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Service agreement (employment)

Written By Views maker on Monday, October 11, 2010 | 12:47 AM

THIS AGREEMENT made at...(Give place) this. (Give date) day of .., (Give month) 200 .., (Give year) Between ...., (Give name of company) a company incorporated under the Companies Act, 1956 and having its registered office at ......, (Give address) Hereinafter called the company, of the ONE PART and Shri.......son of.........resident of...... (Give details) of the OTHER PART.

WHEREAS

1. The company is engaged in the business of ........... (Give details of business) having it's factory at...........(Give address)

2. The company wanted to employ a manager for its factory and for that purpose advertised the vacancy in the leading newspapers and after interviewing all the candidates, who had applied for the post, has selected Shri............for the post of Manager.

NOW THIS AGREEMENT WITNESSETH AS FOLLOWS:

1. The company appoints Shri........... as the Manager for its factory at....... (Give address) And Shri.......... has agreed to act as such Manager.

2. The company will pay a salary of Rs......... (Give amount) per month and will also provide free furnished accommodation, telephone at residence, reimbursement of fee for membership of one club at his choice, and car with driver for official and private use.

3. He shall devote his full time, skill and attention to the business of the company and promote the interests of the company.

4. He will be entitled to ordinary leave of ........ (Give no.) days in a years, and casual leave of......... (Give no.) days in a year. However, he will not avail ordinary leave without prior sanction of the same by the Managing Director.

5. He will work under the direction and supervision of the Managing Director and Board of Directors and he will carry out the assignments and duties entrusted to him by the Managing Director or Board of Directors from time to time.

6. He will not without prior permission in writing of the company, engage in any other service or business directly or indirectly during the term of his employment with the company. However he may contribute articles to newspapers, journals and magazines.

7. He shall not work with a competing company carrying on the same business and he shall not start a competing business of the same nature on his own or in partnership with another for a period of........ Months (Give details) after termination of this agreement

8. After termination of this agreement, he will not divulge any trade secrets or information relating to the business of the company, which he will come to know during his employment with the company to any party.

9. This agreement will be for a period of .........(Give no.) years from the date of these presents and the company may renew this agreement on the terms and conditions mutually agreed between the parties at the time of renewal. The company may terminate this agreement by giving three months notice to him or salary in lieu thereof without assigning any reason. He may also terminate this agreement before the expiry of this agreement by giving three months notice.

10. This agreement will be executed in duplicate and the original will remain with him and the duplicate with the company.

IN WITNESS whereof the parties aforementioned have executed this agreement on the day and year first above mentioned.

WITNESS

 
 

Signed by within named company

1.

through it's authorised official

   

2.

 
 

Signed by the within named Shri....

CHECKLIST

The following clauses should be incorporated in a service agreement.

1. Nature of employment

2. Duties of employee

3. Period of service

4. Salary

5. Leave, bonus, etc.

6. Termination of agreement

7. Secrecy clause

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