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AGREEMENT

MEMORANDUM OF AGREEMENT made on this _____________ between M/s. XXXX incorporated under the
Indian Companies Act, 1956 and having its Registered Office at XXXXXXXX, hereinafter called the `COMPANY'
(which expression shall wherever the context so admits and requires mean and includes their Manufacturing
Units and Branches, successors-in-charge and assigns) otherwise known as Party of the FIRST PART and
Mr.XXXXX , aged about XX years Son of Mr.XXXX, residing at XXXXXXX. here in after referred to as Graduate
Engineer Trainee (which expression shall include his assigns, heirs and legal representatives) otherwise known
as Party of the SECOND PART and Sri _______________________________________________aged about
___________ years, son of Sri______________________________________________________________ working as
_________________________________________________________________________________ at
___________________________________________________________________________________residing at
_____________________________________________________________________________________________
_________________________________________________________________________ hereinafter called the
GUARANTOR otherwise known as Party of the THIRD PART.

(FIRST PART) (SECOND PART) (THIRD PART)

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Whereas the company is carrying on the Business and Manufacture of Elevators. AND whereas the

Mr. XXXXX, has requested the company to be taken as a Graduate Engineer Trainee in the company

AND whereas the Company has agreed to do so on the terms and conditions that the Graduate

Engineer Trainee shall procure the guarantee of a person acceptable to the company for the due

performance by the Graduate Engineer Trainee of all his obligations under the agreement and for the

payment of any monies that may become due and payable by the Graduate Engineer Trainee to the

company for the damages or otherwise.

AND whereas, at the request of the said Mr. XXXXX, the Graduate Engineer Trainee above named

Sri ____________________________ agreed to stand as guarantor as aforesaid on the terms and

conditions hereinafter set forth.

IT IS MUTUALLY AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS: -

The Company agrees to take Mr. XXXXX, as a Graduate Engineer Trainee, on the following terms and

conditions.

1. The period of training shall be for One year commencing from the date of joining the company, unless

otherwise extended in writing by the company. The period of extension shall not exceed six months.

2. The Graduate Engineer Trainee shall be bound to serve and continue his training and attend to and do

such work as he may from time to time be directed by the company to do in the course of his training

and shall not be entitled to terminate the period of training.

3. During the period of training, your services are liable to be terminated at any time without any notice

or compensation in lieu of notice and without assigning any reason.

(FIRST PART) (SECOND PART) (THIRD PART)


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4. (A) During the period of training, the Trainee shall be paid a monthly stipend of Rs.XXXX/- (Rupees

XXXX Only) and other allowances of Rs.XXXX/- (Rupees XXXX Only).

4. (B) The Graduate Engineer Trainee shall not be entitled for any other bonus or gratuity or to any other

benefit except the stipend and other allowances as specified above.

4. (C) During the period of training, the company will use its best endeavors to provide full and adequate

training

4. (D) The Company will decide from time to time the departments and the subject in which the trainee

should be trained and the jobs on which he should work and the manner of such work may change

from the same from time to time as necessary.

4. (E) During the period of training, the company will use its best endeavors to help, guide and counsel the

Graduate Engineer Trainee wherever felt necessary in order to enable him to obtain the full fruition of

technical skill and knowledge.

5. The Graduate Engineer Trainee will, during the period of training be governed by the Company’s rules

and regulations to the extent that they are consistent with their presence. The Graduate Engineer Trainee

will be liable to disciplinary action for any misconduct committed by him in the course of his training

and employment for any act which is subversive of discipline, prejudicial to the interests of the company

or incompatible with the due and peaceful discharge of his duties.

6. The Graduate Engineer Trainee hereby agrees that he will not disclose or make public any professional

or trade secret or confidential information, which he may acquire or learn by reason of his training or

employment thereafter. He will disclose at the commencement of his training any interest that may have

or any relation or other person interested in him in any commercial or financial transaction of the

company

(FIRST PART) (SECOND PART) (THIRD PART)


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7. In the event of the Graduate Engineer Trainee committing a breach of the above contract in

relinquishing his training he shall be liable to refund to the company the stipend amount and other

allowances paid to him.

