A Retained Employees Agreement is a legally binding document between an employer and an employee that outlines the terms of the employment relationship. It is used to protect the interests of both the employer and employee and ensure that both parties understand their rights and responsibilities. The agreement typically includes details on job responsibilities, salary, benefits, termination, and other conditions. There are two types of Retained Employees Agreement: the Fixed Term Agreement and the Indefinite Term Agreement. The Fixed Term Agreement is used when an employer needs an employee for a specific period of time, such as a project, and outlines the end date of the employment relationship. The Indefinite Term Agreement is used when an employer wishes to keep an employee for an indefinite period of time, such as when a company hires an executive or a consultant. This type of agreement is more flexible and allows for changes in the job responsibilities or salary if needed.
Retained Employees Agreement
Description
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