Contract Of Employment Explained

Contract of employment like every other contract is an agreement between and employer and an employee which describes and states the condition of employment. It is always advisable for one to be sure of what the contract states before signing and accepting the contract as once signed it is binding on both parties. A well prepared contract of employment is a statement of the capacity in which the employee is employed, it covers and shows the name of the job, pay, allowances, hours of work, holidays, leave, pension arrangements, and should refer to the relevant company laws and policies as is applicable to the employee.

In a more refined way, a contract of employment is defined as an employment agreement voluntarily entered into by the employer and employee which stipulates and defines the conditions of employment. Most contracts of employment are in written form which makes it applicable and governed to the general law of contract. This then means that every contract of employment should be binding on both parties as well as valid. It then means that for the contract of employment to be binding just as I general law of contract, there should be an offer, an acceptance and a furnished consideration. In this case the offer is the written employment letter which is accepted by the employee and the consideration being the wage the employer is ready to pay the employee.


A well written contract of employment should include all of the following;

o Parties to the contract should be clearly stated: The name and contact address of the employee who is being employed should be clearly stated as well as the name and address of the employer.

o Date of employment should be clearly stated: The resumption date of the employment should be stated in the contract of employment. This will help in knowing when to start calculating the employee’s entitlements.

o Remuneration: The salary agreed on should be put down in writing. The scale or method of calculating the remuneration should also be put down in writing. Also the interval of payment should be written, either bi weekly or monthly depending on the policy of the firm.

o Terms and conditions of work relating to hours a day: The expected number of hours to be put in by the employee per day should be clearly stated in the contract of employment.

o Leave entitlements: The employees leave entitlement should be stated, number of days he is entitled to, his leave allowance, other types of leave he may be entitled to (sick leave, casual etc).

o Pension entitlements: The employee’s pension entitlements should be clearly stated if any.

o The job title: The title of the job being offered should be stated. The job tasks as well should be written.

o Confirmation: The number of months or years as the case may be the employee will serve successfully before his/her appointment will be confirmed should be stated.

o Disengagement: The number of days or months notice required by either of the parties before the contract will be terminated should be written as well.

After the contract of employment has been established, the employer and employer as well have duties to perform to keep to the terms of the contract. In the case of the employee, he has to keep to all of the following;

o Has to do his job personally: The employer was employed to work and carry out his duties by himself. It then means that by the terms of the contract, he has to do his job and duties by himself.

o Has to abide by the laws and policies of the firm: For every organization, there are laid down rules and regulations as well as policy guides that direct the affairs of the organization. The employee is bound by the contract of his employment to abide by the rules and regulations surrounding his employment contract. Disobedience to any of this may result to outright dismissal or termination of appointment.

o The employee should not by any means compete with his employer. He should not have any interest that will be against that of his employer.

o He is to conduct himself well and properly at all times. He should not be involved in any action that will be detrimental to the firm. He should come to work early and comport himself during office hours.

o He should be accountable to his employer on all assignments given to him during his period of employment.

o An employee should add value to his employer which is the main reason for his employment. He should be able to prove the skills he claimed to have prior to employment.

On the other hand the employer has some duties to perform for the employee to make sure that the contract of employment between them is sustained. The following are expected to be carried out by the employer;

o The employer is expected to pay the wages of the employee. As part of the employment contract, there is an amount that was agreed by both parties as wages for the employee. The employer is expected to pay such wages and as when due.

o He should provide the necessary and required tools to enable the employee carry out his duties effectively.

o The employer should also make sure that there is an enabling environment and good working conditions for the employee to perform his duties.

o The safety and safe working conditions should also be assured by the employer to avoid putting the employee at risk during his period of employment.

o The employee should be rewarded when he has performed well. He should also be motivated by the employer at all times. The employer should not see the employee as a slave, rather as a partner in progress, because without the employee, the employer will not succeed.

What Does ("PID") Mean in The Real Estate Industry?

A Public Improvement District ("PID") is a financing tool created by the Public Improvement District Assessment Act as found in Chapter 372 of the Texas Local Government Code. The PID enables any city to levy and collect special assessments on property that is within the city or within the city's Extraterritorial Jurisdiction ("ETJ"). A county may also form a PID, but must obtain approval from a city if the proposed PID is within the city's ETJ. The PID establishes a mechanism to finance improvement projects through the issuance of bonds secured by special valuations levied on all benefited properties. Because PID bonds can be used to reimburse the developer for eligible infrastructure early in the development process, often before the closing of the first home.

Public Improvements Eligible for PID Financing are; Acquisition of Right of Ways, Art, Creation of pedestrian halls, Erection of foundations, Landscaping and other esthetics, Library, Mass transit, Parks & Recreational or Cultural Facilities, Parking, Street and sidewalk. Supplemental safety services for the improvement of the district, including public safety and security services. Supplemental business-related services for the improvement of the district. Water, wastewater, health and sanitation or drain.

