Is it necessary for the employment agreement to be bilingual with Spanish taking precedence in Colombia?

In Colombia, it is not mandatory for employment agreements to be bilingual. However, for all legal purposes, an employment agreement must have a version in Spanish. Velocity Global Colombia provides an employment agreement template in both Spanish and English. In the event of any conflict between the two languages, the Spanish version takes precedence.

Can variable compensation be included in the employment agreement or should it be outlined in a separate Variable Compensation Plan in Colombia?

In Colombia, it is recommended that variable compensation be outlined in a separate Variable Compensation Plan rather than included in the employment agreement. This approach allows customers a greater degree of flexibility to modify the plan when it expires.