employment contract

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employment contract

see CONTRACT OF EMPLOYMENT.

employment contract

a CONTRACT between an EMPLOYEE and the company for which he or she works, specifying the terms and conditions governing his or her employment. Employment contracts of directors and senior executives are called service contracts, and these often contain provision for generous severance payments in the event of early dismissal.

The employment or labour contract between an employee and the firm that employs him or her generally specifies that the employee undertakes specific tasks for the firm in return for a WAGE. While the wage paid to an employee is a clearly definable part of the labour contract, the level of skill exercised by an employee and the amount of effort he or she exerts in working is more difficult to specify and measure. Consequently, labour contracts are subject to possible contract problems, such as ADVERSE SELECTION and MORAL HAZARD, and may involve significant AGENCY COSTS.

See LABOUR MARKET.

References in periodicals archive ?
When the systems of both countries are integrated, workers will get a uniform job contract, without leaving any room for contract substitution.
The sources also said that though Prime Minister Shahid Khaqan Abbasi has rejected the summaries seeking an extension to the services of Pakistan Telecommunication Authority (PTA) chairman, and of various officials, however, state minister is hopeful to secure extensions in the job contracts of blue-eyed officers.
Another lawyer confirmed that, although the only thing new in the amended labour law is that all companies must now transfer their workers' wages electronically, to facilitate that, existing job contracts of all workers would need to be changed to follow a new format.
In order to mitigate the situation and realize social justice, Iranian Constitution has mandated government's interference in drafting the process of job contract by codifying laws on the conditions of signing a contract.
The official said existing job contracts were "non-descriptive and vague" that allowed "personal interpretation".
He said: "The necessary conditions of confidence and calm are not there, either among young people or companies, to allow the application of the first job contract.
A material supplier's technical service doesn't measure up unless it includes providing assistance on the initial run of a material in a new job contract, according to Robert D.
Tenders are invited for Job contract for annual engineering services for pre-processing and post- processing of cfd simulation
Al Suwaidi explained once plans to fast-track transactions are in place in the first quarter of next year, all an employer has to do to get a work permit or a duly attested job contract completed at the Ministry of Labour is to submit just a job contract signed by the employer and the worker when a worker arrived in the UAE.
Indians, before migrating to Bahrain, should check their papers are in order, which include a valid visa and a job contract signed by them agreeing to the employment terms and conditions.
It was the first time unions had ordered walk-outs in solidarity with students spearheading protests against the job contract.
4, 1997-- Cityview Energy Corporation Limited is pleased to announce that on 1 December 1997 President Soeharto signed the authorisation for Pertamina to execute a modified Production Sharing JOB Contract with Genindo Western Petroleum Pty Ltd for the Simenggaris Block.