Over here at RealDealDocs we are doing a spring cleaning of sorts.  In addition to the continuous upload of agreements and contracts to our database, we are showing some special interest in one of our most researched categories: Employment Agreements. We have spoke on employment agreements many times around here, but just in case you have missed these posts, “let me briefly review some of the key elements before talking about how we’re looking to tailor our employment contracts.  These key elements of employment agreements include:

1. Term. First, this provision should list the employee’s annual salary. Also, any agreement regarding the option to renew the agreement, either on the executive’s side, the company’s side, or both, should be addressed.
2. Duties of Employee. If the precise services of the employee may be extended or curtailed by mutual agreement, this should be listed as well.
3. Duties of Employer. The employer should promise to pay all compensation, benefits, and allowances as set forth in the agreement.
4. Confidential Information. The employee must promise to keep all secret information confidential.
5. Termination. The relevant termination provisions should be carefully spelled out.  If the employer may only terminate the employee for cause, then cause must be defined.  In at will states, such as for California employment agreements, this should be delineated.

Other elements include appropriate non-competition / non-disclosure agreements, intellectual property transfers, etc.”

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An Employment Agreement is a written, binding contract between an employer and a prospective or current employee. When an Employment Agreement is properly drafted, it can be an effective tool for protecting a company’s resources. Most organizations require an employment contract as a condition of employment when the position is highly influential, involves sensitive trade secrets or client list information, or requires a significant amount of “front-end” cost such as extensive or specialized training.

Employment Agreements can be written or verbal, although all employment agreements should be in writing. Employers are more likely to have Employment Agreements with key employees. The terms and conditions of an Employment Agreement should be consistent with statutes, articles, bylaws, and any existing shareholder agreements. The Employment Agreement should set forth the rights and obligations of employees and employers. Typical employment agreements oblige employees to keep trade secrets confidential and to not solicit other employees after their departure.

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The online legal document provider, RealDealDocs.com has released a number of Employment Agreements for the top companies in America including many Fortune 500 companies. These are the actual legal documents drafted by the nation’s top law firms.

The BioMet Inc. Employment Agreement for chief financial officer, Daniel Florin, was drafted in August of 2008. Also drafted in August of 2008, was the Medical Solutions Management Inc. and Certified Diabetic Services Inc. employment agreement for Chairman of the Board, Lowell Fisher. Amidst a rising unemployment rate, the amount of employment agreements in the pharmaceutical industry is surprising researchers. Both of these Employment Agreements are available in their entirety on the RealDealDocs.com website.

An Employment Agreement is a legal document entered into between an employer and an employee at the commencement of the period of employment and stating the exact nature of their business relationship, including roles and responsibilities, compensation etc.

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RealDealDocs.com is a division of Practice Technologies, Inc. the creators of SmartRules.com, the first online practice guide for the national litigator and the national litigation practice.

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An employment agreement is a legal contract between an employer, usually a company in the form of a corporation, general or limited liability partnership, or other business entity, and an individual. The agreement calls for the individual to become an employee of the company and provides certain terms and conditions of employment. The terms of employment, including the rights and obligations of both employer and employee are laid out in each employment contract.

The most important provisions of an employment agreement will likely be different for the employer and the employee. For the employee, the most important provisions of the employment may include compensation such as salary, benefits, potential bonus (signing or performance), commission, draw, or other methods of compensation. The benefit package may be of equal concern: This can involve health benefits, paid vacation, 401K, sick days, and other perks.

The employer will likely be more concerned with other aspects of the agreement. For instance, the employer will likely want to ensure promises of loyalty and confidentiality from the new employee, and may thus include loyalty, covenant-not-to-compete, or non-disclosure provisions into the contract. An employment agreement usually will absolve the employer of liability of harm caused to the employee on the job that was not caused by the wrongdoing of the employer.

Both parties may be equally interested in provisions relating to scope of duties and grounds for termination. The agreement should lay out the responsibilities of the employee and may even set goals such as sales benchmarks, which the employee will be required to meet in order to keep her job or earn a raise or bonus. The agreement will almost always discuss appropriate grounds for termination and under what circumstances the employee can be terminated for good cause. In the United States, 80% of employees, even those with employment agreements, are “at-will” employees, meaning they can be fired by their employer for good reason, bad reason, or any reason at all. An employment agreement can change this at-will status and state that the employee can only be fired for just cause as defined in the agreement.

Employment contracts are not the norm, but are generally beneficial to employees and are usually reserved for more skilled positions and employees with more professional leverage such as special skill or experience. Some legal experts argue formal employment contracts “facilitate the granting of discretion to workers by superseding many of the legal defaults that define the relationship between the worker and firm owner.” See Harvey James Jr., A Legal Basis for Workers as Agents: Employment Contracts, Common Law, and the Theory of the Firm, University of Missouri, CORI Working Paper 01-05.

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