Benefits of a PID

A PID may be established early in the development process allowing the developer to be a reimbursed upon completion of the public infrastructure. Furthermore, unlike a Municipal Utility District ("MUD"), Water Control and Improvement District ("WCID"), or Fresh Water District ("FWSD"), PIDs do not require TCEQ approval, and are governed by the governing body of the City or county, thereby alleviating concerns regarding board turnover and the integrity of the board. If the city chooses to annex property that is within the boundaries of a PID, the city is not forced to pay off the assessments, and the assessments do not affect the city's debt capacity or rating.

Fix Error 193 0xc1 in Windows 7, Vista and XP

While installing or repairing “On Demand” features in Microsoft Office suite, error 193 0xc1 may occur in Windows 7, Vista and Windows XP. It may also occur while installing Microsoft.NET Framework or starting related services on your computer. In this article you will find steps which are helpful to fix this problem at ease.

First of all, let us understand the actual causes behind error 193 0xc1 in Windows 7, Vista and XP. The factors responsible for this error are as under:

1. Corrupted Ose.exe File

2. Wrong registry settings

3. Corruption in program files

4. Lack of Free Disk Space

5. Problems with Computer Services

Corrupted Ose.exe File

Error 193 0xc1 may appear if the file ‘ose.exe’ is not present in the installation directory or it has become corrupted. Replacing this file may solve the problem.

1. Insert Microsoft Office installation disc.

2. Open My Computer, open CD/ DVD Drive location.

3. Double click to open the following directory:


4. Select the file Ose.exe and click Edit | Copy.

5. Click Back and open the following directory:

C:Program FilesCommon FilesMicrosoft SharedSource Engine

6. Click Edit | Paste.

Wrong Settings of Registry

Microsoft Office stores installation related configurations in your system’s registry. If some of these registry settings are corrupted, it may result in error 193 0xc1 in Windows 7, Vista and XP.

1. Download a Registry Cleaner software.

2. Install and run the downloaded program on your computer.

Corruption in Program Files

For running the instances of Microsoft Office suite, the installation files must be unmodified. Corrupted installation files often lead to Windows error 193 0xc1.

1. Click Start| Control Panel.

2. Click Programs | Uninstall a Program.

3. Select Microsoft Office from the list of installed programs and click Uninstall button.

4. Select Repair the installation, click Next button.

5. Follow the on screen instructions.

Lack of Free Disk Space

Lack of free disk space for performing Microsoft Office setup operations can result in error 193 0xc1. Using System Cleaner application, clean the disk space to solve your problem. Otherwise use the Disk CleanUp tool by doing the steps provided below:

1. Click Start | All Programs | Accessories | System Tools | Disk CleanUp.

2. Select the system drive and press OK.

3. Follow the instructions on your screen.

Problems with Services

You also need to fix computer services to get rid of the error in question. The steps required are as under:

1. Click Start, type Services.msc and press ENTER.

2. Right click and select Properties for the following two services:

AudioEndpointBuilder, Multimedia Class Scheduler

3. Under General tab, note down the Path to Executable.

4. Click OK when done.

5. Now, click Start, type RegEdit and press ENTER.

6. Locate the following registry location:


7. First, click MMCSS key and double click the ImagePath string. Replace the value with the Path to Executable that you just noted down in the Step 3.

8. Do the same for AudioEndPointBuilder. Click it, double click the ImagePath string and replace the value with the Path to Executable you have noted down.

9. Close Registry Editor.

Evaluating Credit Card Offers: Essential Terms You Must Understand

Credit card offers, they're everywhere! They appear in your mailbox. They pop up while you're surfing the Internet. They're in slick brochures next to the cash register or gas pump. They're in full-page ads in the Sunday papers.

If you need a new credit card, how do you choose? You should evaluate each offer carefully, and to do that you must understand these essential terms.

Annual Percentage Rate (APR) :

The interest rate charged on your account balance. (But see "Balance Calculation Methods," because the rules for computing interest from your balance and your APR can vary.) Your statement will typically show the APR and a monthly and / or daily rate based on the APR that's actually used to calculate your Monthly interest. There may be several APRs applicable to different portions of your balance, for example an introductory rate, a regular purchase rate, and a regular cash advance rate.

A fixed APR is set by the credit card company, which can generally change it with as little as 15 days advance notice, especially if you run afoul of any of the "gotchas" in the terms. These "gotchas" are often very consumer-unfriendly. For example, many companies these days reserve the right to raise your rate if you've been late on a payment to another, unrelated company.

A variable APR is tied to some widely used economic index, such as the Prime Rate. It may be stated as "prime + x%, currently y%," for example "prime + 7%, currently 13.5%." This means that when the Prime Rate is 6.5%, your APR is 13.5%. When the Prime Rate goes up or down, so does your APR. But beware, because some of the same "gotchas" apply to variable APRs as to fixed APRs. Read the fine print. It may state that if you're late with one payment, your APR will no longer be variable but will rise to an exorbitant fixed rate, usually over 20%.

