the labor code are being questioned. Below are some reasons why companies need to provide employment contracts and why employees need to demand for one:
One of the biggest advantages of having an employment contract is that employers can hold on to their talented employees. Having an employment contract makes it hard for employees to switch companies especially if the contract is still in effect or if you have provided a limited number of reasons for an employee to leave your company.
Provides Security among Employees
Having an employment contract establishes a formal agreement between an employer and employee and makes an employee feel safe about the stability of his employment. It also gives an employee a clear idea about his compensation package, paid leaves, benefits, and other important details pertaining to his work.
Maintains Company Confidentiality
Most employment contracts include nondisclosure clauses or confidentiality clauses. Incorporating this into a contract allows employers to lower the risk of employees from potentially exposing confidential information or trade secrets to people who are not connected with the company.
An employment contract can make or break your company’s morale, so make sure that you are able to create one that is foolproof and reliable. You can download our sample contracts to make to help you save on time and money. Our contracts are designed to tailor to your needs whether you’re looking for an employment contract, Business Contracts, or for Sample Sales Contracts.
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