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.
The Oklahoma General Form of Employment Agreement with Trade Secrets Protection is a legal contract used by employers in the state of Oklahoma to establish a working relationship between the employer and employee while ensuring the protection of trade secrets. This agreement outlines the terms and conditions of employment, including roles and responsibilities, compensation, benefits, and confidentiality measures for safeguarding proprietary information. The Oklahoma General Form of Employment Agreement with Trade Secrets Protection is designed to protect the interests of both parties involved. Employers need to safeguard their valuable trade secrets, such as customer lists, manufacturing processes, software codes, and marketing strategies, to gain a competitive advantage in the marketplace. On the other hand, employees must have a clear understanding of their obligations to maintain confidentiality and avoid any breach of trust. This employment agreement typically includes key elements: 1. Parties: The agreement identifies the employer, often referred to as the "Company," and the employee, referred to by name, address, and Social Security number. 2. Employment Details: This section outlines key employment details, including the position title, job description, start date, work schedule, and compensation structure, such as salary, hourly wages, bonuses, or commissions. 3. Employee Obligations: This section highlights the employee's duties, responsibilities, and performance expectations. 4. Trade Secrets Protection: The agreement enforces the protection of trade secrets, confidential information, and intellectual property. It may include provisions like non-disclosure agreements, non-compete clauses, and non-solicitation clauses, which prevent the employee from sharing or using proprietary information for personal gain or for the benefit of a competitor. 5. Intellectual Property: This section clarifies ownership rights over any work-related intellectual property created by the employee during the course of employment, ensuring such creations remain the property of the employer. 6. Termination: The agreement specifies the conditions under which either party can terminate the employment relationship, such as resignation, termination for cause, or without cause. It may also outline the notice period required. 7. Governing Law: The agreement states that it is subject to the laws of the state of Oklahoma, ensuring legal compliance with state regulations. While the Oklahoma General Form of Employment Agreement with Trade Secrets Protection provides a standard template, variations may exist based on the industry, job position, and specific requirements of employers. Organizations in different sectors may have specific trade secrets they wish to protect, leading to customization of the agreement. Some common variations include industry-specific nondisclosure provisions, additional restrictive covenants, or confidentiality agreements tailored to unique business needs. In conclusion, the Oklahoma General Form of Employment Agreement with Trade Secrets Protection is a critical legal document that establishes the employer-employee relationship while safeguarding trade secrets. It ensures compliance with relevant employment laws and helps protect the proprietary information that drives a company's success. Customizations may be made based on industry-specific needs, resulting in variations of the agreement across different sectors.
