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Strictly speaking, No, as you have already entered into the contract. But,as a matter of practice, if you just tell the company you are no longer interested in the job, very often they will just accept it.
If you (or the IRS) determine that the extra work being completed meets the Independent Contractor guidelines, you can pay them as both an employee and an independent contractor. If you elect to do this, be sure to keep accurate records.
Other downsides to having a written contract can include: Limiting Your Ability To Change the Terms of Employment: Once both parties sign the contract, they must agree before any terms change.
Con: There is less flexibility Your flexibility undergoes restrictions. There may be an impact that affects future decisions. An employee who signs a contract has certain duties. On the other hand, an at-will employee may have changes to their role as the business dictates.
If your contract doesnt have a resignation stipulation, giving your employer two weeks notice before leaving a role is a traditional practice. Consider giving more notice if: Youve been working in this contract role for a long time, such as an extended or long-term contract position.

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Otherwise, your confidential information is limited to whatever you put in the contract. Other downsides to having a written contract can include: Limiting Your Ability To Change the Terms of Employment: Once both parties sign the contract, they must agree before any terms change.

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