20 Things to look out for in your employment contract so that you don’t regret accepting the job

This 20 Things to look out for in your employment contract will help you a lot when you want to accept employment offer. 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

3. 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%

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.

Continue reading here

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.

7. Floating Holidays.

The Employee shall be entitled to (12) floating holidays per calendar year. From time to time as may be agreed on and commutated between parties, the employer may subject the agreement to changes. If for any reason the Employee should request a floating Holiday off, the Employer shall make every effort to grant this time off and not count against PTO days.

8. Standard Holiday Time Off.

The following holidays will be granted as complementary time off from the employer when the business operations tempo allows for leisure time. When any of these days fall on a weekend, the holiday will be taken on either the first or last working day of the week before or after the holiday.

● New Year’s Day,

● Easter,

● Memorial Day,

● Independence Day (4th of July),

● Labor Day,

● Thanksgiving Day,

● Friday after Thanksgiving,

● Christmas Day

● Washington’s Birthday or President’s Day,

● Good Friday,

● Martin Luther King, Jr. Birthday,

● Veterans’ Day,

● Columbus Day, and/or

● Christmas Eve, and/or New Year’s Eve

9. The Confidentiality clause.

In all the business plans and other business dealing of the company that employee agrees that he or she shall keep all the information from the business dealing and business plans confidential and these includes but not limited to; designs, products, services, trade secrets, copyrights, trademarks, customer information, customer lists, prices, analytics data, costs, affairs, The Employee accepts that any disclosure of any such Confidential Information, whether directly or indirectly, may attract court litigation or other measures against the employee and , where it is obvious and or found to be true that the Employee disclosed the above confidential Information to any third party the employer shall proceed to take action legal in court through the employer’s Attorney and any other action legal which may be out of court

10. Employee’s Role.

In required occasions, the employee shall unless otherwise instructed act in full right and privileges as the Employer would. This includes, but is not limited to, making written or verbal agreements with any customer, subordinate employee, client, affiliate, vendor, or third (3rd) party. The Employee is expected to supervise all day-to-day operations and make decisions beneficial to business interests. Employee shall keep the informed of critical decisions and to up channel problems that cannot be resolved within the scope of the Employee’s expertise and authority granted within this contract. The Employee has the right to delegate work to anyone within the organization and maintains responsibility for all decisions made.

11. Disability.

If for any reason the Employee cannot perform their duties, by physical or mental disability, the Employer may terminate this Agreement by giving the Employee (60) days’ written notice.

12. Compliance.

The Employee agrees to adhere to all sections of this Agreement in addition to any rules, regulations, or conduct standards of the Employer including obeying all local and floating laws. Where the employee refuses to obey the contract agreement, and also obey and follow the company policies, perform the assigned task, fulfil his obligations as an employee and fails to carry responsibilities assigned they employer shall have his employment determined with no recourse to severances.

13. Property Return;

the employees of the company shall accept to return all the properties of the company in their position upon determination of their employment; records of files, data, vehicles company reports electronics, notes and among many more and to be so returned in all good condition failure of which the employer shall take appropriate actions

14. Company notices.

Under this agreement, every notice sent shall be have to be in writing, such notice shall be delivered through verified email and any other means authorized

15. Amendments to this agreement;

when amendment is necessary this agreement shall be amended on conditions that is set out on this agreement and also on conditions appropriate to the employer

16. Severability.

This contract agreement entered by the employer and the employee shall be effective and shall remain effective on the condition that that all the relevant sessions are valid

All remaining sections and provisions shall be deemed legally binding unless a court rules that any such provision or section is invalid or unenforceable, thus, limiting the effect of another provision or section. In that instance the provisions so affected shall be treated as limited

17. Waiver of Contractual Right.

Where the anyone of the parties, the employer or the employee fails or neglect to enforce any provision of this employment agreement, such refusal or failure of the of anyone of the parties shall not be treated or regarded to mean that as right waiver or limitation waiver. Anyone of the parties, the employer or the employee shall maintain right to enforce his or her compliance to this employment agreement without any limitation whatsoever

18. Governing Law.

This contract agreement shall be as per the requirements and also be governed by employment laws of Nigeria

19. Entire Agreement.

This employment agreement together with all of the attachments to it, all other addendums to it, shall represent the rights of the employee and the employee in relation of the both parties. In that regards this employment agreement shall be superior to any other agreement ever made before this very one

20. Disclosures clause:

for the sake of transparency that is supposed to exist between the parties, the employee is hereby discloses to the employer with assurance that the employee shall continue to render employee required services via the company for and on behalf of the company. Services include, but are not limited to, technology, web page design and development, hosting services, and consulting. The Employee also discloses that he is the CEO and President of Uncorked Canvas, a painting studio chain in Tacoma, Washington, and in Seattle, Washington, and that neither of the Employee’s companies has a competitive posture against the Employer or his subsidiary companies. The Employee agrees to disclose to the Employer in the future if there is an apparent conflict of interest between his duties and loyalty of his own companies, and those of the Employer.