My husband is a mortgage broker. Recently he had a major dispute with the broker he hangs his license with. Now he wants to leave but he broker says he signed an employment agreement that states the employee will stay with the company for 5 years and not do business in any other mortgage company for 2 years after that and if they do to pay the company $50,000. My husband had signed this agreement(he started of as a processor) but he is paid on 1099. Does it apply to him if he is an independent contractor?
2007-02-14 02:05:01 · 4 answers · asked by virgo_07 2 in Business & Finance ➔ Careers & Employment
Your husband's employer is making a fool out of your husband. Speaking of the law, your husband's employer is in no position to demand such a penalty. I can guarantee you that your husband can move out of the company with no worries of possible liabilities.
2007-02-14 02:17:38 · answer #1 · answered by Lars Ulrich 3 · 0⤊ 1⤋
Interesting question. If he is paid as an independent contractor, he is certainly not an employee, and any employee contract that he previously signed as an employee I would speculate would no longer apply. But, I am not a lawyer and have no expertise at all in that field. It may hinge on how the contract is worded. Your best bet is to have it reveiwed by a lawyer with expertise in that field. There is also the question of whether such a contract is in fact legally binding and under what circumstances.
2007-02-14 02:17:24 · answer #2 · answered by Anonymous · 1⤊ 0⤋
talk to a lawyer. it really depends on what the wording of the agreement is.
2007-02-14 02:53:42 · answer #3 · answered by jim06744 5 · 0⤊ 0⤋
Hes an independent...his broker is just being difficult.
He should leave and find work elsewhere...
2007-02-14 02:12:46 · answer #4 · answered by butch 2 · 0⤊ 1⤋