All employees should be aware of the various types of employment agreements before they sign them. Continue reading and reach out to a skilled Knoxville employment agreement attorney today to learn more.
What kinds of employment agreements are there?
There are several different types of employment agreements that employers may ask their employees to sign. While most of these agreements are typically signed prior to employment, some can be signed at any time. Some of the most common types of employment agreements include:
- Non-compete agreements:This is one of the most used employment agreements. The primary objective of a non-compete agreement is to make sure that an employee doesn’t obtain field-specific information or trade secrets, quit their job, and apply that insider knowledge to a competing company or start their own company in a similar field. In many instances, non-compete agreements are fair both to the employer and the employee.
However, there are some cases where these agreements can be unfair to employees. Typically, non-compete agreements include both time and geography limits. For instance, a non-compete agreement may say that an employee is restricted from using insider understanding at a competing company for the next 5 years (or a different time limit). Also, the restriction may only apply to a certain state or area. If a non-compete agreement is too large in scope or otherwise unreasonable, it is in your best interest to reach out to a Knoxville employment agreement attorney as soon as possible.
- Non-disclosure agreements:In many cases, when an employee is to be authorized with certain sensitive or private information, his or her employer will need the employee to sign something known as a non-disclosure agreement. Most non-disclosure agreements basically state that the employee in question is banned from making private company information public. This can include trade secrets, client information, and more. In most cases, the penalties for violating a non-disclosure agreement are included in the agreement itself. If you are requested to sign a non-disclosure agreement, or you are blamed for violating one, do not wait to reach out to our firm today.
- Severance agreements:This type of agreement can be a huge bonus for many employees. Basically, when a company fires an employee, they may offer their employee a severance package. The severance package generally offers the employee monetary compensation for a certain period of time until they are able to obtain a new job. However, severance agreements are not always in the employee’s best interests. This is because when you sign a severance agreement, you are obtaining all terms of the agreement, and some of those terms may be more in your employer’s best interests.
For instance, if you believe that you were wrongfully released from your job, the severance agreement may include a clause restricting you from taking legal action against the company. If you sign the agreement, you will receive monetary compensation, however, you will be unable to file a wrongful termination claim.
CONTACT OUR EXPERIENCED TENNESSEE FIRM
If you need a Knoxville workers’ compensation lawyer or employment law attorney, Morris & Doolan is here to support you. Our firm has significant experience representing clients facing a wide range of workers’ compensation matters, including denial of benefits, appeals, and third-party lawsuits. If you need a Tennessee employment lawyer, we are experienced in handling matters ranging from discrimination and sexual harassment to wrongful termination and FMLA. Contact us today to learn more about our services.
