Common use of New Employment Clause in Contracts

New Employment. It is the intention of the parties that the employment of all the Employees with the Vendor shall be terminated with effect from Completion and Employee Entitlements paid out by the Vendor. The Purchaser shall, before Completion, offer all the Employees employment with the Purchaser from Completion on terms and conditions no less favourable than those applying to the Employees prior to Completion and on a basis which preserves their accrued rights other than Employee Entitlements and continuity of employment and in all respects treats service before Completion as part of their service with the Purchaser.