Employment contract

Terms and conditions of employment

The central focus of most employment contracts is money. The employee may be compensated through wages, a salary, or by commission. In addition to monetary compensation, the employment contract often specifies a fringe benefit package, including a retirement plan, employee stock options, the termination or resignation notice period, holiday entitlement, required hours of work, and (especially in the US) health insurance benefits.

Some employers also use non-disclosure and non-compete clauses to protect their trade secrets from being dispersed when employees leave. Depending on where you live, the laws regarding enforcability of these clauses vary widely.

UK law holds that employment contracts have implied terms (assumed, unspoken, essential terms ), as well as explicit terms (typically those in writing). Legal precedent provides for example that there is an implied contractual term of trust and confidence, meaning that each party to the contract is expected to behave in a manner that allows the other to maintain trust and confidence in the other.

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