What is a Work Contract
A contract is any legal agreement that is made between two parties to do or not to do a particular work. The obligation pertaining to the agreement in the legal written document should be obeyed in any circumstances. Any mutual agreement which becomes legal becomes a contract, thereby which the holders of the agreement are bound to follow the criteria’s of the contract which if not followed could be subjected to legal implications whether it be of a fine or a jail of a certain period, depending upon the case structure and the boundation to the agreement.
A work contract on the other hand is certain points of agreement pertaining to the employment of an individual to a company by which he/she is bound to work for the same according to the terms and criteria’s of agreement of the contract.It consists of the general work ethics to be followed by an employee, the responsibility of the employee as an employee of the organization and the special credits provided by the company to favour the company’s services to the employee. It also holds the start date of the employment of the individual and the legal formalities to be followed for resigning for the same post. Sometimes the contract also holds certain boundations to be adhered by the employee in terms of minimum years of service to the company.
The employee could not be a part of any other competitor of the same market or could not even start off with the same entity in the same field thus competing within a specified amount of time till he/she leaves the company. This prevents the employee to take away the customer of the company to the other competitor belonging to the same market. The remuneration to be given and the percentage hike in the same based upon the competition amongst the workers is given in the contract which in short ensures the maximum output from the individual who has been appointed.
This category of contract is a part of the labour law which addresses the legal rights of working people and their relationship with the organisation. It is also known as the employment contract or the contract of services based upon whatever is the agreement protocols mentioned. The 20th century version of this law was the master –servant law, which has been the processor of the work contract. Put together, it is a definition of an employee’s mode of service, job and responsibilities and its social ordination. And hence this is what we can say work contract.