8. At the end of his training period, if the Graduate Engineer Trainee is found suitable and if his

services are required, the Graduate Engineer Trainee will be absorbed in the appropriate Grade of

the company’s Management Cadre with the fringe benefits applicable to that Grade. The Party of

the SECOND PART is liable to be posted at our factory, branch office or any of its operating

territories in India or abroad, of the Company or any other company or office with which the

company has business interest. The party of the SECOND PART, after being posted to any of the

above mentioned places is also liable to be transferred at any time to any other of the above

mentioned places.

9. The Graduate Engineer Trainee party of the SECOND PART binds himself to undergo the training

and on appointment as above, serve the company honestly, diligently and conscientiously devoting

the whole of his working time and attention to the fulfillment of his duties as a Graduate Engineer

Trainee Management Staff and the discharge of such other work of whatever kind relating to the

business of the company which he may be assigned under such appointment. The party of the

SECOND PART bind himself to continue his training for a period as henceforth prescribed and

thereafter serve the company for Two years and he shall not, notwithstanding anything herein

contained, enter into any kind of employment under or with any person, firm or other company or

concern during this period.

10. Except with the special written permission of the company, the party of the SECOND PART shall

not during his training and subsequent employment by the company engage or be interested

directly or indirectly in any business or employment whatsoever.

(FIRST PART) (SECOND PART) (THIRD PART)


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11. In the event of the party of the SECOND PART being unable to serve the company for the full Two

years commencing from the date of completion of training for any reason whatsoever, the party of

the SECOND PART hereby binds himself, his heirs, assigns and legal representatives to refund to

the company the one year stipend amount and other allowances paid to him as per clause 4 (a)

above plus Rs.XXXX/- (Rupees XXXXX Only) as damages reserving to the company the right to

claim in a court of law, additional compensation as may be decided.

12. Notwithstanding any provision herein to the contrary on any provision relating to the tenure of

service, the company reserves the right to summarily without notice and any compensation in lieu

thereof to terminate the service of the party of the SECOND PART for misconduct, incompetence,

inefficiency, insubordination, gross negligence or breach of the covenants herein or provisions of

the general law.

13. The party of the SECOND PART will be subject to such disciplinary action and other regulations of

the company as may be applicable to his category from time to time.

14. In consideration of the premises, in the event of the Graduate Engineer Trainee party of the
SECOND PART committing a breach of this contract, the guarantor above named hereby
guarantees the due repayment to the company by the Graduate Engineer Trainee party of the
SECOND PART of all amounts due as damages or otherwise and agrees that on demand by the
company, he, the guarantor, will pay the said sum or sums to the company within one week of the
date of demand and his obligation shall be joint and several with the obligation and liability of the
Graduate Engineer Trainee party of the SECOND PART and the obligation and liability of the
guarantor shall not be discharged by any time granted or indulgence allowed by the company to
the Graduate Engineer Trainee party of the SECOND PART or by reasons of any modifications of
the terms of training/party of the SECOND PART or by reason of the company compounding the
claim or giving up any position thereof or by reason of any act or omission or any fault or neglect
on the part of the company in enforcing its claim against the Graduate Engineer Trainee party of
the SECOND PART.

(FIRST PART) (SECOND PART) (THIRD PART)


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15. Any act required or desired to be done by the company, any power or discretion that may be

exercised by the company to the Graduate Engineer Trainee party of the SECOND PART in

accordance with or for the purpose this agreement may be given by the Managing Director

or by any other duly authorized Manager in authority over the Graduate Engineer Trainee

party of the SECOND PART specifically empowered in this behalf.

16. All disputes arising out of, under or in connection with this agreement between the party of

the first part and party of the second part and / or party of the third part, shall be referred to

the Arbitration of a Sole Arbitrator to be appointed by the party of the first part. The venue

of the Arbitrator shall be at Chennai and the provisions of the Arbitration and Conciliation

Act 1996 shall be applicable to such Arbitration.

IT WITNESS WHEREOF the parties to this agreement have duly affixed their signature hereto

on the day and the year herein before mentioned.

PARTY OF THE FIRST PART WITNESS

PARTY OF THE SECOND PART WITNESS

PARTY OF THE THIRD PART WITNESS