employment contract

(redirected from employment agreement)
Also found in: Dictionary, Thesaurus, Wikipedia.
Related to employment agreement: employment contract

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 ?
More than 100,000 employment agreements have been completed using an online tool refreshed by Business.
for the four-year period of the employment agreement, which was a restriction that constituted a substantial risk of forfeiture under Sec.
Have employees sign and, more importantly, understand the employment agreement.
The government filing showed that Yuen would receive a termination fee of $22,452,640 and $7,030,778 in settlement for unpaid salary, bonuses and vacation due under his former employment agreement.
As part of the deal, Ellison and Conrad collectively received $55,000 cash, 15,000 shares each of Medinex stock (worth approximately $8 per share at the time) and two-year employment agreements, including full-time positions and health benefits.
An employment agreement should contain a confidentiality provision where the employees agrees, among other things, to keep all matters relating to company business confidential.
Yet, as in other aspects of lives committed to excellence, achieving a great employment agreement has become one more area in which physicians want to excel.
If you are now using an employment agreement, look it over carefully and have it reviewed by your attorney to see if it really does the job.
The company has not renewed the employment agreement of its chief financial officer, Gregory Gould, which expired on 10 June 2017.
Muskat negotiated the sale of the assets of the meat business to a competitor and also entered into an employment agreement and noncompetition agreement with the buyer.
TELECOMWORLDWIRE-11 November 2008-EF Johnson Technologies announces extension of employment agreement by CEO(C)1994-2008 M2 COMMUNICATIONS LTD http://www.

Full browser ?