Types of Employment Contracts
Employment contracts, like any contract, can either be written or verbal, explicit or implied. It can govern any number of things, from confidentiality to ownership of inventions. If the contract is in writing, consult with an attorney before signing. Not all promises made by your employer is a contract, and an employment contract can be entered into at any time.
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Verbal Contract
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Employment contracts can be verbal, but must comply with the Statute of Frauds, which states any contract that cannot be fulfilled within one year is void.
Written Contracts
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Written employment contracts can be as simple or complicated as necessary, and often contain clauses governing length of employment, grounds for termination and agreements not to compete.
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Implied Contract
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An implied contract may be created when the employer makes a promise, although the promise must be specific to be enforceable; however, implied contracts are difficult to enforce.
Confidentiality Agreement
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A confidentiality agreement, in which the employee promises not to reveal any of the employer's secrets, can stand alone or be a clause in a larger contract.
Non Competition Agreement
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In a Non Competition Agreement, which many states refuse to enforce, the employee promises not to work for a competing company within a certain radius for a certain period of time.
Ownership of Inventions
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This contract or clause provides that anything the employee invents while employed becomes the property of the employer as well as whether or not the employee will receive a piece of the profits.
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