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What are the details of your employment contracts?

On Behalf of | Apr 7, 2024 | Business Transactions

As a business owner, there are many important things you would be wise to do in order to secure the future interests of your company. From carrying proper insurance to having thoughtfully drafted employment contracts, there are many practical steps you can take that will allow you to shield your business against possible claims. The details of all business contracts, including your employment contracts, are vital. 

As you are considering what should be in your employment contracts, you will benefit from knowing that the intent of these legally binding agreements is to protect the interests of both the business and the employee. Clarity and as many details as possible are essential to creating a contract that is enforceable and sustainable for the term of the employment. Employment contracts are useful, regardless of the nature of the business and the role of the individual employee. 

Details are critical 

At its most basic definition, an employment contract is a legally binding agreement between an employee and employer that outlines the rights, responsibilities and expectations of both parties. The specific terms included in an employment contract may differ, depending on the nature of the job and other details, but most of these contracts should include: 

  • Compensation the employee can expect for the work 
  • Details regarding potential raises 
  • Other benefits provided to employee, including paid vacation, insurance and more 
  • Term of the employment 
  • Details of the employee’s job requirements 
  • Employee’s schedule 
  • Intellectual property ownership 
  • Guidelines for potential termination  
  • Procedures for dispute resolution 

Depending on the job, it may also be important to detail the employment contract to include terms that address post-employment issues. This includes non-compete terms, non-disclosure terms and more. By detailing these things in advance, it may prevent disputes between you and your employees. This helps you save time, money and stress, and it can also provide important protection for your business. 

Don’t leave your business exposed 

If you do not have employment contracts in place for your Oklahoma business, you are leaving the health and stability of your business to chance. You will benefit from seeking insight regarding how you can develop contracts that allow your business to thrive in its relationships with your employees. An assessment of your business, the role of your employees and other details can help you understand what details should be in your contracts.