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engagement letter (An engagement letter defines the legal relationship (or engagement) between a professional firm (e.g., law, investment banking, consulting, advisory or accountancy firm) and its client(s). This letter states the terms and conditions of the engagement, principally addressing the scope of the engagement and the terms of compensation for the firm. Most engagement letters follow a standard format. WK Alexander Demidov); engagement agreement (An engagement agreement is a written agreement in which two parties contract for the provision of goods and/or services. One can be excused for believing that an engagement agreement is basically an employment agreement. Indeed, in certain circumstances, there are virtually no differences between the two types of contracts. For example, if a company signs an engagement agreement with an individual-say, General Motors engages Ms. Jones to be its Vice President in charge of marketing-then this arrangement is pretty much identical to GM having hired Ms. Jones by way of an employment agreement. Let us take another scenario, however-one that shows engagement agreements in a different, perhaps more familiar light. In this scenario, GM signs an agreement with Ernst & Young for the latter to provide accounting services to the former. In this case, Ernst & Young works for GM but in the capacity of an independent contractor. Alexander Demidov); employment agreement (contract between employer and employee. WN3 Alexander Demidov); contract of employment (A contract of employment is a category of contractor used in labour law to attribute right and responsibilities between parties to a bargain. On the one end stands an "employee" who is "employed" by an "employer". It has arisen out of the old master-servant law, used before the 20th century. Put generally, the contract of employment denotes a relationship of economic dependence and social subordination. A contract of employment usually defined to mean the same as a "contract of service".[2] A contract of service has historically been distinguished from a "contract for services", the expression altered to imply the dividing line between a person who is "employed" and someone who is "self-employed". The purpose of the dividing line is to attribute rights to some kinds of people who work for others. This could be the right to a minimum wage, holiday pay, sick leave, fair dismissal, a written statement of the contract, the right to organize in a union, and so on. WK Alexander Demidov) |
