VIEWS: 44 PAGES: 2 CATEGORY: Employment and Contractors POSTED ON: 3/16/2012
The formation of the relationship of employer and employee by written agreement is, as a general matter, determined by the usual principles governing the formation of all contracts. The essentials of a binding employment contract include an agreement; between competent parties; based upon the genuine assent of the parties; supported by consideration; made for a lawful objective; and in the form required by law. This form is a checklist with regard to matters to consider when drafting an employment agreement.
Matters to be Considered when Drafting an Employment Agreement A. Names of Parties. 1. Employer. 2. Employee. B. Term of Agreement. C. Place(s) where Agreement is to be Performed. D. Duties of Employee. 1. Hours of employment. 2. Best efforts to be devoted to employment. 3. Maintaining outside job or interest. E. Description and Location(s) of Working Facilities. F. Covenant to Maintaining Confidentiality of Intellectual Property 1. Trade Secrets. 2. Inventions and Patents. G. Shop Rights1 Policy. H. Compensation. 1. Wage, salary, or commission. 2. Overtime work; night, weekend or holiday differential. 3. Pay while unable to work due to illness. 4. Effect of termination or noncompletion of employment. I. Special Compensation Plans. 1. Deferred compensation. 2. Percentage of sales or profits. 3. Incentive bonus. 4. Profit sharing. 5. Stock options. 6. Pension and retirement plans. J. Expense account. 1. Travel. 2. Meals. 1 Shop rights are a company's right to use technology whose deve
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