Your small business lawyer for DBA, LLC, Corporation, and Non-Profit formations, contracts, and administration in the Albany, Schenectady, Troy, Clifton Park, and Saratoga area.
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You have received the job offer you have always wanted. The job is yours, you just need to sign this contract.
What should you do?
You should always have a contract like this reviewed by an attorney.
Is this company trying to deceive you? No, not at all. They are merely protecting their interests. And by you having the same contract reviewed by an attorney with your concerns in mind, you are protecting your interests.
Here are some issues you can expect to find in an employment agreement:
Noncompete Clause: Where an employee agrees not to enter into competition with the employer after they terminate employment. These agreements are often in effect for a certain period of time after employment ends. In many cases, the agreement is limited to a specific geographic area. Depending on how they are worded, these clauses can be very restrictive and can seriously limit job prospects outside of the company.
Confidentiality: Where an employee agrees that you must not give other people or companies private information about your employer’s activities. This too is often in effect for a specified number of years after the employee leaves the company.
Termination: While you may hope to work for this company until you retire, chances are that you won’t. The termination clause usually allows either side to end the working relationship for any reason after giving an agreed-upon notice. The employer will normally retain the right to terminate the employee for violating the contract in any way.
Patents: Certain professionals are routinely asked to assign ownership of any inventions developed while on the job to the employer. If the employee leaves the company, information about the invention will be kept confidential. Depending on the contract, royalties or partial interest in the patent may be given to the employee.
Exclusivity: Some companies wish to have all their employees’ time and energy given to them. Such clauses prevent the employee from doing any work for a competitor while on the company’s payroll. This may include serving on the board of directors of another company or even owning stock in a competitor.
Keep in mind that not all contracts will have these clauses, and some contracts may contain many more.
Remember to keep Gold Law Firm in mind to protect your interests as you enter into this new phase of your career.