No justification for termination will be necessary. In such case, you could suddenly find yourself without a job and be placed in the difficult position of seeking employment without a steady income. You should be aware of the consequences of not having a written employment agreement. This is a fairly basic concept to all of us, but in many cases it can be one of the most important parts of the contract. A. Specific Term .
Many agreements have a term for a specific period of time.
This is the most straightforward type of term. B. Renewal Provisions . Under this approach, contracts will call for an agreement to be for a set amount of time and, upon the conclusion of that initial term, the contract may renew for an additional period of time. For example, a contract with an initial term of one year might automatically renew at the end of the initial term for another one year term unless one of the parties gives notice prior to the conclusion of that term. It is possible that this cycle can continue until one party finally gives notice of non-renewal or the contract is otherwise terminated.