An employer contract is also known as an "employment contract" or a "contract of employment." The contract of employment is a written document wherein the employer and employee agree to the details and terms of employment. Therefore, the employee's duties and responsibilities are included in the contract. In addition, the duties and responsibilities of the employer is part of the contract. Generally, an employment contract includes provisions regarding payment, overtime, bonuses, medical benefits, vacation time, sick time, paid holidays, disability insurance, retirement, pension benefits and stock options. Moreover, 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. The employment contract may contain "non-compete" provisions, where the employee may not compete with a similar employer in the future. An employment contract can be beneficial to both the employer and employee, as the agreement advises each party exactly what their role and interest is with respect to employment, termination, benefits and other matters.