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.”

To view the original article, click here.

RealDealDocs.com is a division of Practice Technologies, Inc. the creators of SmartRules.com.
SmartRules provides step by step guides to local rules and civil procedure for state courts & federal courts throughout the country.

Popularity: 7% [?]

A Consulting Agreement is a type of agreement, made by and between a consultant and a company that wishes to retain certain specified services of the consultant, for a specified time at a specified rate of compensation. Consulting agreements are frequently used in today’s business world and vary in complexity from simple, one-page documents to very complex, 20+ page documents, depending on the subject matter of the agreement and whether other agreements between the parties are included or are incorporated by reference.

Key provisions of a consulting agreement include the names of the parties, the scope of and timeframe for work to be performed, the compensation rate, the term of the agreement, grounds for termination, a copyright provision, a conflict of interest / non-solicitation provision, and other miscellaneous provisions relating to the type of services involved. A well-drafted consulting agreement will serve to carefully confirm the parties’ understanding of the arrangement in writing, and is fully enforceable under contract law. Remedies for breach as well as applicable governing law are typically provided for near the end of the agreement.

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.

Popularity: 3% [?]

Mortgage Purchase Agreements are contracts effectuating the legal transfer of ownership of a mortgage note or deed of trust from one party (”Seller”) to another (”Buyer”). The mortgage must be duly recorded in the county public records and a promissory note must accompany the mortgage. The purpose of a Mortgage Purchase Agreement is for an owner to assign the mortgage to the buyer upon the terms and provisions specifically set forth.

A critical aspect of the agreement is always the section addressing the owner’s warranties. In order for the buyer to feel comfortable with his or her purchase, he or she usually wants the owner to warrant that:

• (a) The mortgage is a good and valid instrument and constitutes a valid lien against real property;
• (b) The owner is vested with a full and absolute title to the mortgage note and has the authority to assign and transfer the note, which is free and clear of all encumbrances;
• (c) The Note and Mortgage were not originated or closed in a manner that violated any federal, state, or local laws, ordinances, regulations, or rulings;
• (d) There are no undisclosed agreements between mortgagor and owner which might in any way affect the obligations of the mortgagor to make timely payments;
• (e) The owner has no knowledge of any valid legal defenses which would adversely affect the enforceability of the note;
• (f) That the present unpaid principal balance on the note is what the owner purports it to be;
• (g) That the note and any other documents are true, correct, undisputed and reflect full, correct and accurate information as to the balance and status of the loan.
• (h) That the Mortgage and Note are free of usury and from any set-off, counterclaim or defense of any nature whatsoever, and that no settlement, payment or compromise has been made with respect to the Note and Mortgage and that no special promise or consideration has been made to the Mortgagor.

After the agreement lists in detail all the owner’s warranties, the terms of the sale and consideration should be addressed, i.e. the purchase price. Next it is critical to include an indemnification clause. Here the owner must agree to indemnify the buyer from any and all loss, damage, liability, and expense, including reasonably attorney’s fees, sustained or incurred by buyer arising out of, or based upon, the inaccuracy or breach of any warranty or representation made by the owner.

These are the key provisions of a Mortgage and Purchase Agreement. For more information or to read clauses from actual Mortgage and Purchase Agreements, be sure to check out the legal agreements section of this website.

Popularity: 7% [?]