Our skilled team of experts can provide bespoke advice in drafting employment contracts and directors’ service agreements.
We will make sure your employment contract meets all legal requirements, drafting the clauses of every aspect of your contract, including salary package, commission, profit sharing, bonus, share schemes and options, holiday allowance, health insurance, flexible working arrangements, working overseas, mobility, appropriate termination provisions and restrictive covenants.
Directors Service Contracts:
A service contract sets out the exact terms of a director’s relationship with the company, it includes their duties, obligations and responsibilities. If they are an executive director it will also incorporate their terms as an employee of the company.
The Companies Act 2006 provides that a written service contract or written memorandum of terms must exist, stating the services and duties of all directors of a company.
Section 227 of the Companies Act 2006 states:
- For the purposes of this Part a director’s “service contract”, in relation to a company, means a contract under which-(a) a director of the company undertakes personally to perform services (as director or otherwise) for the company, or for a subsidiary of the company, or
(b) services (as director or otherwise) that a director of the company undertakes personally to perform are made available by a third party to the company, or to a subsidiary of the company.
Section 228 of the Companies Act 2006 states:
(1) A company must keep available for inspection –
(a) a copy of every director’s service contract with the company or with a subsidiary of the company
(b) if the contract is not in writing, a written memorandum setting out the terms of the contract
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