Sponsorship Agreement Between Employer & Employee

Sample Template Example of Higher Education / MBA / Certification / Training Contract Agreement Between Company HR & Staff in India in word / doc / pdf Free Download

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AGREEMENT FOR HIGHER EDUCATION /TRAINING

This agreement made on this the ………. Day of ………, 201    between …………………………., company registered under the provisions of the Indian Company’s Act, 1956 and having its Factory/industry at …………………, hereinafter called the company which expression shall unless repugnant to the context or meaning thereof mean and include heirs, Executors, Administrators or Assign of the one part

AND Sri. ………………, S/O ………………………. Resident of …………………… hereinafter called the employee which expression shall unless repugnant to the context or meaning thereof mean and include heirs, Executors, Administrators or Assign of the other part.

AND WHEREAS the employee in the employment of the company on the terms and conditions contained in the letter of appointment dated ……………… issued by the company.

AND WHEREAS the company is desirous of sponsoring the employee for Higher Education/ Training for a period of ……………. With ………………………………. At ………………….on his ………………… Certificate Course.

NOW THIS AGREEMENT WITNESSETH:

1.    The company agrees to sponsor the employee Mr. ………………………. And the employee agrees to go to ………………. For Higher Education for a period of ………….. from the date he leaves for …………………..

2.    During the stay and study period, the company will pay tuition fee, hostel fee, mess expenses at …………………………….., to an fro traveling expenses from the factory to …………………………. Once in semester on submission of relevant bills.

3.    The employee shall on return to the company after completion of his Education/ Training at ………………………………., join his duties in the company immediately and serve the company for a period of ………….. years from the date of resumption of his duties to company at ……………………. During the said period, the employee shall not seek employment or enter into employment with any other employer or activity, engage or be employed in any other business or similar business as that of company.  The failure of the employee to serve the company as aforesaid shall be a breach of this agreement (of which the company will be the sole judge) with all its legal consequences.

4.    The Company will pay the salary for attendance at Factory against to the leave period/holidays/on job training etc. during the period of his study/training or attend to duty at factory on need basis as per the company requirement.

5.    That if any time during his employment, the employee is found guilty of misconduct or any willful neglect of  work or dereliction of duties and / or non-compliance of the instructions given to him from time to time by the company, without any notice put an end to and determine the employment of the said employee with the company.  The employee shall be deemed to have brought about such a situation by his misconduct complying 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.

6.    The company shall not ordinarily terminate the services of the employee during the continuance of the agreed tenure of ………….. years except for the reasons mentioned in clause 5 above, but when it becomes necessary to dispense with the services of the employee the company shall give three months notice or pay in lieu thereof to the employee and the company shall not claim any refund  of the amount which it has spent on his travel and training.

7.    The employee shall be liable to pay to the company as and by way of liquidated damages a sum which will be mentioned hereunder. 

                     I.    If the employee does not come to the factory from education, he is liable to pay the actual expenses incurred as on date with interest @ 15% per annum plus three moths gross pay.

                   II.    If the employee leaves the company before completion of the ……………. Years of service, after return from ………., liable to pay one month’s gross pay for each uncompleted year of service plus actual expenses incurred as on date with interest @ 15% per annum.

                 III.    In addition to the above, the employee is further required to serve the notice period of three months or pay the wages in lieu thereof as per terms of employment.

If the employee, fails to complete period of education or leave the service of the company before completing the service period referred to herein above or brings about a situation by misconduct compelling the company to terminate his service.  It is hereby agreed abd declared that the loss will be suffered by the company on this account cannot be ascertained in terms of money and the sum calculated as aforesaid is reasonable compensation for the breach that may be caused by the employee.

8.    All the terms and conditions of the service as contained in the letter of appointment shall remain in full force and operation, save and except to the extent to the same is contradictory to the terms of this agreement and to that extent the terms of this agreement contained herein shall prevail.

9.    Upon termination of the employment of the  employee during the period of this agreement either by the company for the reasons stated in clause 5 above or upon termination of the employment by the employee, he shall not, for a period of ………… years calculated from the date of joining duties in the company or in case he fails to join his duty in the company from the date of his return to the factory, undertake or carry on either along or in partnership or as employed with any concern or be interested directly in any capacity what so ever in the business of or any other business carried on by the company at the date at such determination.

10.The employee shall provide two persons of solvent status to furnish bond for the due performance of this agreement.

11.All inventions, designs and improvements and all discoveries and secret process made, discovered or affected by the employee during the period of this agreement shall vest in the company.

12.That in the event of any dispute or difference arising between the parties hereto either during the subsistence of this agreement or afterwards relating to this agreement, the same shall be referred to the arbitration of a single arbitrator to be nominated by the Board of Directors of the company, whose decision shall be final and binding on the parties.  The provisions of the Indian Arbitration Act. 1940 or any statutory modifications or re-enactment thereof for the time being in force shall be applicable.

The Courts at …………………….. will have executive jurisdiction in all matters connected with this agreement.

In witness whereof the parties here have set and subscribed respective hands on the day and year 1^st above mentioned.

  

Witness:

1.

                                                                             1^st party

2.                                                                          Company

                                                                             2^nd party.

                                                                             Employee

Download Sponsorship Agreement Format:-

Download Sample1

For IT, MNCs, KPO, BPO, Banks, Manufacturing, Insurance & Retail Companies