employment contract definition

employment contract

Voluntary, deliberate, and legally enforceable (binding) agreement between an employer and an employee. Employment contracts can cover a variety of procedures and/or policies that the employee must agree to as a condition of his/her employment. Most employment contracts are required because the employer is seeking to protect its own interest. The contract may require that the employee not work for a competitor or even work in a similar industry during a designated time frame after they leave the company.

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