Section 1450.160  Employment Agreements

a)         Every sponsoring broker shall have a written employment agreement with every sponsored licensee.

b)         The employment agreement shall be dated and signed by the parties. The agreement shall include, at a minimum, the employment or independent contractor relationship terms, including, but not limited to, supervision, duties, compensation, duration, and termination.  The term "duration", as used in this subsection, is not intended to require a specific termination date, but rather to allow the parties to negotiate the term of the agreement, such as "at will" or a specific length of time, and how the agreement is renewed or terminated.  These provisions shall be included in the agreement. 

c)         The employing broker shall give to every employee and independent contractor a copy of the employment agreement and any modifications.

(Source:  Amended at 30 Ill. Reg. 11075, effective June 8, 2006)