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In the employment law video, the importance of thoroughly reading an employment contract before signing is emphasized. Key considerations include understanding the notice period, which varies based on role seniority: typically four weeks for junior roles, twelve weeks for senior positions, and up to six to twelve months for board members. Employers are also required to provide statutory notice up to twelve weeks based on length of service, irrespective of the contract details. When negotiating notice periods, longer durations can offer increased financial security. Additionally, the contract may stipulate conditions such as being placed on garden leave.