Employment Service Agreement – Free Download
TO BE EXECUTED ON STAMP PAPER OF ADEQUATE VALUE
This Service Agreement (“Agreement“) is made and entered into on the [•] day of [•], Year (“Effective Date“).
BY AND BETWEEN
[Your company name]., a Company incorporated under the Companies Act, 1956, having its principal place of business at [Address of the company] (“Company“), which expression shall, unless repugnant to the context or meaning thereof, be deemed to mean and include its successors and assigns, of the One Part;
[•], a/an [•] citizen holding passport number [•], aged [•] years, daughter/son of [•], currently residing at [•] (“Employee“), which expression shall, unless repugnant to the context or meaning thereof, be deemed to mean and include its successors and assigns, of the Second Part;
- The Company is in the business of [•].
- The Employee has joined the Company on [•] in accordance with the employment letter.
- The Employee is required to undergo a training for [•] days in accordance with the Company policy.
- This Agreement records the understanding between the Company and the Employee.
THEREFORE, IT IS HEREBY AGREED AND DECLARED BY AND BETWEEN THE PARTIES AS FOLLOWS: –
- The Employee has been appointed as [Insert designation here] (“Designation“) under the terms of the employment letter dated [•].
- The Employee is needed to undergo training for a period of [•] days (“Training Period”) during which he/she shall gain technical and professional knowledge of the business of the Company.
- In view of the knowledge/benefit accrued to the Employee due to Company’s training program on professional and technical areas at a considerable cost, the Employee is required to sign this Agreement with the Company as a surety of his continued and confirmed service.
- In accordance with clause 3 above, the Employee has agreed to provide his employment to the Company for a minimum period of [•] months (“Service Period“) commencing from [•].
- The Employee agrees to submit an undated security cheque (“Security Cheque“) of INR [Amount] as a security measure, to be held by the Company until maturity of the Service Period. The Employee shall forfeit the Security Cheque in the event of early termination of Service Period and this shall be used to cover loss incurred by the Company towards:
- Training expenses towards professional and technical training imparted; and
- Stipend paid; and
- Other expenses related to services provided, if any.
IN WITNESS WHEREOF, the Company and the Employee have executed this Service Agreement effective as of the date and year first written above.
For [Your Company Name]
(Signature of Authorised Signatory)