Anonymous
04 August 2011 at 16:31
Hi,
I left my old job and joined a new company few days back. At the time of interview they haven't said anything about it and after a week they said you have to sign an agreement which will be on stamp paper and you will have to sign in front of a lawyer.
I am pasting the agreement which they gave to us. Please help me in understanding what is all this. Please reply as soon as possible..
This AGREEMENT, entered into this ___ day of [Month], 20__, between [Business], a [state of
incorporation] (the "Company"), and [name of employee] (the "Employee"),
WITNESSETH THAT:
WHEREAS, the parties hereto desire to enter into this Agreement to define and set forth the terms
and conditions of the employment of the Employee by the Company;
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, it
is hereby covenanted and agreed by the Company and the Employee as follows:
1. Position; Employment Period
The Company hereby employs the Employee as its [position], and the Employee hereby agrees
to serve in such capacity, for the period beginning [start date], 20__, and ending on the date on which the
Employee's employment is terminated in accordance with paragraph 8 below (the "Employment Period").
2. Performance of Duties
The Employee agrees that during the Employment Period he shall devote his full business time
to the business affairs of the Company and shall perform his duties faithfully and efficiently subject to
the direction of the [President] of the Company; provided that the foregoing shall not limit or prevent the
Employee from serving on the board of directors of charitable organizations or other business corporations
not in competition with the Company. The Employee shall not be assigned duties and responsibilities that
are not generally within the scope and character associated or required of other employees of similar rank
and position.
3. Compensation
(a) Subject to the following provisions of this Agreement, during the Employment Period the
Employee shall be compensated for his services as follows:
(b) He shall receive an annual salary, payable in monthly or more frequent installments, in an
amount which shall initially be [ amount] per annum, subject to such increases as may from time to time
be determined by the [President] of the Company.
[specify pension and other non-salary benefits.]
(c) He shall be entitled to vacations of not less than [amount] per year.
(d) He shall be entitled to such other perquisites as may be customarily granted by the Company to
employees of similar rank and position.
4. Disability
Subject to the provisions of paragraph 8, if the Employee's employment is terminated during the
Employment Period by reason of his Disability this Agreement will null & void.
5. Competing Businesses
During the period of his employment under this Agreement, the Employee shall not be employed
by or otherwise engage in or be interested in any business in competition with the Company, or with any
of its subsidiaries or affiliates, except that the Employee's investment in any such business shall not be
considered a violation of this paragraph if either (a) the Employee owns less than [number]% of the equity
thereof, or (b) such business is not in competition with the Company.
6. Confidentiality
During and after the Employment Period, the Employee will not divulge or appropriate to his own
use or to the use of others, in competition with the Company, any secret or confidential information or
knowledge pertaining to the business of the Company, or of any of its subsidiaries, obtained by him in any
way while he was employed by the Company or by any of its subsidiaries.
If employee left the job due to any reason he will not abele to work with any Forex & our
competitor company or their associated direct or indirect for next 3 years from the day of left the job. If
he works with our compotators & their associates direct or indirect so employee will pay Rs.10000000.00
competition to Company Name & Jail for 15 years.
7. Remedies
If at any time the Employee violates to a material extent any of the covenants or agreements
set forth in paragraphs 5 and 6, the Company shall have the right to terminate all of its obligations to
make further payments under this Agreement. The Employee acknowledges that the Company would be
irreparably injured by a violation of paragraph 5 or 6 and agrees that the Company shall be entitled to an
injunction restraining the Employee from any actual or threatened breach of paragraph 5 or 6 or to any
other appropriate equitable remedy without any bond or other security being required.
8. Amendment and Termination
This Agreement may be amended or cancelled by mutual
agreement of the parties without the consent of any other person and, so long as the Employee lives, no
person, other than the parties hereto, shall have any rights under or interest in this Agreement or the subject
matter hereof The Employment Period shall terminate as of the earliest of:
(a) [date];
(b) the last day of the month in which the date of the Employee's death occurs; or
the date on which the Company gives notice to the Employee if such termination is for Cause or Disability.
