Document background
The Employment Agreement After Sale Of Business is a crucial document used when a business changes ownership through sale, merger, or acquisition in Canada. It serves to formalize the continued employment relationship between existing employees and the new business owner while protecting both parties' interests. This agreement is essential for ensuring compliance with Canadian employment standards regarding successor employer obligations and maintaining employment continuity. It typically includes provisions for recognizing prior service, maintaining or modifying existing benefits and compensation, updating confidentiality and intellectual property terms, and establishing any new conditions of employment. The document must carefully balance the new employer's operational needs with employee rights under applicable federal and provincial legislation.