The penalty APR is the rate to which your APR will immediately be raised when you violate any of the "gotchas" in the terms. This rate is usually at least 50% higher than the regular APR. Again, be sure to read the fine print to see what situations will trigger the penalty APR. You'll often see these: failure to pay this or any other account on time, exceeding your credit limit on this or any other account, excessive credit balances on your accounts in aggregate.

Balance Calculation Methods:

These are important to understand, because your APR is only part of the story when it comes to calculating the interest you'll be charged each month. The other part is how the balance is calculated to which the APR is applied. In any case the balance is multiplied by the daily or monthly interest rate. But the balance calculation is not as straightforward as you might think.

1. Two-Cycle Balance. This is the worst method from a consumer's point of view because it can lead to the highest interest calculations. Unfortunately, it's also becoming the most widely used method. To calculate the balance, add together the average daily balances for the current billing period (sometimes even including new charges) and the previous period. Here's why this is so unfriendly to you. Say you have run a balance for a few months and finally pay it from $ 200 down to zero at the end of May. You think it's safe to use the card in June for a new $ 100 purchase, and if you pay the $ 100 by the end of the June grace period, you will not owe any interest on it. But you're wrong. Since your average daily balance in May was not zero (say it was $ 120), and since you used the card in June, your interest will be calculated on May's average balance again, so even if you pay the whole June purchase in June, you Will still owe additional interest. In other words, you must wait two months, allow the account to cycle once with a zero balance, before it's safe to use it again – "safe" in the sense that you will not incur extra interest if you pay the balance in full By the end of the grace period.

2. Average Daily Balance. This was once the most common calculation method and is still popular. Add the daily balance for each day in the billing cycle, then divide by the number of days in the cycle. Depending on the terms, this may or may not include new charges.

3. Adjusted Balance. This is the best method from a consumer's point of view, but it's rapidly going the way of the dodo. Take the balance at the beginning of the billing cycle, then subtract any payments or other credits recorded during the cycle. Do not include new charges during the cycle. For example, if your beginning balance was $ 1200, and you paid $ 400 during the cycle, the balance to which your monthly rate will be applied is $ 800, regardless of any new charges.

Balance Transfer:

This means that you're charging card X to pay off (all or part of) the balance on card Y. So the balance is, in effect, transferred from card Y to card X. Why would you want to do this? Usually to take advantage of an introductory low interest rate when applying for a new card. Look closely at the terms. Sometimes these introductory rates last only a few months. The best ones are for the life of the balance. You will often have to pay a transaction fee equal to 3% of the balance transferred. Sometimes these fees are capped at $ 75 or so. Be sure to see whether or not the transaction fee excepts what you'll save in interest. If so, do not do it. Sometimes the credit card company will agree to waive the fee, especially on a new account. Do not be afraid to ask.

Cash Advance:

A cash loan charged immediately to your credit card account. Usually there is no grace period for paying off a cash advance, which means you'll be charged interest starting from the day of the loan, even if you pay it in full by the end of the billing cycle. Also this type of charge may have a higher APR than purchases or balance transfers. Check your terms. Note that some kinds of transactions, like buying casino chips or lottery tickets, may be valued as cash advances. This can also apply to writing a purchase check to your own bank account. Be sure to read the fine print.

Credit Limit:

The upper limit on your account balance. Exceeding it may result in penalties. Be very careful if your balance is close to the limit ("maxed out"), because you can exceed it without charging anything new if you fail to pay enough. Remember that just because the company has approved you for a certain limit does not mean you can afford to take on that much debt.

Disclosure Chart:

An important portion of the Terms and Conditions statement. It's a little bit like the Nutrition Statement on a food package because the law dictates what has to be listed here. If you can not stand to read all the fine print, be sure that you read this part.

  1. Fixed APR or APRs after any introductory rate (s) have expired
  2. Rule (s) for calculating variable APR (s) if applicable
  3. Grace period
  4. Annual fee if applicable
  5. Minimum per-cycle finance charge
  6. Additional fees if applicable, such as cash advance fees
  7. Balance calculation method
  8. Late payment and delinquency fees
  9. Over limit fees

Grace Period:

The time, calculated from the account cycle date, during which you can pay the balance in full without having any interest charged. This usually applies only to purchases, and only if you've paid the previous month's balance in full and on time. (Sometimes even that's not enough. See "Two-Cycle Balance" calculation method for an additional "gotcha.")


This can be very misleading. It does not mean the company is guaranteeing to issue you the card in the offer. It just means that they chose you to receive this offer based on some general screening of your credit report. They always reserve the right to deny or alter the offer based on a more detailed examination of your records.