well someone else posted some stuff about it (THIS IS NOT MY INFO AND I DO NOT TAKE CREDIT FOR IT) so here it is.
Types of Employment Contracts
Award
Advantages
Sets a minimum for pay
cover all employees performing a similar job
protect employees from exploitation
Disadvantages
Inflexible
prevention of recognition of initiative
Enterprise Agreement
Advantages
consultation with, and involvement of employees
possibility of improved pay and conditions
access to training
greater flexibility
Disadvantages
Undermine award standard, with some employees working longer hours
possibility of job losses
greater inequity in wage rates between employees
Individual Workplace Agreements
Advantages
Increased Pay
Flexible workplace agreements
Individual initiative rewarded
Disadvantages
Possible reduction in entitlements
Abandon the protection of an award
possible exploitation due to unfair bargaining positions
Common Law Contracts
Advantages
right to sue for compensation if the employment conditions are not met
flexibility to suit the varied needs of the individual
include informal agreements
individual initiative rewarded
Disadvantages
no union representation
possible exploitation of employees due to unfair bargaining positions
expense of any court case
hope it helps what bout my question?