IMPORTANT CONSIDERATIONS FOR EXECUTIVE CONTRACT.
The "trust" relationship between Executive and Employer is an essential factor in the level of production and goals achieved during employment. A win-win structure in this relationship must satisfy both the personal and professional goals of the Executive, as well as the business goals of the Employer. A well-drafted Executive Contract plays an essential role in protecting the relationship between Executive and Employer and provides a solid foundation from which the relationship and company can thrive.
Any material misunderstanding as to what is being promised by either party, could prove to be fatal to the relationship and harm the enterprise. The state of disgruntlement, is contagious in an enterprise and could significantly harm employer's relationship with other executives and employees, especially, if the misunderstanding, puts into question "trust."
Each and every Executive and Employer, has different priorities and thus, what is a "material issue" to one, may not necessarily be a "material issue" to another. If you are the Executive, do not assume that the person drafting the Executive Contract understands what is of great importance or concern to you with regard to the compensation package, and vice versa if you are the Employer. Utilize well-drafted Executive Agreements that clearly set forth the important issues and concerns of both parties.
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Related Information and Checklists:
Confidentiality Agreement Checklist
Non-Compete Agreement Checklist
When do I need a Confidentiality Agreement?
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