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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
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The
company is engaged in the business of ........... (Give details
of business) having it’s factory at...........(Give address)
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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:
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The
company appoints Shri........... as the Manager for its factory
at....... (Give address) And Shri.......... has agreed
to act as such Manager.
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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.
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He
shall devote his full time, skill and attention to the business
of the company and promote the interests of the company.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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WITNESS
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Signed
by within named company
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1.
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through
it’s authorised official
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2.
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Signed
by the within named Shri….
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CHECKLIST
The
following clauses should be incorporated in a service agreement.
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Nature
of employment
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Duties
of employee
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Period
of service
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Salary
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Leave,
bonus, etc.
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Termination
of agreement
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Secrecy
clause
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