Definitions:

1. A legally binding agreement between an employer and their employees that outlines the terms and conditions of employment. NOUN
   • The labor contract was negotiated over several months, with both sides making concessions.
2. An agreement between two parties: one party, the employee, agrees to work for the other party, the employer, for a weekly number of hours in return for a wage. NOUN
   • The labor contract can be amended or terminated by mutual agreement of both parties.

Synonyms:

• collective agreement
• labor agreement