Performance bond

The law classifies among contracts of service and contracts for services. “A contract of service means there is an employer–employee relationship; a contract for services means there is a principal–independent contractor relationship” . A series of tests have been established to distinguish the working relationship of a person to understand if they are an employee or not. The Court of Appeal located terms of written contract between an employee and an independent contractor. In the ERA the test is “…employer 's actions, and how the employer acted… a fair and reasonable employer could have done in all the circumstances at the time the dismissal or action occurred” . The trustworthy verdict on the presentation of section 6 is the decision-making of the Supreme Court in Bryson v Three Foot Six Limited . In that decision, the Court stated: “in s 6(3)(a) ERA certainly include the written and oral terms of the contract between the parties… It was important that the Court… in implementing their contract… practice is crucial to a determination of its real nature”. The court referred to the law tests which includes control, fundamental and integration tests. This determines the intention of the parties, also the real nature of the relationship by using these tests. The control test concerns the “nature and degree of control over the person alleged to be the employee” . In the Cunningham case where the Court of Appeal overruled the Employment Court’s decision that the “person…

Ordering an Uber has become a staple for urbanites everywhere. Whether one is going to work, get groceries or chill at the beach, you always know what you are going to get when you order an Uber, a smiling courteous driver happy to take you to your next destination, however, these smiles might be in short supply as many drivers are not happy with their current situation. Many other workers in the gig economy set up can sympathize with the Uber drivers as well. Currently, most gig economy workers…

a court of law to be illegal, invalid or unenforceable, (a) that provision shall be deemed amended to achieve as nearly as possible the same economic effect as the original provision, and (b) the legality, validity, and enforce ability of the remaining provisions of this Agreement shall not be affected or impaired thereby. 7. Injunctive Relief for Breach. Contractor agrees that his obligations under this Agreement are of a unique character that gives them particular value; Contractor's breach…

Independent contractors are usually people considered to be lawyers, doctors, accountants, or even auctioneers who in a manner of speaking are professionals who present their services to the general public. Still an individual can be considered an independent contractor if the payer has the right to control or exact only the effect of the work and not the outcome of the performance. An employee would be defined as an individual who works either full or part-time under an agreement of employment,…

Which is Best: 1099 Independent Contractor or W2 Wages It's a common conundrum; which is best 1099 contractor or being a W2 employee. Many business give their employees an opportunity to make this decision for themselves. If you ever find yourself in this situation, be sure to consider the following information. Taxes The first thing you should look at is the taxes you will be asked to pay. As a 1099 Independent Contractor, you will be forced to pay both Social Security and Medicare. This comes…

Alex Swarbrick, senior consultant at the leadership institute Roffey Park, says, “We’re seeing a polarization of the HR profession – some are persisting in maintaining a commodity management model where workers are seen as resources and HR is there to manage the risk they pose. But others see their role as making it easy to fulfill the enterprise’s purpose by starting to open up relations with people...” One task HR faces is the need to change the company’s leadership culture from command –…

Independent contractors are self-employed workers engaged by a principal to perform specific task. According to the general rule “an individual is an independent contractor if his or her employer has the right to control the results of the work but not the means and methods of accomplishing it”. (Megerdomian, n.d.) Consultants, freelancers, entrepreneurs and business owners are other terms that could be used to describe an independent contractor. Independent contractors and employees are two…

Ratings Could Be Misleading” relates mutual fund ratings to the loss aversion experienced by investors. Ratings companies such as Morning Star or Standard and Poor rate mutual funds with a one to five start rating system, with five being the highest. The rating each fund acquires reflects cost and risk adjusted historical performance. The article makes the case that the rating system does not take into account each potential investor’s loss aversion. Loss aversion describes the tendency to…

share. A stock is when you own a piece of the company in which you invest in. A bond occurs when you loan money to the company like a bank would. Bonds are paid in interest. All investments come with risks and rewards. The risks are the bad things that can come from investments, and the rewards are the good things. A big risk could bring a big loss. That is when a stock broker can come in handy and…

yield differences between the Islamic Sukuk and conventional bond. Firstly, the yield differences showed that the difference of conventional bonds suffer more risk due to the nature of receiving the high yield ratio than Sukuk. Conventional bonds generate two cash flows for investors. First, the face value of which is a fixed amount of funds that the bond issuer is obligated to pay to the bondholder when the bond matures. Second, the interest is a fixed amount of funds that the bond issuer is…