Free Yearly Contract Template
YEARLY CONTRACT
This Yearly Contract ("Contract") is entered into on [Effective Date] (the "Effective Date"), by and between [YOUR COMPANY NAME], located at [Your Company Address] (hereinafter referred to as the "Company"), and [EMPLOYEE'S NAME], located at [Employee's Address] (hereinafter referred to as the "Employee").
1. INTRODUCTION
This Contract establishes the terms and conditions of the employment relationship between the Company and the Employee, outlining their rights and obligations.
2. DEFINITIONS
"Company" shall refer to [Your Company Name]. "Employee" shall refer to [Employee's Name]. "Effective Date" shall refer to the date of execution of this Contract.
3. TERMS OF EMPLOYMENT
3.1 Term: The Employee agrees and understands that this position is for a term of one (1) year, commencing on [Start Date] and ending on [End Date]. During this period, the Employee agrees to devote full-time effort to the duties and responsibilities assigned by the Company.
3.2 Probationary Period: The Employee shall serve a probationary period of [Probationary Period Duration] from the Start Date. During this period, the Employee's performance will be evaluated, and either party may terminate the employment relationship with [Notice Period] written notice.
3.3 Working Hours: The Employee's normal working hours shall be [Number of Hours] hours per week, to be worked between [Start Time] and [End Time], with [Number of Breaks] breaks of [Break Duration] minutes each.
3.4 Overtime: The Employee may be required to work overtime hours as necessary to fulfill their duties and responsibilities. Overtime pay will be provided in accordance with applicable labor laws.
3.5 Performance Reviews: The Company shall conduct regular performance reviews of the Employee's work performance. The Employee shall participate in these reviews and work collaboratively with the Company to achieve their performance goals.
3.6 Termination and Renewal: This Contract may be terminated by either party upon [Notice Period] written notice to the other party. The Contract may be renewed upon mutual agreement of both parties, with any changes to the terms and conditions to be negotiated in good faith.
3.7 Resignation: In the event of the Employee's resignation, the Employee shall provide [Notice Period] written notice to the Company. The Company may waive the notice period at its discretion.
3.8 Non-Competition and Non-Solicitation: During the term of employment and for a period of [Non-Compete Duration] after its termination, the Employee shall not engage in any business activities that compete with the Company's business or solicit its clients or employees.
4. COMPENSATION AND BENEFITS
4.1 Salary: The Company shall pay the Employee a salary of [Salary] per annum, payable on [Payment Schedule]. The Employee will be eligible for annual performance-based salary increases at the discretion of the Company.
4.2 Benefits: The Employee will be eligible to participate in the Company's benefit programs, including but not limited to health insurance, retirement plans, and paid time off, subject to the terms and conditions of those programs.
4.3 Expenses: The Company shall reimburse the Employee for all reasonable and necessary expenses incurred in the performance of their duties, subject to the Company's expense reimbursement policy.
5. DUTIES AND OBLIGATIONS
5.1 Primary Duties: The Employee’s primary duties, responsibilities, and obligations to the Company during the term of this Contract are [Detailed Duties and Responsibilities].
5.2 Reporting: The Employee shall report to [Supervisor's Name] and shall comply with all reasonable directives and instructions given by [Supervisor's Name] in relation to the Employee's duties and responsibilities.
5.3 Compliance: The Employee shall comply with all applicable laws, regulations, and Company policies and procedures in the performance of their duties and responsibilities.
6. CONFIDENTIALITY AND NON-DISCLOSURE
6.1 Confidential Information: The Employee agrees to keep all confidential information relating to the Company private and not to disclose any such information to any third parties without the Company’s written consent.
6.2 Return of Company Property: Upon termination of employment, the Employee shall return all Company property, including but not limited to laptops, mobile phones, access cards, and confidential documents.
6.3 Non-Disclosure: The Employee agrees not to disclose any confidential or proprietary information of the Company, either during or after the term of employment, without the Company's prior written consent.
7. INDEMNITY
7.1 Indemnification: The Employee shall indemnify and hold harmless the Company from and against all claims, losses, expenses, damages, and liabilities resulting from any negligent act or omission of the Employee during the term of this Contract.
7.2 Legal Expenses: The Employee shall indemnify the Company for all reasonable legal expenses incurred by the Company in defending against any claims covered by this indemnity provision.
7.3 Limitation of Liability: The Employee's liability under this indemnity clause shall be limited to [Limitation Amount] per claim and [Aggregate Limitation Amount] in the aggregate.
7.4 Notice of Claim: The Employee agrees to promptly notify the Company in writing of any claims or actions for which indemnification may be sought under this Contract.
8. TERMINATION
8.1 Termination for Cause: The Company reserves the right to terminate this Contract immediately upon breach of any of its terms by the Employee. Upon termination for cause, the Employee will not be entitled to any payments, benefits, damages, awards, or compensation other than as provided by this Contract.
8.2 Termination without Cause: The Company may terminate this Contract without cause upon [Notice Period] written notice to the Employee. In such cases, the Employee will be entitled to receive [Severance Package] as severance pay.
8.3 Effect of Termination: Upon termination of this Contract, for any reason, the Employee shall promptly return all Company property and shall cease using any confidential information of the Company.
9. GOVERNING LAW
9.1 Governing Law: This Contract shall be governed by and construed in accordance with the laws of the State of [State].
9.2 Jurisdiction: Any disputes arising under or in connection with this Contract shall be subject to the exclusive jurisdiction of the courts of the State of [State].
9.3 Amendments: This Contract may only be amended by a written agreement executed by both parties.
9.4 Severability: If any provision of this Contract is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
10. ENTIRE AGREEMENT
This Contract contains the entire agreement of the parties and supersedes all prior written or oral agreements relating to the subject matter.
IN WITNESS WHEREOF, the parties hereto have executed this Employment Contract as of the first date above written.
[Your Company Name]
Name: [Your Name]
Title: [Your Title]
Date: [Date Signed]
[Employee's Name]
Date: [Date Signed]
