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Things to Consider Before Accepting A Contract

Things to Consider Before Accepting A Contract

The company you want to work for has noticed you and is willing to hire you. A date has already been set to formalise the relationship between you and the company and you really want to start working. However, you should not keep all your eggs in one basket. Even if you get a new job, before signing a contract, you must consider a number of factors, especially if you have a senior profile. It is essential to know that your firm grants legitimacy to everything written in that document. Therefore, if you want to achieve a beneficial relationship, you must read these documents carefully.

Throughout this article, we will review some things you should know before signing a contract to go ahead with your new job safely. These key factors will be instrumental if you have have been hired for a position in a company and have been presented with a binding contract. So, let us dive right in and check them out!

Conditions You Must Consider Before Signing A Contract

Depending on the things you are looking for in your new job, you should consider some aspects of the contract, such as the following:

Modality Of The Contract

This is undoubtedly the most critical element of all. Before signing a contract, you should check what type of contract it is. Is it temporary, fixed, work and service or senior management? Don’t just ask yourself that! Check if it is an employment contract or a commercial contract. Both obligations and rights change according to the type of contract.

Trial Period

The contract must stipulate whether you have to go through a trial period or not. The maximum duration depends on collective agreements, but cannot exceed six months for qualified technicians and two months for other workers. In the case of an indefinite contract to support entrepreneurs, the time amounts to one year.

Contract Period

It is crucial to know how long the contract will last. You must weigh the time you want to work for a company or if you really want to be part of the fixed time period. Consider your personal projects and how you want to invest your time.

Find Out About Your Rights

If you face a problem throughout your working trajectory in the company, you could be entitled to compensation. For example, unjustified dismissal entails compensation that must be paid. Hence, you must inform yourself of your rights as an employee and the content of the agreement before you sign the contract.

Job Details

Usually, the job offer does not specify all the details of the job. Be sure that you are informed of all your responsibilities during the time of the interview or before signing the contract.

Leadership

You may be hired to lead a team of people. In such a scenario, you must find out the number of people you will be in charge of and should have a clear strategy on how to move forward.

Training

You should consider whether the company for which you have applied offers training to its professionals. Keep in mind that today, it is essential to recycle and continue to grow at a training and professional level. Make sure the company cares about your career.

Negotiation

Before signing the contract, make sure that the salary meets your expectations and, if not, try to negotiate a midpoint. It is recommended to negotiate the salary before formalizing the offer and not during the interview. Find out how much the professionals charge with a job position similar to yours and propose appropriate figures.

Retirement

The retirement pension depends directly on the salary received. However, it is vital to contemplate that fixed contracts will offer you more stability.

Voluntary Withdrawal

Before signing a contract, ensure that you have the right to notify 15 days in advance if you are planning to quit your current job.

Senior Management Contracts

If you aspire to a higher position, you can also find a senior management contract. Although they give access to executive positions, these contracts offer less coverage to professionals. Specifically, you must take responsibility for the company’s objectives, and you can act on behalf of the company. Hence, these types of professionals can only receive orders from the administrator of the organisation.

Before signing a senior management contract, keep in mind that the conditions of collective agreements do not apply here. In fact, they have three underlying conditions:

  • Concurrence, which requires that the acts of the professionals do not interfere with the company even after two years after leaving it
  • The exclusivity of the manager towards the company at a professional level
  • Permanence, which obligates the contracted party to indemnify the company if he/she leaves before the stipulated time period

Conclusion
Above all, it is paramount to understand that a contract is a law-binding document. Therefore, you must read and understand each and every term of the agreement well before signing on the dotted line. If you have any query get in touch with DNS Accountants.

About the Author:

Sumit Agarwal
, A specialist accountant and tax adviser for freelancers, contractors and small businesses since 2005, He is an expert in business growth and development strategies. A renowned tax expert for owner managed businesses and contractors, He won the British Business Forum’s Young Entrepreneur Award in September 2012, presented at the House of Commons by MP Vrinder Sharma.