An employment contract is a contract between an employee and an employer. This kind of contract spells out specific wages and other benefits for the employee, as well as the employee has designated job assignment, and the employer's expectations. Typically, an employment contract is set to last for a specific period. The advantages of an employment contract include control over the employee's responsibilities, hindering the employee from taking a company's business with him when he leaves, and high performance standards that the employee must meet. In addition, an employment contract with generous benefits may be used to entice high-quality employees to work for a particular company. One disadvantages of an employment contract is less flexibility. For instance, if the employer suddenly cannot afford the employee, the former cannot simply lay off the latter; the two must mutually agree to renegotiate the terms of the contract.