Things you need to know about Internship Agreement.
1. What is an Internship Agreement?
The Internship Agreement (“Agreement”) is the formal agreement between the company and intern stating the terms of the latter’s internship. The Agreement contains stipulations regarding the intern’s (a) job responsibilities; and (b) benefits & allowances (if any).
The Agreement may also contain stipulations intended to protect the company during and after the internship relationship such as (a) confidentiality of the company’s proprietary information and trade secrets; and (b) the company’s ownership of intellectual property rights over the intern’s work. An Internship Agreement is used if your company is hiring an intern and you want to clearly outline the terms of internship.
With Legal Tree you can easily create an Internship Agreement with all the essential terms of the internship relationship. You may also add stipulations to further protect the company (i.e. ownership of intellectual property rights) as discussed above.
2. What is an Internship?
Internship refers to a period of work experience for a limited amount of time taken up by students and graduates looking to gain relevant skills and experience in a particular field. The purpose of the internship is for the intern to learn and gain practical experience in their choice of employment. It is the practical application of classroom learning to an actual regular work environment. It is also synonymous to practicum, field practice, or On-The-Job Training. It is not synonymous to apprenticeship and learnership. On the other hand, an intern refers to a student or graduate undergoing an internship.
3. How can an Internship Agreement protect you?
An Internship Agreement protects both the company and intern because it puts in writing the respective rights and obligations of the parties.
For the intern the Agreement states any allowances and benefits he may be entitled. At the same time the Agreement describes his job responsibilities and informs him exactly the work product expected from him.
On the other hand the Agreement protects the company by clearly stating that only an internship relationship, and not an employment relationship, exists between the parties. The Agreement may also contain stipulations to further protect the company’s interest. These include stipulations granting the company ownership of the intellectual property rights over the intern’s work product. Other stipulations require the intern to keep confidential the company’s proprietary information & trade secrets.
4. What information do you need to create the Internship Agreement?
To create your Internship Agreement you’ll need the following minimum information:
- The name and address of the intern
- The type of company (i.e. individual or business) as well as name.
- Basic terms of the internship namely: (a) allowances & benefits; (b) job responsibilities; (c) place of work; and (d) working hours.