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Encyclopedia > Employment contract

An employment contract is an agreement entered into between an employer and an employee at the commencement of the period of employment and stating the exact nature of their business relationship, specifically what compensation the employee will receive in exchange for specific work performed. All the textbooks define a contract as either a promise or an agreement that is enfored or recognised by the law. ... Employment is a contract between two parties, one being the employer and the other being the employee. ... Employment is a contract between two parties, one being the employer and the other being the employee. ... Employment is a contract between two parties, one being the employer and the other being the employee. ... Compensation has several different meanings as indicated below. ... In classical economics and all micro-economics labour is a measure of the work done by human beings and is one of three factors of production, the others being land and capital. ...


The central focus of most employment contracts is money. The employee may be compensated through wages, a salary, or by commission. Money Money is any marketable good or token used by a society as a store of value, a medium of exchange, and a unit of account. ... A wage is the amount of money paid for some specified quantity of labour. ... A salary is a form of periodic payment from an employer to an employee, which is specified in an employment contract. ... In law a commission is a patent which allows a person to take possession of a state office and carry out official acts and duties. ...


In addition to monetary compensation, the employment contract often specifies a fringe benefit package, including a retirement plan, employee stock options, the termination or resignation notice period, holiday entitlement, required hours of work, and (especially in the US) health insurance benefits. Employee benefits (also called fringe benefits, perquisites, or perks) are various non-wage compensations provided to employees in addition to their normal wages or salaries. ... A retirement plan is an arrangement to provide people with an income, or pension, during retirement, when they are no longer earning a steady income from employment. ... Employee stock options are stock options for the companys own stock that are often offered to upper-level employees as part of the executive compensation package, especially by American corporations. ... The word holiday has related but different meanings in English-speaking countries. ... Health insurance is a type of insurance whereby the insurer pays the medical costs of the insured if the insured becomes sick due to covered causes, or due to accidents. ...


Some employers also use non-disclosure and non-compete clauses to protect their trade secrets from being dispersed when employees leave. Depending on where you live, the laws regarding enforcability of these clauses vary widely. A non-disclosure agreement (NDA), also called a confidential disclosure agreement (CDA), confidentiality agreement or secrecy agreement, is a legal contract between at least two parties which outlines confidential materials the parties wish to share with one another for certain purposes, but wish to restrict from generalized use. ... A trade secret is a confidential practice, method, process, design, the know-how or other information used by a business to compete with other businesses. ...


See also


  Results from FactBites:
 
employment contract: Information from Answers.com (1525 words)
Employment contracts are written agreements between an employer and an employee that detail the workplace duties and responsibilities of the employee and the compensation that the employer provides in return.
Employment contracts that are imposed unilaterally, rather than by genuine mutual agreement between worker and employer, are at substantial risk in the courts.
An employment contract is an agreement entered into between an employer and an employee at the commencement of the period of employment and stating the exact nature of their business relationship, specifically what compensation the employee will receive in exchange for specific work performed.
UCSB HR: Contract Policies (1233 words)
A contract terminates automatically upon the expiration date of the contract, unless, prior to the expiration date, the appointment is ended or extended and the contract is amended or renewed in writing.
Persons appointed to contract positions may be terminated during the life of the contract when, in management‘s judgment, the needs or resources of a department or the performance or conduct of an employee does not justify the continuation of an employee‘s appointment.
An employment contract for a ‘term appointment’ is normally of one year‘s duration and may be extended beyond one year to a maximum of three years.
  More results at FactBites »

 
 

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