The essentials of a binding employment contract include the usual principles governing the formation of all contracts:
" an agreement;
" between competent parties;
" based upon the genuine assent of the parties
" supported by consideration;
" made for lawful objective; and
" in the form required by law.
Most written employment agreements should specify a definite term. 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.
This form provides limited benefits (only vacation time) and does not provide for such benefits as retirement and death benefits. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Oregon Employment Agreement with Executive — Limited Benefits is a legally binding document that outlines the terms and conditions of employment between an executive and an organization in the state of Oregon. This specific type of employment agreement differs from other forms due to its focus on limited benefits for executives. The main purpose of this agreement is to establish the rights and responsibilities of both the employer and the executive, ensuring a clear understanding of the employment relationship. It is essential to create a comprehensive agreement that incorporates all relevant details, using specific keywords to address various aspects. Here are some important keywords that should be included in an Oregon Employment Agreement with Executive — Limited Benefits: 1. Parties: Clearly state the names of the parties involved, including the executive's full name, position, and the name of the organization. 2. Position and Title: Define the executive's role within the company, including the job title, description, reporting structure, and any specific responsibilities. 3. Compensation: Detail the executive's compensation package, including base salary, bonuses, stock options (if applicable), and any additional perks or benefits. 4. Term of Agreement: Specify the duration of the employment agreement, whether it is for a fixed term or an indefinite period, along with any provisions for renewal or termination. 5. Job Performance: Outline the performance expectations, including goals, targets, and specific metrics that the executive should meet. Also, include provisions for periodic evaluation and potential salary adjustments. 6. Confidentiality and Non-Disclosure: Establish guidelines regarding the protection of the organization's confidential information, trade secrets, and intellectual property. Define the executive's obligations to maintain confidentiality during and after the employment term. 7. Non-Compete and Non-Solicitation: Address any restrictions on the executive's ability to work for competitors or solicit the organization's clients or employees, both during and after the employment period. 8. Termination: Define the circumstances under which either party can terminate the agreement, including notice periods, severance provisions, and any post-termination obligations. 9. Benefits: Specify the limited benefits offered to the executive, such as healthcare, retirement plans, vacation, sick leave, and other perks unique to the employment agreement. 10. Governing Law: Identify that the agreement will be governed by the laws of the state of Oregon, ensuring compliance with local employment regulations. It is important to note that variations of the Oregon Employment Agreement with Executive — Limited Benefits might exist, depending on the specific needs and preferences of the executive and the organization. For example, there could be variations for different industries, executive levels, or company sizes. Each version may have slight modifications to accommodate the unique requirements of the parties involved. In conclusion, an Oregon Employment Agreement with Executive — Limited Benefits is a crucial agreement that protects the rights and outlines the responsibilities of both executives and organizations in Oregon.
