LEGAL AND FINANCIAL ENVIRONMENT FOR BUSINESS STUDY Case

LEGAL AND FINANCIAL ENVIRONMENT FOR BUSINESS - Case Study Example The firm is aiming to expand their business so they are going to face complex structure for the employment contracts and recruiting efficient employees. Employment contracts are the most important legal requirement for employing new people in the operational process. Mainly, legal obligation of the firms are outlining different terms like employment conditions, rights of the parties involved, sharing responsibilities and duties among the parties. It is observed that employment contracts of the UK are having two parties like employer and employees (Aggarwal, 2003). Employer: In the current context, Grace and Taylor is the employer party of the employment contract. Grace and Taylor have to be responsible for compensating new and existing employee. In addition, the UK government is empowering local employment with lawsuits. As per the contracts, Grace and Taylor have to evaluate that predetermined employment standards are maintained in the workplace (Gov.uk, 2015). Major terms of the employment contracts are expressed and implied. Employment contract of the Grace and Taylor will be outlining compensation rate. Payment mode or frequencies for the new recruits are also outlined. The statement must include the leave list and absence payment options. The contract statement will outline the number of working days in a week and month. Working hours are also stated to the employee along with the location of joining (Gov.uk, 2015). Employment contract of Grace and Taylor are outlining the employees duties in terms of setting up potential operational targets. In addition, new recruit have to be informed about the particulars of pension scheme of the firms and other additional payments. The statement should be outlining probationary period applied on new recruits. Such contract papers will disseminate the details of termination, regulation and accusation policies of Grace and Taylor (Cohen & Lou, 2012). The UK legislation is using