Contract Compensation For Breach In Los Angeles
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State:
Multi-State
County:
Los Angeles
Control #:
US-00417BG
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Word;
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Deferred compensation is an arrangement in which a portion of an employee's income is paid out at a date after which the income is actually earned. A Deferred Compensation Agreement is a contractual agreement in which an employee (or independent contractor) agrees to be paid in a future year for services rendered. Deferred compensation payments generally commence upon termination of employment (e.g., retirement) or death or disability before retirement. These agreements are often geared toward anticipated retirement in order to provide cash payments to the retiree and to defer taxation to a year when the recipient is in a lower bracket. Although the employer's contractual obligation to pay the deferred compensation is typically unsecured, the obligation still constitutes a contractual promise.
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California law provides multiple methods for calculating damages. This remedy involves a monetary award to the aggrieved party.You may be able to resolve a breach of contract through mediation or arbitration. For failures to fulfill legally binding contracts, California allows parties who suffer from these breaches of contract to pursue compensation. California based Los Angeles breach of contract lawyer with extensive successful experience. The goal of monetary damages in a breach of contract lawsuit is not to punish the defendant for breach.