You’ve received an employment contract from a growing company. The pay is terrific, but should you just read it over and sign? Probably not—you need to read the contract carefully and have experienced contracts lawyers review it with you. It is essential to know your rights and benefits before you sign anything.
Five things that good business lawyers who are experienced in reading contracts can catch that you might not even think about: 1. Job Security Is there a predetermined length of employment? If not, what provisions are in place for termination? Read through the contract to understand all terms of termination. Employers often include language that means the relationship is at-will, which means you can be terminated for any reason at any time. An employer's right to fire an employee may be limited in cases where there is an explicit contract to retain the employee for a certain length of time, or an agreement which dictates that the employee will be discharged only for explicit disciplinary reasons. 2. Compensation and Benefits Make sure all types of compensation are detailed.
3. Job Description and Performance Expectations If you’re going to be locked into a position for a period of years, make sure the contract outlines your specific duties and what will be expected of you. How often does the company conduct performance reviews? What are the criteria and standards for determining your job performance? Consult a good lawyer in order to understand these expectations clearly. 4. Noncompetition Agreement If you plan to do any work on the side, be sure the contract doesn’t prohibit you from doing so. Many employers have exclusive employment provisions. In this provision, the employee agrees that while he or she is employed by the company, the employee will not work for anyone else in the same or similar type of business. Beware of signing any agreement that prohibits you from working for a competitor for a considerable amount of time after separation. You don’t want to limit your employability if you decide to leave the position. Usually a noncompetition clause is limited to a particular geographic area. 5. Copyrights, Inventions and Intellectual Property If you invent anything during your employment, the intellectual property usually belongs to the employer, but sometimes the employer will agree to share a percentage of the royalties paid for inventions. Make sure this is explicitly stated in the contract. You may also want to disclose anything you’ve been working on before you’re hired, and put a provision in the contract that gives you the property rights to that invention. While these five considerations are important, they are by no means a comprehensive list. Whether you are considering entering into a written employment agreement or would like to learn more about your rights under an implied employment contract, consulting experienced contracts lawyers like Carosella & Associates can help you understand and protect your legal rights.
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