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
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He added that about 380 workers of the Mostar-based company have signed new employment contracts, but what are the details and whether their workers are happy BiokA!ic said did not know the details.
Since your employer has not terminated your employment contract, you may still continue to work for him without the execution of a new job contract.
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They will benefit from a two-year employment contract and a salary of 600 dinars (200 dinars from the employer and 400 dinars from the State) and a training of two or three months before integrating their position.
His employment contract contained the following provision:
whether the employment contract is stated to be for a fixed term or for an indefinite period;
Article 1 of Ministerial Decree 764 of 2015 states that, "tentative approval to admit a foreign worker for the purpose of employment in the UAE cannot be granted until an employment offer that conforms with the Standard Employment Contract is presented to and duly signed by the worker."
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However, the employee will be entitled to his gratuity subject to the type of the employment contract (limited or unlimited contract) and the number of years the employee has been associated with the employer as stated in Article 137 and Article 138 of the Labour Law.
A migrant worker usually works in Customs Union countries in accordance with the laws of the state of employment on the basis of an employment contract.

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