Markaðsþar

Markaðsþar is a concept in Icelandic business law that refers to a specific type of agreement or contract between a company and its employees. The term is derived from the Icelandic words "markað", meaning market, and "þar", meaning place or location. In essence, a markaðsþar is a formal arrangement between an employer and employees regarding the employment terms and conditions.

Such agreements typically outline the mutual obligations and responsibilities between the employer and employees, including matters such as job security, working hours, remuneration, and benefits. The markaðsþar may be binding for a specified period, often in connection with the company's restructuring or reorganization. The agreement may also stipulate specific conditions for employees to continue working for the company or for the company to continue employing the employees.

Markaðsþar differs from collective bargaining agreements in some key respects. While collective agreements cover a broader group of employees and typically involve trade unions, a markaðsþar is focused on the specific terms of employment for a particular group of employees. The Icelandic labor law provides a framework for employers and employees to negotiate markaðsþar agreements. Such agreements are formal contracts and must be adhered to by both parties.

The concept of markaðsþar is common in Iceland and is often used in industries such as manufacturing and trade. The agreements are typically negotiable and can be updated or modified in response to changes in the labor market or company needs.