New Mexico Personal Guaranty of Employment Agreement Between Corporation and Employee

• Category: Employment - Guaranty
• State: Multi-State
• Control #: US-60755
• Format: Word; Rich Text

Description

This form states that the guarantor unconditionally and absolutely guarantees to employee, the full and prompt payment and performance by the employer of all of its obligations under and pursuant to the contract, together with the full and prompt payment of any and all costs and expenses of and incidental to the enforcement of this Guaranty, including, without limitation, reasonable attorneys' fees. A New Mexico Personal Guaranty of Employment Agreement is a legally binding document that outlines the terms and conditions of employment between a corporation and an employee, specifically focusing on the personal guarantee aspect. This agreement serves to protect the interests of both parties, clearly defining the employee's responsibilities and the corporation's obligations. In New Mexico, there are several variations of the Personal Guaranty of Employment Agreement between a corporation and an employee, based on specific circumstances and employment arrangements. Some common types include: 1. Full-Time Employment Agreement: This type of agreement is applicable when the employee is hired on a full-time basis, where they are expected to commit their skills and services exclusively to the corporation. The agreement covers aspects such as job description, compensation, benefits, non-disclosure, and termination terms. 2. Part-Time Employment Agreement: This agreement applies when the employee is hired to work on a part-time basis, typically for a specific number of hours per week or on specific days. It specifies the terms related to work hours, compensation, benefits eligibility, and any additional responsibilities assigned to the employee. 3. Fixed-Term Employment Agreement: In this type of agreement, the employment is established for a specific duration or until the completion of a particular project. The terms and conditions specified within the document include the project timeline, compensation, benefits, and termination clauses. 4. At-Will Employment Agreement: This agreement is often used when the employment relationship doesn't have a specific duration and can be terminated by either party at any time, without cause. It outlines the terms for compensation, benefits, non-disclosure, and other essential aspects of the working relationship. Regardless of the specific type of Personal Guaranty of Employment Agreement, it is crucial to include certain key elements. These may include: a. Parties involved: Clearly state the names and contact details of the corporation and the employee entering into the agreement. b. Effective Date: Specify the date when the agreement comes into effect. c. Job Description: Provide a detailed explanation of the employee's duties, responsibilities, and reporting structure. d. Compensation: Outline the details of the employee's salary, bonuses, commission structures, or any other forms of compensation. e. Benefits: Include information about any benefits the employee will receive, such as health insurance, retirement plans, vacation days, sick leave, etc. f. Restrictive Covenants: Address any non-compete, non-solicitation, or non-disclosure clauses that may apply to the employee during and after their employment. g. Termination: Clearly define the conditions and procedures for terminating the employment relationship, including notice periods and severance packages. h. Governing Law: Specify that the agreement will be governed by and interpreted in accordance with the laws of New Mexico. It is important to note that while this provides a general overview of a New Mexico Personal Guaranty of Employment Agreement, it is always advisable to consult with a legal professional to ensure compliance with the specific laws and regulations in force in New Mexico.

A New Mexico Personal Guaranty of Employment Agreement is a legally binding document that outlines the terms and conditions of employment between a corporation and an employee, specifically focusing on the personal guarantee aspect. This agreement serves to protect the interests of both parties, clearly defining the employee's responsibilities and the corporation's obligations. In New Mexico, there are several variations of the Personal Guaranty of Employment Agreement between a corporation and an employee, based on specific circumstances and employment arrangements. Some common types include: 1. Full-Time Employment Agreement: This type of agreement is applicable when the employee is hired on a full-time basis, where they are expected to commit their skills and services exclusively to the corporation. The agreement covers aspects such as job description, compensation, benefits, non-disclosure, and termination terms. 2. Part-Time Employment Agreement: This agreement applies when the employee is hired to work on a part-time basis, typically for a specific number of hours per week or on specific days. It specifies the terms related to work hours, compensation, benefits eligibility, and any additional responsibilities assigned to the employee. 3. Fixed-Term Employment Agreement: In this type of agreement, the employment is established for a specific duration or until the completion of a particular project. The terms and conditions specified within the document include the project timeline, compensation, benefits, and termination clauses. 4. At-Will Employment Agreement: This agreement is often used when the employment relationship doesn't have a specific duration and can be terminated by either party at any time, without cause. It outlines the terms for compensation, benefits, non-disclosure, and other essential aspects of the working relationship. Regardless of the specific type of Personal Guaranty of Employment Agreement, it is crucial to include certain key elements. These may include: a. Parties involved: Clearly state the names and contact details of the corporation and the employee entering into the agreement. b. Effective Date: Specify the date when the agreement comes into effect. c. Job Description: Provide a detailed explanation of the employee's duties, responsibilities, and reporting structure. d. Compensation: Outline the details of the employee's salary, bonuses, commission structures, or any other forms of compensation. e. Benefits: Include information about any benefits the employee will receive, such as health insurance, retirement plans, vacation days, sick leave, etc. f. Restrictive Covenants: Address any non-compete, non-solicitation, or non-disclosure clauses that may apply to the employee during and after their employment. g. Termination: Clearly define the conditions and procedures for terminating the employment relationship, including notice periods and severance packages. h. Governing Law: Specify that the agreement will be governed by and interpreted in accordance with the laws of New Mexico. It is important to note that while this provides a general overview of a New Mexico Personal Guaranty of Employment Agreement, it is always advisable to consult with a legal professional to ensure compliance with the specific laws and regulations in force in New Mexico.