Agreement For Compensation In Washington

• Category: Employment - Compensation
• State: Multi-State
• Control #: US-00417BG
• Format: Word; Rich Text

Description

The Agreement for Compensation in Washington is a formal contract detailing the terms under which an employee will receive additional compensation from an employer, particularly in the context of deferred compensation. This agreement is designed for key employees who provide valuable services to an organization and serves as an incentive for them to remain until retirement. Key features include provisions that outline payment terms, including the total sum payable and the method of installation, as well as conditions under which the employee's right to payment may be terminated. Filling out the form requires the parties to enter specific details such as names, addresses, positions, and financial amounts. It's crucial that all parties receive a copy and understand their obligations and rights under the agreement. Attorneys, partners, owners, associates, paralegals, and legal assistants can use this form to formalize compensation arrangements in accordance with Washington state laws, ensuring compliance and protecting the interests of both employees and employers. In addition, this form can help in estate planning considerations by detailing what happens to deferred compensation upon the employee's death.