Employment Contract

An employment contract is an agreement between a company and an employee. It enables both parties to comprehend their responsibilities and the terms of employment fully. Elements of the contract usually includes details on salary or wages, time at work, duration of employment, job responsibilities, confidentiality, communication, benefits and more.

Types of Employment Contracts

Depending on the job and the firm, many types of employee contacts could be encountered. Two of the most common include:

1. Written contracts - A written contract is an excellent approach which clearly spells out the obligations, rewards, and duties completely and avoids any room for misunderstandings.
2. Implied contracts - An implied employment contract is one that can be inferred from statements made during an interview, throughout the course of a job promotion, or even from statements made in a manual or training guide.