Service Agreement Final 1.3 for Trainees

7/30/2019 Service Agreement Final 1.3 for Trainees

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Signature of the Employee Signature of the Surety Page 1 of 4

AGREEMENT

AGREEMENT EXECUTED this .. day of . 2012 betweenM/s.YASH

Technologies Pvt. Ltd. through its power of attorney holder which expression shall unlessrepugnant to the context or meaning thereof, mean and include its successors and assigns of theone part having registered office at 201-205, Bansi Trade Centre, 581/5, M.G. Road, Indore 452001 (herein under referred to as Company) AND

1. .... (Employee Name, Employee

ID)Son\Daughter

of..... and residing

at...................

... (Hereinafter referred to as Employee) AND

2. ..........................................................................................................................Son / daughter of

..........................................................................................................................currentlyworking

asin

M/s....andresiding at

..

(Hereinafter referred to asSurety).

Whereas on being approached and interest shown by Mr. /Ms.. (Full Name)

and subsequent discussion with the employee, the company has decided to impart certain training


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on .technology to the employee on the terms and conditions hereinafter provided inthis agreement

Whereas employee agrees that he/she will require undergoing the above training program for skillup gradation and which involves investment of time and money by the Company.

whereas the Company has asked the employee to enter into a service agreement by virtue of theabove facts for which employee has given his/her consent at its own will without any pressure withnormal state of mind.

Whereas the parties hereto are desirous of recording the said terms & conditions:

1. The agreement period of12 months is commencing from .. and ending with.

2. 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 doneanything against the interest of the Company

3. That the said employee shall, during the said terms, employ himself/herself efficiently anddiligently and to the best of the ability and shall devote his/her whole time and attention to thesaid engagements; generally carry out duties and work as assigned to him/her and shall obeyand comply with all lawful order and directions given to him/her by the TrainingCoordinator/PROJECT MANAGER or his superior from time to time and shall honestly, diligentlyand faithfully serve the Company and use his/her utmost endeavor to promote the interest of theCompany.

4. That the said employee shall not during the period of this agreement work directly or indirectly in

any trade or business either as Company or partner or advisor or in any other capacity.

5. That the said employee shall be just and faithful to the Company in all matters and shall not atany time except under legal process, divulge to any person whosoever and shall use his bestendeavors to prevent the publication or disclosure of any trade secret or software developmentprocess or any information concerning management decision of the Company or of its dealings,transactions, or affairs which may come to his knowledge.

6. That, this agreement shall be determined upon the death of the said employee and in that event,his/her legal heirs, executors, and administrators shall be entitled to a proportionate part ofhis/her salary and other legal dues computed till the date of his/her death and the employeesheirs, executors, and administrators, shall not be liable to pay any liquidated damages.

7. That, if at any time during his/her employment, the said employee is found guilty of misconductor any willful breach or continuous negligence of the terms of this agreement or dereliction of theduties and / or instructions given to him/her from time to time by the Company, or unsatisfactoryperformance, the Company may without prejudice to any other action as may be called forwithout any notice or payment in lieu of any notice, put an end to and determine the employmentand said employee with the Company, without prejudice to the above. The employee shall bedeemed to have brought about such a situation by his/her misconduct compelling the Companyto put an end to his/her services and the employee shall therefore, continue to be liable for alllosses / damages to the Company.


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8. That the Company shall not ordinarily terminate the services of the employee during the agreedtenure of12 months, but the company shall do so without any notice if you breach any of theterms and conditions of the employment contracts and any other agreement/ undertaking etc.signed by you from time to time and given by you to the company. Moreover, company has noobligation to continue the employment for a period of 12 months and in case of businessrestructuring,company can terminate the services during the period of service agreementwithout any obligation to pay any other compensation other than appropriate notice as peremployment contract.

9. That the said period of12 months will get extended by the number of days of any unauthorizedleaves or leave without pay granted for medical or any other reasons or in the case of maternityleave.

10. That any unauthorized absence for a period of three days or more will be deemed asabsconding and will be a serious misconduct subject to disciplinary & necessary action as perthe agreement entered between you & company. Here unauthorized absence refers to beingabsent from office without any written information & subsequent approval from your reporting

manager or human resource department.

11. That the said employee shall not leave the service of the Company until the completion of theagreed period of12 months. If he/she leaves services in breach of this agreement, the followingconditions shall be attracted.

A. That the said employee shall pay an amount ofRs.1, 00,000/- (Rupees Onelakh only) to theCompany as liquidated damages for premature termination of the agreement at the instanceof the employee. The said amount has been mutually agreed by and between the partiesconsidering the circumstances of the case and also all the facts including the fact that theloss that will be suffered by the Company on this account cannot be ascertained in terms ofmoney and it shall not be open to the employee in the event of any claim being made

against him/her under this agreement, to plead that the amount of damages is excessive orthat it tantamount to penalty or that it is otherwise irrecoverable according to law. In theevent of the employee failing to serve Company for a minimum period of 12 Months asagreed upon, the surety agrees to be liable to pay party of the First part and agree topay party of the First part a sum of Rs.1,00,000/- (Rupees Onelakh only)by way ofcompensation within 30 days of service of notice given to them in this behalf byCompany. Any amount remaining unpaid after a period of 30days shall bear interest at 24%per annum. The liability of the employee and surety shall be joint and several under thisclause.

B. That in addition to the liquidated damages, the said employee or surety(as the Companymay deem fit) shall pay to the Company as specific damages, a sum of money, computed as

damages actually suffered and attributed directly or indirectly including all legal expensesincurred by the company to recover the said damages, to the premature termination ofagreement at the instance of the said employee by his/her leaving the service of thecompany due to misconduct or otherwise, before the completion of the tenure specifiedherein earlier. The liability of the employee and surety shall be joint and several under thisclause.

C. That the said employee shall not take up whole time or part time employment with any othercompany engaged in the similar businesses, for a period of 12 monthsfrom the date of thisagreement even if he/she leaves the services of the company after paying liquidateddamages and fulfilling all conditions as stipulated in this agreement.


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D. That For the purpose of this service agreement, any transfer of employee withinYashgroupof companies (i.e., any holding or subsidiary company) will not betreated as leaving ofservices of Company and thus in such event, employee willhave no obligation for payment ofan amount ofRs.1, 00,000/- (Rupees Onelakh only) to the Company as liquidated damagesfor prematureterminationof the agreement.

E. That in the event of any dispute or difference arising between parties heretoeitherduringsubsistence of this agreement or afterwards relating to thisagreement, the same shall bereferred to the Arbitration of Manager HR and/ orHR head of the Company whose decisionshall be final and binding on the parties. The provisionsof the Indian Arbitration Act, 1940 orany statutory modification orRe-enactmentthereof for the time being in force shall beapplicable. The courts ofIndore (M.P.) India alone will have exclusive jurisdiction in allmatters connectedwith this Agreement.

F. That all the parties has signed this agreement and thereby provided the consentto the termsand conditions of this agreement in a good health and workingcondition with a free state ofmind.

IN WITNESS WHEREOF the parties hereto have set their hands to this agreement on the day,month and year first above written.

__________________________ _______________________Signature of the Employee Signature of the Company(Full Name of the Employee...) ForYASH Technologies Pvt. Ltd.

Signature of the Surety Dharmendra Jain(Full Name of the Surety...) General Manager

___________________________

Witnesses: (Full Name and address)

1. .

2. .

Service Agreement Final 1.3 for Trainees

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Transcript of Service Agreement Final 1.3 for Trainees