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Provide a description of what duties the employee was hired to perform.
Sets the compensation employee shall receive for the services rendered.
Require the employee to disclose if he is a party of any restrictive covenants limiting employee activities in a business similar to the Corporation.
Require the employee to maintain the confidentiality of all customer names and other business records of the Corporation.
Require the employee not to duplicate or remove any records of the Corporation.
Provide a framework for employee expenditure reimbursements.
Prevent an employee from stealing new ideas or claiming ownership rights to inventions, improvements, patentable or copyrightable work created by employee during the course of his employment for the Corporation.
Prevent the employee from demanding additional compensation for the Corporation's use of the employee's name and picture in a publication or other media.
Prevent employee from competing against the Corporation both now and for two years after leaving the Corporation's employment.
Allow the Corporation to apply to the court for an injunction against the employee to enforce any of the terms of the agreement.
Provision Information & Benefits: The following information and benefits is what distinguishes us from other online providers.
Description Describes exactly what the Employee will do for Employer.
Termination Describes duration of contract and under what circumstances each party may terminate the employment relationship.
Compensation Very flexible. Usually, based upon a salary or wage or commission. However, often possible to offer various additional compensation plans and/or incentive packages. Stock options and innumerable fringe benefits are popular. Note that in this contract, the Employee must complete a specific term before becoming eligible for payment in stock.
Representations Describes exactly what each party expects from the other and offers assurances that such expectations will be met. For example, an employee who receives stock representing 50% of the Corporation may want assurances from the Employer that additional shares will not dilute his equity interest.
Authority Need assurances from each of the parties that they are authorized to act on behalf of the business without the need for outside approval and that no agreement(s) prevent them from proceeding with the transaction.
Restrictive Covenants Employee's Promise Not to Compete, Solicit, or Disclose. Such restrictive covenants offer the Employer statutory remedies for violation and often prevent the Employee from disclosing confidential business information about the Employer with others. As always, ensure any such restrictive covenant is within statutory parameters. Covenant Not to Compete To prohibit one party from unfairly competing against the other. Very often, specific statutory language limits their scope. In Florida, such restraints of trade or commerce are specifically valid and limited only to statutory guidelines. However, many states, including New York still rely on the three-prong common law rule, which judges the reasonableness of the restriction in protecting a legitimate business interest. Still other states like California specifically prohibit covenants that prevent or otherwise "restrain" a person from engaging in their profession or trade. Non-Solicitation Clause To prohibit one party from soliciting (for business purposes) staff from the other party. Confidentiality Clause To prohibit one party from using the other party's business information to compete with them. Non-Impairment of Goodwill Clause To prohibit one party from disparaging, in any manner or respect, the other party or it's financial soundness and responsibility, personnel or practices of it's business.
Litigation & Attorney's Fees Lender wants assurances that no litigation is pending against the Borrower and if litigation is required, the prevailing party will also receive attorney's fees.
Business Records Defines what material is subject to confidentiality provision and stipulates that the Employee will return all such materials upon termination.
Mediation and Arbitration Mediation and Arbitration should always specify a location in Client's jurisdiction (preferably, in the same county where they run their business). Mediation is a non-binding way to settle the dispute quickly and amicably. If unable to settle in mediation, arbitration is first option available. Arbitration is the preferred alternative to litigation because of speed, cost, and ability to maintain low profile (no info is publicly available).
Governing Law Always stipulate that the contract will be governed under whatever law the Client ordinarily conducts business. Always make sure that venue and jurisdiction are as convenient to client as possible.
No Modification or Waiver No modifications except those specifically agreed upon by the parties in writing. Any waiver of a term or provision will not act as a waiver of any other provision.
Notices Notices should always list the current and best addresses where each party may contact the other for whatever reason.
Material presented on AmeriLawyer.com is intended for information purposes only. It is not intended as professional advice and should not be construed as such. The U.S. Treasury Department requires us to inform you than any information obtained from this website is not intended or written by our law firm to be used, and cannot be used by any taxpayer, for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code. Advice from our firm relating to Federal tax matters may not be used in promoting, marketing or recommending any entity, investment plan or arrangement to any taxpayer.