employment contract

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employment contract

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.


Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Because there are monetary penalties for even simple and incidental violations of these wage statement laws, employers should review their offer letter and employment agreements and site laws to ensure compliance with all applicable requirements.
Although employment agreements containing mandatory arbitration of employee disputes have been unsuccessfully challenged in both the courts and in Congress, their demise may be occurring as a result of a groundswell of employee opposition, including recent mass walkouts.
Based on the supplied information and any information that may be provide by former employers directly, the confidential information employment agreement can be drafted for execution by the employee.
In consolidated cases, the Tax Court denied the IRS summary judgment, concluding that the phrase "termination for cause" in the taxpayers' restricted stock and employment agreements did not have the same meaning as "discharged for cause" in Regs.
Section 4 of the RSA governed the consequences of the voluntary or involuntary termination of the taxpayers' employment with UMLIC S Corp., addressing two types of termination: "termination without cause" and "termination with cause." If one taxpayer were terminated "without cause, as defined in Section 7 of the Employment Agreement." he would be deemed by the RSA to have offered to sell all of his stock to the company pursuant to the RSA, and he would receive the full value of his stock.
The original term of Benoist's employment agreement was scheduled to expire on December 31, 2013.
The Brazilian employment legislation does not require employees and employers to execute a formal employment agreement, provided that all registers are properly made.
Pursuant to the terms of Sunshine's employment agreement, his employment will terminate on 31 December 2010.
How could an employment agreement of such magnitude - with the school's highest-paid employee - slip through the organizational cracks?
Unless they signed a proper employment agreement, you might not be able to stop them from using the list.
In an increasingly litigious world, it is of paramount importance employers draw up an employment agreement before hiring, says Geoff Jeffery, a lawyer with Gatien-Braithwaite.
An employee is generally presumed to have read and understood the terms of an employment agreement that he or she has signed, and therefore voluntarily consented to its provisions.

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