Things to look out for in your employment contract so that you don’t regret accepting the job
Now you have finally been offered the job, congratulations of course, and what if you are presented with two offers at the same time? What would you? You must have to accept one offer and let the other go, what if after a month or two you start regretting your choice? Mind you the second offer has closed or has been made to another job seeker who immediately and gladly accepted same.
If you had for long longed for a job and here you have one offer, fortunately for you don’t have a choice therefore congratulations. In any case you are presented with a choice to make in two or more job offers here are the things to look out for in your employment contracts so that you don’t at later time regretting accepting that particular offer and letting the other go, who knows those one you rejected were better offer.
See the below clauses in employment contracts matter a lot that guilds your employment with the company throughout your time with the company; you may sign without properly reading and understanding the bases and the position you are placed.
WHEREAS the Employer has hired the Employee to assume the position of Chief Operations Officer and the Employee agreed before hand to assume the position of Chief operations officer to provide services for and on behave of the company on the conditions set forth.
This cause is summaries that your employment has been concluded and from the moment you sign the contract you have become the company employee and hence you cannot be sacked without the conditions below and you cannot leave the company or do anything contrary to the condition below
IN CONSIDERATION of offers and other good and valuable consideration the employer and the employee agree to the following terms:
1. Employee Duties. The company which is the employer accept that she will act according to the agreement entered here also to act to the best interests of the this company, which and more importantly may require or it may not require the employer to show their highest of their skills, experience, and their best abilities carry out all the duties and functions required of their various positions, While performing the task and all other assigned work the employee accepts to do all in accordance the company polices, the company ways of doing things, the company rules and regulation and more, the Employee agrees to abide by all local, county, State, and floating laws while employed by the Employer.
2. Responsibilities. The Employee shall be given the job title of Chief Operations Officer (“Position”) which shall involve:
1. Acting as the second in command to the CEO.
2. Making strategic decision making on behalf of and its subsidiary companies.
3. Managing the day to day operational commitments of all departments.
4. Growing the company and taking advantage of investment opportunities on behalf of the CEO and Board of Directors.
3. Employment Period. The Employer agrees to hire the Employee At-Will which means this Agreement may be terminated at any time by either the Employee or Employer. When this employment is terminated in accordance with the clauses contained in this agreement by the employee or the employer, the employer or the employee will no be obligated to each except an obligation of proprietary information contained in this agreement and as they are contained
a.) Employee’s Termination. The Employee shall have the right to terminate this Agreement by providing at least (2) weeks’ notice. If the Employee should terminate this Agreement, he or she shall be entitled to no severance.
b.) Employer’s Termination. The Employer shall have the right to terminate this Agreement by providing at least (2) weeks’ notice. If the Employer should terminate this Agreement, the Employee shall be entitled to severance, equal to their pay at the time of termination, for a period of (3) months’ severance based on the salary and benefits determined within this contract.
4. Pay. As compensation for the services provided, the Employee shall be paid One Hundred Ninety Eight Thousand dollars ($198,000.00) salary on an annual basis (“Compensation”). The Compensation is a gross amount that is subject to all local, State, floating, and any other taxes and deductions as prescribed by law. Payment shall be distributed to the Employee on a monthly basis.
a.) Bonus. The Employee shall be entitled to Bonuses on an annual basis which is to be calculated as follows: 1% of effort “ownership” of the idea Apartment building and all new properties fully or partially owned by the company and/or subsidiaries managed by Genk’s limited For the purposes of this contract, “ownership” means having an income based on the net proceeds of the property, paid on an annual basis and comes with no accountability or liabilities if the property and/or properties produce no profits, negative profits, or have a lien against the property or properties. This bonus covers investments made by the company and its subsidiary companies during the term of this contract, and the proceeds from investments outlive the duration of this contract. Bonus money is transferable to the employee’s family and or designated beneficiaries, and lasts through the lifecycle of each investment.
5. Employee Benefits. As their employment subsist with the company, the Employee shall be entitled to be awarded any of the benefits that the employer is supposed to award to the employee; These include:
1. Health Care Insurance
2. 6% employer contribution matching to a 401k retirement plan
- Personal Time off (PTO) of (20) business days to equal (4) full weeks away from work.
a. Any unused Vacation Time shall be eligible for unlimited rollover up to the next year.
b. If for any reason the Employee depletes their amount of days of PTO in a given year, he or she may go into a negative balance of vacation days. Days will be replenished through future work.
4. 12 “floating” holidays further described in Section 7 of this document.
5. Standard Holiday Time Off, further described in Section 8 of this document.
6. (2) weeks of sick leave, to include time used to take care of family members.
7. Discretionary unpaid leave upon depletion of PTO, floating holidays, and sick leave.
8. Annual rises in salary of no less than 5.5%6. Out-of-Pocket Expenses the Employer agrees to reimburse the Employee business related expenses that are incurred including, but not limited to:1. Travel
2. Lodging for work outside of the greater Tacoma area
a. includes a “Maximum Per Diem” allowance based on location and commensurate with U.S. Government Joint floating Travel Regulations.
3. Tips.
4. Incidentals.
5. Mileage (at Internal Revenue Service rates) from either home and/or place of business to a site other than Wellstone Apartments.
6. Meals, beverages and tips to waiting staff (limited to business meals).
7. Entertainment with the employees, consultants, contractor’s clients, extended clients, and/or potential clients.
8. Digital subscription services which aid and/or inform work supporting the business.
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As have seen that the agreement is listing out what are entitled to, how you are entitled to it and how you will receive the entitlement, this and more others on the agreement binds you with the employer hence you must always look at the employment contract, study it and if not cleared take it to someone who would explain.
