An employee contract is also referred to as an "employment contract" or a "contract of employment." The contract is a written document wherein the employer and employee agree to the details and terms of employment. The employee's duties and responsibilities are included in the contract. In addition, the duties and responsibilities of the employer is contained in the contract. Employment contracts may also include provisions regarding payment, overtime, bonuses, medical benefits, vacation time, sick time, paid holidays, disability insurance, retirement, pension benefits and stock options. Also, the contract can contain the method in which disputes will be disposed of, any restrictions on the future employment of the employee in the event of termination or layoffs, any intellectual property ownership rights retained by the employer and confidentiality agreements. An employment contract can be beneficial to both the employer and employee, because the agreement clearly specifies the rights and responsibilites of each party.