(c) For purposes of this Agreement, "Cause" means the Employee's gross misconduct resulting in
material damage to the Company or willful and material breach of this Agreement.
9. Notices
Any notice required or permitted to be given under this Agreement shall be sufficient if in writing
and if sent by registered mail to the Company at its principal executive offices or to the Employee at the
last address filed by him in writing with the Company, as the case may be.
10. Non-Assignment
The interests of the Employee under this Agreement are not subject to the claims of his creditors
and may not be voluntarily or involuntarily assigned, alienated or encumbered.
11. Successors
This Agreement shall be binding upon, and inure to the benefit of, the Company and its successors
and assigns and upon any person acquiring, whether by merger, consolidation, purchase of assets or
otherwise, all or substantially all of the Company's assets and business.
12. Applicable Law
The provisions of this Agreement shall be construed in accordance with the laws of the India &
International Business Laws.
13. Counterparts
The Agreement may be executed in two or more counterparts, any one of which shall be deemed
the original without reference to the others.
IN WITNESS WHEREOF, the Employee has hereunto set his hand, and the Company has caused
these presents to be executed in its name and on its behalf, all as of the day and year first above written.
[Employee Name]
[name of business] Inc.
By:
Its: Duly Authorized Representative
Please help me...
Thanks in advance....
Krishnamurthy
04 August 2011 at 12:53
Hi,
I am planning to buy a property in Gottigere (Bangalore South). The builder has constructed 4 Row House in 2 Plots (No 117 and 118). He has got the Plan Approved from BBMP for 4 Floors (Ground Floor, First, Second and Third). As per the Plan he is supposed to leave Ground Floor for Parking Completely and Living, Dinning and Kitchen in First Floor, 2 Bedrooms in econd and Third Floors.
He has now construed Kitche, Dinning, Living and Car parking in the Ground Floor and 2 Bed Rooms in First Floor (It is a Duplex House and the plan is also approved for Duplex House).
He has devivated from the BBMP approved Plan. What will be the implication of this deviation in Construction. Do you suggest i proceed for buying as builder says it is not a major issue. We may have to pay some penalty in future when Akrama and Sakram comes.
But i hear from Some people that even if the Bank Loan is approved by bribing BBMP katha transfer will not happen as there is devisation in the Plan.
Kindly give your suggestion / recommendation
Sanjeev RS
03 August 2011 at 23:14
I am a resident of Nashik City in Maharashtra. My mother needs to preparea will as she has to be operated soon.Some doubts: 1) Will needs to be prepared on Stamp Paper? 2) Does it HAVE TO BE registered? 3) Harmful effects if will is unregistered? 4) Is notarizing mandatory? 5) Should a will be prepared in English preferably or in Marathi as Nashikites prefer? Please advise & oblige. Very grateful. Thank you.
Shabbir
03 August 2011 at 21:13
as a builder looking for allotment letter with agreement sample formet for apartment units
Anonymous
03 August 2011 at 11:44
We got understanding agreement made on 12-01-1995 on Rs. 20/- stamp paper without notarized.
As per this agreement we had transfer the Agriculture land without consideration to Mr. A.M.Patel(Non family person) for N.A. Mr. A.M.Patel has to get N.A. or non N.A. same land transfer to our name in registrar office without consideration.
In this case the understanding contract without consideration and without notarized is VIOD ?
Santosh Himbale
02 August 2011 at 19:44
Sir, My neighbour(not my family) on the power of will of his father claiming title over a portion of property in my possession. I am in possession through sale agreemnt from different title holder(not my neighbour's family). Property in my possession has been showed in the WILL as executant's property. Can I challenge the WILL as not correct. How? please reply
Anonymous
02 August 2011 at 19:03
Hello Experts,
We have 49 guntha (aar) land. This was on name of my grandmother. On oral partiotion it was given to my father after death of my grandmother in 1984. In 1990, my uncle claimed on this land and in 1992, district court given the order to give 1/3rd part to my uncle.
Now my uncle and father holds that land as 1/3rd and 2/3rd.
