An Employment Contract Agreement is a contract between an employer and employee. It covers various aspects like hours of work, rates of pay and holidays. It is legally binding, which means if one party deviates from the agreement, the other party can enforce the agreement through legal assistance.
Employment contracts can be very useful for gaining control over the employee's ability to leave the business. Finding or training a replacement is usually a costly and time-consuming process, enforcing a contract locks the employee into a specific term or requires the employee to give sufficient notice to find and train a suitable replacement.
Employment contracts might also be helpful for companies where there is exchange of confidential and sensitive information. Confidentiality clauses can be inserted which prevents the employee from disclosing the information or using it for personal gain. Similarly, a contract can also protect the business by providing protection from an employee becoming competitor after he has resigned from the company.
Any individual or any sovereign entity may require the Agreements as per their requirements.
The documents and information needed will vary based on the agreement selected by the client. Let FINMART understand your needs and assist you in documents requirement.