ARTICLES OF AGREEMENT

ARTICLES   OF AGREEMENT

THESE ARTICLES OF AGREEMENT are made and executed at _________________________ on this the _____ day of _______, 200 by and between: -

1.      M/s_____________, a Company, registered under the Companies Act 1956 having its Head Office at ________________ represented by its Director Sri ____________ aged about _____ years resident of __________________ hereinafter called as the ‘Company" -- which expression shall unless repugnant to the subject or context shall mean and include its successors-in-interest, administrators, assigns etc,

AND

2.    _________________________ S/o _______________________, aged about _____ years residing at  _______________________________, hereinafter called as the ‘Trainee"  -- which expression shall unless or repugnant to the subject or context shall mean and include his/her heirs, executors, assigns and representatives etc.,

3.    _______________________ S/o __________________________, aged about _____ years occupation Service, residing at  ____________________________-- hereinafter called the "Surety"       -- which expression shall unless or repugnant to the subject or context shall mean and include his/her heirs, executors, assigns and representatives etc.,

WHEREAS the company herein is engaged, inter-alia, in the activity of collection and dissemination of news all over the world through television network etc.;

AND WHEREAS the trainee having applied to the company for being imparted the required on-the-job-training to become a qualified ______(Mentioned Designation); AND WHEREAS the company had accepted the trainee to impart such on-the-job training;

AND WHEREAS the trainee, in consideration of the on-the-job training being sought to be imparted to him/her by the company, involving huge out-lays of expenditure etc., had agreed to work as (Mentioned Designation)for the company for a continuous period of three years, including the period of training, on such terms and conditions the company prescribes;

                                                                                                           

AND WHEREAS the company herein had required the trainee to furnish such surety as is acceptable to them, to guarantee the due performance of the terms and conditions contained herein by the trainee; AND WHEREAS the second party of the second part had agreed to be the ‘surety’ for the due performance and observance of the terms and conditions by the trainee as herein contained; NOW THESE ARTICLES OF AGREEMENT ARE EXECUTED ON THE FOLLOWING: -

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TERMS AND CONDITIONS

1.      The trainee agrees to under go the on-the-job training for a period of one year from the date of his/her joining.  The company is at liberty to extend the said period of training by any further period, if the company deems such extension necessary.

2.    The trainee shall devote his/her whole attention to the on-the-job training imparted by attending regularly.  The trainee shall use best of his/her endeavors to imbibe all the necessary skills expected of an highly efficient and competent (Mentioned Designation for eg accountant).  

3.      The trainee shall obey all the instructions issued from time to time and shall abide by the rules and regulations of the company without any deviation whatsoever.

4.      The trainee shall be imparted on-the-job training by the company or by any other company or entity to which the services of the trainee may be assigned / lent.  In such an event, the trainee has to under go on-the-job training and follow the instructions issued by the new entity from time to time without any deviation.

5.      The company shall periodically assess the performance of the trainee. If the company is not in any way satisfied with the performance and conduct of the trainee, the company is entitled to terminate the on-the-job training at any time without assigning any reason whatsoever.

6.      The trainee agrees and undertakes to complete the period of training, carrying out all the orders and the obligations under this agreement.  The trainee undertakes to work thereafter in the company conscientiously and diligently for a continuous period of two years on such terms and conditions as are decided by the company.

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7.      The trainee agrees to duly execute, acknowledge and deliver all agreements and/or other documents at any time in future, as are necessary or expedient in connection with the on-the-job training.

8.      If the trainee commits breach of any of the terms and covenants of this agreement or is found not undergoing the on-the-job training satisfactorily or not attending the work regularly or is found guilty of any misconduct or misbehavior or for any other reasonable cause, the company will be entitled to terminate this agreement and call upon the trainee to pay the compensation agreed herein. 

9.      If the trainee fails to perform any of his/her obligations under this agreement, the trainee agrees that he shall compensate the company as follows :-

i.         a sum of Rs.1,00,000/- (Rupees one lakh only) if the trainee fails to perform his/her obligations/promises during the training period of one year.

ii.       a sum of Rs.75,000/- (Rupees seventy five thousand only) if the trainee fails to perform his/her obligations/promises during the first year of service after completion of Training.

iii.      a sum of Rs.50,000/- (Rupees fifty thousand only) if the employee fails to perform his/her obligations/promises during the second year of service after completion of training.

Explanation : Failure to perform his/her obligations include termination, dismissal or discharge for breach of any of the terms and conditions of this agreement or for any other reason, or breach of any of the rules and regulations of the company, absconding and resignation etc.,

10.  The trainee shall not be deemed to be an employee and the relationship between the company and the trainee shall be that of a teacher and a student but not that of master and servant.

11.  It is mutually agreed and declared by the parties to this agreement that the compensation agreed to be paid as aforesaid, in the event of the various contingencies outlined therein, is just, fair and reasonable, having due regard to the on-the-job training imparted and the expenditure involved for such training.

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12.  The trainee undertakes to perform and discharge his/her duties during the training period and thereafter with due diligence and shall not act in any manner so as to cause prejudice to the various varied interests of the company.

13.  The trainee shall not disclose any confidential information that comes his/her notice either during the period of training or thereafter in whole or in part in any manner to any person or persons for any purpose whatsoever. The trainee agrees to use best of his/her efforts to maintain all confidential information in the strictest confidence and to protect the confidentiality of all confidential information.

14.  In the event any loss or damage is caused to the company by any acts and omissions of the trainee, the company shall be entitled to recover the damage so caused together with interest at 18% p.a. and costs etc., in addition to the compensation mentioned in clause No.9 above.

15.  The surety undertakes to guarantee the due performance of the terms and conditions contained herein by the trainee.  In the event of non-observance of any of the terms and conditions contained herein by the trainee, the surety undertakes to make good the loss occasioned to the company by such acts and also undertakes to pay the amount of compensation as stated in clause No.9 above.   The guarantee furnished by the surety herein shall be irrevocable and continuing and shall not be considered as wholly or partially satisfied by the payment of any money by the trainee unless the entire amounts due to the company are received.   Any indulgence, waiver, neglect or forbearance of the company in enforcing the payment of any monies due from the trainee shall not in any way release or discharge the surety of his/her liability under this agreement. Likewise, the guarantee herein given by the surety shall not be effected by any change in the constitution of the company.  

16.  In the event of any dispute or difference arising under these presents, the courts of mentioned court and the state  , where the Head Office of the Company  is situated and from which this agreement emanates, shall alone have jurisdiction exclusively to try the same.

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17.  All notices which a party is required or may desire to serve upon the other under or in connection with this agreement may be served, by delivering them personally, by fax, e-mail, courier or by registered post at the addresses specified above.

IN WITHNESS WHEREOF the parties hereto have executed this agreement to constitute a valid and binding agreement between them.

                                                                                                           

                                                                      for M/s.    XYZ

                                                                                   

WITNESSES:                            

                                                                                        

1.

                       _______________________

                               THE COMPANY

2.

                                                                                                                                             

 (_____________________)                                                                                                         TRAINEE

                    

                             (________________)

                                                                                                  SURETY