You can go for fixed period contract but as regards employment there seems to be any benefit out of it. When a question of retrenchment of service or closure of organisation comes, those who are on contract will not be dealt with separately. They are also eligible for compensation etc when their services are terminated. The contract will not supersede various provisions of the Industrial Disputes Act and a contract of employment should not be to deter any right. If it is so there will not be any regular employee in any company, especially private sector company, and all will have contractual employment ' renewable on the expiry of the contract period.

Regards,

Madhu.T.K