A contract dispute can tie up precious resources, which is why you should be especially careful before you sign your name to a document. At Cox Padmore Skolnik & Shakarchy LLP, we know what to look for in employment agreements. When you thoroughly analyze a contract, you can be sure you know exactly what you are getting into – and what you will be getting out of the deal.
As an article in Forbes magazine points out, one of the most important factors you will negotiate will be how you are compensated. The contract should clearly address what your base salary is, what bonuses are available and how and when those bonuses are granted. You should ask the employer to include information regarding when you are eligible for a raise and what that will involve. Additionally, be sure to ask if there are any circumstances under which your salary could be reduced.
The contract should also contain the following information:
- A job description: This should outline your responsibilities, the potential for relocation and what other activities you may be involved in, including community events or board memberships.
- Your benefits: You should have a clear understanding of your health insurance as well as items such as life insurance, disability, retirement accounts and any other perks.
- Reimbursements: If you have job-related expenses, such as fuel or a cellphone, will you be reimbursed?
- Termination details: How can the company end your employment, and will you receive compensation if you are terminated early?
- Noncompete clauses: Any contract that mentions noncompete activities should be closely evaluated so you know where you may seek employment following leaving the company.
Whenever you have questions about a contract, you should not hesitate to seek legal advice. For more information on this topic, please visit our page on employment agreements.