Contract Compensation For Breach In Los Angeles

• Category: Employment - Compensation
• State: Multi-State
• County: Los Angeles
• Control #: US-00417BG
• Format: Word; Rich Text

Description

The Short Form of Deferred Compensation Agreement outlines a contractual arrangement between an employer and a key employee in Los Angeles, emphasizing compensation for retention until retirement. It specifies that if the employee fulfills their duties until a designated date, they will receive additional compensation, structured as monthly payments. Key features include a clause terminating the employee's right to payment if they engage in outside services without consent, and provisions for payment to a surviving spouse or the employee's estate in the event of death prior to full payment. The form is particularly useful for attorneys, partners, and owners seeking to structure employee compensation strategically, as well as for associates and paralegals who may need to draft or review such agreements. Legal assistants will find it beneficial for managing client documentation and ensuring compliance with legal standards. Filling and editing instructions emphasize clarity and correct completion to avoid disputes. This form serves various use cases, such as retaining key talent, incentivizing long-term employment, and providing financial security for employees post-retirement.