Work contract

This query is : Resolved

Share Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

25 November 2010 Sir, What is a Work contract??

Ajay Mishra

Ajay Mishra (Expert)
Follow

25 November 2010 Hi

Work Contract......

Many types of employment require what is known as a job contract or a work contract. Essentially, a work contract is a document that helps to establish the basic terms of agreement as they relate to the employment of an individual by a company. Job contracts generally contain at least some specific information regarding the responsibilities of the employee, and the types of benefits that are extending by the company in exchange for the services of the employee. Here are some examples of information that is normally found within the text of a work contract.

Just about every work contract will include the starting date for the term of employment, as well as the job title for the position that will be held by the employee. This basic information may include a general description of the responsibilities and tasks that are related to the job position, and at least some information regarding the status of the position as full time or part time.

Another common component of work contracts is a clause that has to do with the use of proprietary information in the even that the working relationship is severed, either by resignation or by termination of the employment by the employer. This is often referred to as a non-compete clause. Basically, the no compete clause addresses the fact that any and all company documents that are in the possession of the employee are to be returned at the time of termination. This includes client lists and other forms of documentation that contain facts and data that is important to the function of the company. A non-compete clause may also contain a period of time in which the former employee agrees to not engage in direct competition with the company, either as an employee of a competitor or by opening his or her own business and attempting to entice customers away from the corporation.

Contracts for work also often include an outline of the benefits that the company extends to all employees in good standing. This may include holiday pay, vacation pay, sick leave and other forms of paid leave. The work contract may also specify conditions for inclusion in profit sharing plans, retirement plans, health insurance plans and other benefits that are offered by the company along with salary or wages.

Many work contracts also include a provision for a probationary period. This is not unusual and usually relates to the first ninety days of active employment. During this time, the company reserves the right to terminate the employment without prior notice. A probationary clause allows the company to quickly end an employer/employee relationship that is obviously not going to work.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

kavita goel

avulaandcopdrl 2023

divakar podaturu

Ashok Atluri

CA Reshma prabhu

Subscribe Now

Work contract

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA