SERVICE AGREEMENT
This agreement made on …….. Day of ..……………….. 2007 between Company name., a company registered under the provision of Companies Act 1956 and having its registered office at Addresss hereinafter called “ the Company” through its power of attorney holder which expression shall unless repugnant to the context or meaning thereof, mean and include its successors and assigns of the one part and
Shri ………………………………………….. aged ………. Years resident of ………………………………………………………………………………………………………………………………………………………………………………………………
hereinafter called ΓÇ£ the employees ΓÇ£, which expression shall unless repugnant to the context or meaning thereof mean and include, his heirs, executors, administrators, and assigns on the other part.
Whereas on being approached by the employees, the company has accepted the said Shri ……………………………………………….. as …………………………………………
on the terms and conditions hereinafter provided in this agreement.
And whereas the said employee is required to enter into a service agreement by virtue of the letter of the appointment dated ………………………
And whereas the parties hereto are desirous of recording the said terms & conditions.
[list=1]That the Company has appointed the said employee as ………… ….… ………………….of the Company, which will include functions assigned to him from time to time. The agreement period of ___ months commencing from …………………….. and ending with ……………………….
[/list] [list=1]That the said employee shall in the discharge of his duties conform to and comply with all the rules and regulations of the Company and Government, and shall not do or cause to be done anything against the interest of the Company.
[/list] [list=1]That the said employee shall, during the said terms, employ himself efficiently and diligently and to the best of his ability and shall devote his whole time and attention to the PROJECT WORK generally carry out duties and work as assigned to him and shall obey and comply with all lawful order and directions given to him by the PROJECT MANAGER / PROJECT LEADER or officers superior to him, and shall honestly, diligently and faithfully serve the Company and use his utmost endeavor to promote the interest of the Company.
[/list] [list=1]That the said employee shall not during the period of this agreement work directly or indirectly in any trade or business either as employer or partner or advisor or in any other capacity.
[/list] [list=1]That the said employee shall be just and faithful to the Company in all matters and shall not at any time except under legal process, divulge to any person whosoever and shall use his best endeavors to prevent the publication or disclosure of any trade secret or software development process or any information concerning management decision of the Company or of its dealings, transactions, or affairs which may come to his knowledge.
[/list] [list=1]That, the said employee shall, during the tenure of his service be entitled to the perquisites if any as specifically mentioned in the Appointment letter.
[/list] [list=1]That, this agreement shall be determined upon the death of the said employee and in that event , his legal heirs, executors, and administrators shall be entitled to a proportionate part of his salary and other legal dues computed till the date of his death and the employeeΓÇÖs heirs, executors, and administrators, shall not be liable to pay any liquidated damages.
[/list] [list=1]That, if at any time during his employment, the said employee is found guilty of misconduct or any willful breach or continuous negligence of the terms of this agreement or dereliction of the duties and / or instructions given to him from time to time by the Company, the Company may without prejudice to any other action as may be called for without any notice or payment in lieu of any notice, put an end to and determine the employment and said employee with the Company, without prejudice to the above. The employee shall be deemed to have brought about such a situation by his misconduct compelling the Company to put an end to his services and the employee shall therefore, continue to be liable for all losses / damages to the Company.
[/list] [list=1]That the employer shall not ordinarily terminate the services of the employee during the agreed tenure of 18 months, but if it becomes necessary to dispense with the services of the employee for any reason other than those mentioned as per appointment terms.
[/list] [list=1]That the said employee shall not leave the service of the Company until the completion of the agreed period of 18 months. If he leaves services in breach of this agreement, the following conditions shall be attracted.
[/list] [list=1][list=1]That the said employee pays amount of Rs. ______ (Rupees ______ only) to the Company as liquidated damages for premature termination of the agreement at the instance of the employee. The said amount has been mutually agreed by and between the parties considering the circumstances of the case and also all the facts including the fact that the loss that will be suffered by the Company on this account cannot be ascertained in terms of money and it shall not be open to the employee in the event of any claim being made against him under this agreement, to plead that the amount of damages is excessive or that it tantamount to penalty or that it is otherwise irrecoverable according to law. The parties mutually agree that a sum Rs. 50,000/- shall be the minimum liability of the employee in the event of the breach of thisagreement by him and the Company shall be entitled to recover the said sum in accordance with the terms of this agreement.
[/list][/list] [list=1][list=1]That in addition to the liquidated damages, the said employee shall pay to the Company as specific damages, a sum of money, computed as damages actually suffered and attributed directly or indirectly, to the premature termination of agreement at the instance of the said employee by his leaving the service of the company due to misconduct or otherwise, before the completion of the tenure specified herein earlier.
[/list][/list] [list=1][list=1]That the said employee shall not take up whole time or part time employment with any other company engaged in the similar businesses, for a period of 18 months from the date of this agreement even if he leaves the services of the company after paying liquidated damages and fulfilling all conditions as stipulated in this agreement.
[/list][/list] [list=1][list=1]That the said employee shall undergo training in India or abroad as and when required by the Company at its cost. In case the employee is required to take training abroad, and is so sponsored by the Company, the employee would be required to sign a separate agreement.
[/list][/list] [list=1][list=1]That in the event of any dispute or difference arising between parties hereto either during subsistence of this agreement of afterwards relating to this agreement, the same shall be referred to the Arbitration of GENERAL MANAGER ΓÇô HR & ADMIN. of the Company whose decision shall be final and binding on the parties. The provisions, of the Indian Arbitration Act, 1940 or any statutory modification or re-enactment thereof for the time being in force shall be applicable CITY NAME courts alone will have exclusive jurisdiction in all matters connected with this agreement.
[/list][/list] IN WITNESS WHEREOF the parties hereto have set their hands to this agreement on the day, month and year first about written.
Signature of the Employee : …………………………………….
Witness:
1. ………………………………….
2. ………………………………….
( ___________ )
GENERAL MANAGER ΓÇô HR & ADMIN
Signature of the Employer
.
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