Training Cum Employment Agreement for a Specific Period

Updated at:January 2014
 
FREE EXCERPT

This Training-cum-Employment Agreement ('Agreement') is executed at _________

BETWEEN

___a Company incorporated under the provisions of the Companies Act, 1956 and having its registered office situated at ______ (hereinafter referred to. as "the Company") which expression shall, unless repugnant to the context and meaning thereof, be deemed to include its administrators and permitted assignees of the FIRST PART.

AND

_______Son/Daughter /wife of _____ permanently residing at ____ and presently residing at _________(hereinafter referred to as "the Employee") of the Second Part.

The Company and the Employee shall hereinafter be collectively referred to as "the Parties" and where the context permits, shall individually be referred to as the Party".

WHEREAS the Company has offered and the Employee has accepted the employment of the Company on the terms and conditions mentioned under the Appointment Letter dated _______, and the Employee understands that the Agreement is valid from the date of Appointment Letter.

AND WHEREAS in terms of the said letter of Appointment, the Employee is required to provide an independent undertaking, as herein appearing to back up the obligations and liabilities of the Employee as a condition of his/her employment.

NOW, THEREFORE, THIS AGREEMENT WITNESSETH AND THE PARTIES HERETO AGREE AS UNDER:

1. The Employee understands and acknowledges that the Company would be spending lot of monetary resources on the training and induction of the Employee on-various business processes, which cost is identifiable, have already been explained to the Employee by the Company and are inclusive of the following components/elements:

a) Proportionate costs incurred by the Company on deputing and dedicating a team of employees or professionals for training the Employee, including travelling, boarding and lodging expenses, emoluments/fees paid by the Company or its parent company to such trainers.

b) Other costs such as compensation for the remote training, coaching and mentoring that has occurred by the __ counterparts of the Company.

The Employee further understands and acknowledges that the Company is put to loss (in terms of the quantified cost it incurs in the process of training of the Employee) and also suffers opportunity cost in terms of loss of business opportunities, negative growth in business if the Employee leaves its employments (which cannot be appropriately quantified) and to offset all such costs, the Employee, after being explained the. rationale and the contents of this Agreement by the Company on three different occasions as specified hereunder, -

Dates o which the Employee was explained about this agreement Employee's signatures

1. ---------- -----------

2. ---------- ----------

3. ----------- ---------

and after consulting family members, friends and advisor(s) in the matter, by his/her own free will, discretion and judgment, agrees and undertakes to serve the Company continuously for...

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