Under the fixed-term employment contract, the payout or the payment is fixed in advance and is not altered till the term expires. However, such contracts cannot be given for routine jobs. It is usually given out for jobs which are temporary. It cannot be used to replace existing employees, if he or she is on a long leave.
In IT companies, sometimes professionals are hired on contractual basis to complete a specific project.
21st August 2018 From India, Madras