In contract law, formal notification that the contract is to terminate at the end of a specified period. The contract will usually specify the amount of notice required. In employment law, the contract may also provide that the employer can pay the employee in lieu of giving notice (known as a PILON). The ERA 1996 also sets out statutory minimum notice periods based on the length of the employee’s service. should be given by whichever party is bringing the employment relationship to an end. Notice periods can be either statutory or contractual. An employer must give at least the statutory minimum period of notice, which is calculated from the length of employment.