Usually means: Termination possible by either party.
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We found 5 dictionaries that define the word employment at will:

General (1 matching dictionary)
  1. employment-at-will, employment at will: Wiktionary

Business (4 matching dictionaries)
  1. THE 'LECTRIC LAW LIBRARY'S REFERENCE ROOM (No longer online)
  2. employment-at-will: Glossary of research economics
  3. Employment at Will: Legal dictionary
  4. BusinessDictionary.com (No longer online)

Definitions from Wiktionary (employment at will)

noun:  (law) A traditional principle of law, recognized in some jurisdictions, which holds that, in the absence of a contract to the contrary, an employment relationship can be terminated at any time by the employer or employee, for any reason or for no reason whatever.

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