In most instances, the employment contract will not state its expiration date. In such a case, the contract may be terminated at any time by either party. However, the contract may expressly state that it will last for a specified period of time such as a contract to work as a general manager for five years.
Ordinarily a contract of employment may be terminated in the same manner as any other contract. If it is to run for a definite period of time, the employer cannot terminate the contract at an earlier date without justification. If the employment contract does not have a definite duration, it is terminable at will. This is called employment at will. Under the employment at will doctrine, the employer has historically been allowed to terminate the contract at any time for any reason or for no reason.
A trade secret is a process, method, plan, formula or other information unique to a manufacturer, which has value due to the market advantage over competitors it produces. Use or disclosure of a trade secret by an employee, former employee, or anyone else may be prohibited by a court-ordered injunction. The owner of a trade secret may seek damages against such a person for revealing the secret. Also, when trade secrets are involved in a lawsuit, a "protective order" may be requested from the judge to prohibit revelation of a trade secret or a sealing of the record in the case where references to the trade secret are made. A trade secret is separate from and covered under different law from a patentable invention. Trade secrets include, among others, business assets such as financial data, customer lists, marketing strategies, and information and processes not known to the general public.
New York General Form of Employment Agreement with Trade Secrets Protection is a legally binding document that outlines the terms and conditions of employment between an employer and an employee while emphasizing the protection of trade secrets. In New York, specific variations of this agreement may exist, including the following: 1. Non-Disclosure Agreement (NDA): This type of employment agreement highlights trade secrets' protection as its primary objective. It ensures that any confidential information, proprietary systems, formulas, or processes provided to the employee during their employment remains confidential and is not disclosed to unauthorized parties. 2. Non-Compete Agreement (NCA): Along with trade secrets' protection, this employment agreement restricts employees from engaging in similar competitive activities or working for a direct competitor after the termination of their employment. By signing an NCA, an employee agrees not to use the knowledge gained from their previous employment to compete against their former employer. 3. Confidentiality Agreement: This version of the employment agreement is broader in scope and covers the protection of any confidential information obtained during the employment relationship. While trade secrets hold significant importance, a confidentiality agreement encompasses a wider range of information the employer wants to keep confidential, such as client databases, marketing strategies, or financial records. Additionally, a New York General Form of Employment Agreement with Trade Secrets Protection can include the following key elements: a. Parties Involved: The agreement should clearly state the names and addresses of both the employer (company) and the employee (individual). b. Employment Terms: This section covers the employee's position, duties, responsibilities, and working hours. It may also address compensation, benefits, probationary periods, and performance evaluations. c. Trade Secrets Definition: A comprehensive definition of what constitutes trade secrets for the employer. This includes specifying the types of information that are considered confidential and proprietary, ensuring their protection from unauthorized disclosure, use, or reproduction. d. Non-Disclosure Obligations: The agreement should outline the employee's obligations to keep all trade secrets and confidential information strictly private and refrain from disclosing them to third parties. It may include clauses on storage, handling, and secure disposal of such confidential data. e. Non-Competition/Non-Solicitation Clauses: If applicable, these clauses should outline any restrictions on the employee's ability to work for direct competitors or solicit clients, customers, or other employees of the employer. f. Remedies and Consequences: The agreement should mention the consequences of violating the provisions, which may include termination, legal action, or seeking injunctive relief. It should also include provisions for dispute resolution, applicable governing law, and jurisdiction. It is important to note that legal advice should be sought to ensure that any New York General Form of Employment Agreement with Trade Secrets Protection complies with the specific laws and regulations governing employment agreements within the state of New York and meets the unique requirements of the employer and employee involved.
