Employment Contracts

Flextime: A Modern Approach to Work Hours
An employment contract that permits a worker to vary the starting and finishing time for work (within limits) provided a given total number of hours is supplied.
Non-Compete Clause: Agreement on Post-Employment Competition
A non-compete clause is an agreement between an employee and an employer where the employee agrees not to enter into competition with the employer after the employment period is over.
Retroactive Pay: Understanding Adjustments in Pay Due to Policy Changes
Retroactive pay refers to adjustments in employee compensation due to changes in contract terms or policies that are applied retroactively. This ensures employees are compensated for any discrepancies or changes after new agreements are enforced.
Automatic Checkoff: Labor Economics
Automatic checkoff is a process where union dues and other assessments are automatically deducted from an employee's salary by the employer and remitted to the labor union. This is often the result of collective bargaining agreements.
Escalator Clause: Dynamic Cost Adjustment in Contracts
An escalator clause is a provision in a contract that allows for the adjustment of costs in response to specific economic conditions. Common in employment and lease agreements, these clauses ensure that wages and payments remain equitable in volatile markets.

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