What should I consider when creating an employment contract with my employer?

Full question:

I want to create a legal and binding employment document. I am seeking to leave my current employer, but the would prefer to keep me. I would like to have a legal document that I could give to them that outlined my new requirements, etc. I have certain requirements..... Revised Salary, Immediate 'bonus' type payment to keep me, and conditions of employment, etc.

Answer:

An employee, usually one in an executive-level position, who seeks some job stability or security, and a business that wants to protect trade secrets, patents, inventions, sales territories, customer lists, and similar confidential business information often find it helpful and desirable to place the terms of the employer-employee relationship in a binding, written employment contract. In considering whether a written employment contract is appropriate in a particular situation, there are conflicting considerations. On the one hand, if the employment relationship is to exist over a long period of time, it may be best to memorialize the agreement by reducing it to written form, to minimize dispute over the mutual obligations of the parties in the employment relationship. A worthwhile employment contract should be thorough and take into consideration all the different contingencies which may arise in the course of the employment relationship.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

For a document to be legally binding, it must contain certain essential elements: an offer, acceptance of that offer, consideration (something of value exchanged), mutual consent, and a legal purpose. Additionally, the parties involved must have the capacity to enter into a contract, meaning they are of legal age and sound mind. If these elements are present, the document can be enforceable in a court of law.