NewYork, NY (PRWEB) March 17, 2013
Laws.com announced one more addition to the basket of free agreements forms it is the employee agreement. The Employee agreement is also a type of contract or a legal agreement between the employer and the employee which points out the terms and conditions of employment and termination of employment. Like any other agreement, the employee agreement must be backed by ‘consideration’. Consideration is of some value, to which an individual is not already entitled; that is given in exchange for a concurrence to do.
To cite an example of consideration, an impressive payment of a percentage of the employee’s yearly salary or periodic payment of the employee’s salary for a particular period of the time at the time of termination.
The employee’s sign and preservation of the consideration usually show the acceptance of the terms mentioned in the agreement. Details of the job objective are contained in the employment agreement, and the company will not force any duties on the employee out of the scope of these objectives.
To download the agreement visit employee agreement form page
Terms in the Employee Agreement
Once agreement is signed, the employee should join duty, in most cases the employee will be on probation for six months. If the performance is satisfactory, the status will be elevated to a permanent position. The duration of employment is until the employee opts for resignation or the company decides to terminate the employee. During the tenure of employment, the employee is entitled for a monthly salary. All the legal deductions and employers’ contribution shall be adjusted before disbursal.
The employee is entitled for an increase annually which depends upon the yearly assessment rating, the employee can enjoy certain non-salary benefits; the employee is expected to maintain some confidentiality of his compensation details, and the employee is not supposed to reveal it to co workers as per the employee agreement. Association with competing business will not be entertained. The employee can hold the share of the company, and there is no restriction in seeking employment with the company’s competitor. The employee should not disclose confidential detail like the functioning of the company.
If the employee violates any of the conditions mentioned in the agreement, the company has the right to take action against the employee; the sternness of the action will be decided only after determining the violation of the act. The company has the legal right to terminate the employee at any point of time. The dues will be settled in the case of termination and settlement will take only 20 days.
The reasons for termination include;
Laws.com offers all the necessary help related to the employee agreement. Never hesitate to put forward any doubt or questions. For Various legal contracts and agreement visit laws.com Legal Forms section.