We wanted to make the legal partion of this division, but as per "The Bombay Prevention of Fragmentation and Consolidation of Holdings Act, 1947", we can not make partition of 16.33 aar (1/3rd of my uncle).
As a security, in 2008, we written the holdings on stamp paper, specifying the partition in detail. Court has only made the partition as 1/3rd and 2/3rd, but not specified the 4 surroundings(boundries or Chatur-sima) of individual. On stamp paper made in 2008 we had mentioned boundries of individuals and also mentioned the partiotion as 32:16 aar and 1 aar for common road.
This stamp is notarised by notary in 2008. But we did not registered this document.
Is this document valid to claim my father's right about 32 aars(specifying boundries)?
I am in confusion about oral partition and Registration act 1908 and its section 17.
Thanks.
Anonymous
02 August 2011 at 15:58
We are a pvt ltd company in Navi Mumbai engaged in a work at Patan Gujarat and want to enter into a lease agreement with the owner of a house in Patan.
Kindly inform the stamp duty on agreement required and from where the stamp paper is to be arranged . From Patan or Navi Mumbai
Advocate M J
01 August 2011 at 15:12
Good afternoon
Is thr any book regarding government tenders act,,,,,,,,,,,,,,If SO PLEASE let me know the author and the name of the book.
thank you
Anonymous
01 August 2011 at 11:30
Dear seniors,
Is it possible to grant the power in a general power of attorney to a second person as co signatory along with the first person? I have read the POA Act but find no such answear. Does the Contract Act or any other Act of the land make it void? Please guide me.
Regards
My company is asking to sign a weird agreement
Hi,
I left my old job and joined a new company few days back. At the time of interview they haven't said anything about it and after a week they said you have to sign an agreement which will be on stamp paper and you will have to sign in front of a lawyer.
I am pasting the agreement which they gave to us. Please help me in understanding what is all this. Please reply as soon as possible..
This AGREEMENT, entered into this ___ day of [Month], 20__, between [Business], a [state of
incorporation] (the "Company"), and [name of employee] (the "Employee"),
WITNESSETH THAT:
WHEREAS, the parties hereto desire to enter into this Agreement to define and set forth the terms
and conditions of the employment of the Employee by the Company;
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, it
is hereby covenanted and agreed by the Company and the Employee as follows:
1. Position; Employment Period
The Company hereby employs the Employee as its [position], and the Employee hereby agrees
to serve in such capacity, for the period beginning [start date], 20__, and ending on the date on which the
Employee's employment is terminated in accordance with paragraph 8 below (the "Employment Period").
2. Performance of Duties
The Employee agrees that during the Employment Period he shall devote his full business time
to the business affairs of the Company and shall perform his duties faithfully and efficiently subject to
the direction of the [President] of the Company; provided that the foregoing shall not limit or prevent the
Employee from serving on the board of directors of charitable organizations or other business corporations
not in competition with the Company. The Employee shall not be assigned duties and responsibilities that
are not generally within the scope and character associated or required of other employees of similar rank
and position.
3. Compensation
(a) Subject to the following provisions of this Agreement, during the Employment Period the
Employee shall be compensated for his services as follows:
(b) He shall receive an annual salary, payable in monthly or more frequent installments, in an
amount which shall initially be [ amount] per annum, subject to such increases as may from time to time
be determined by the [President] of the Company.
[specify pension and other non-salary benefits.]
(c) He shall be entitled to vacations of not less than [amount] per year.
(d) He shall be entitled to such other perquisites as may be customarily granted by the Company to
employees of similar rank and position.
4. Disability
Subject to the provisions of paragraph 8, if the Employee's employment is terminated during the
Employment Period by reason of his Disability this Agreement will null & void.
5. Competing Businesses
During the period of his employment under this Agreement, the Employee shall not be employed
by or otherwise engage in or be interested in any business in competition with the Company, or with any
of its subsidiaries or affiliates, except that the Employee's investment in any such business shall not be
considered a violation of this paragraph if either (a) the Employee owns less than [number]% of the equity
thereof, or (b) such business is not in competition with the Company.
6. Confidentiality
During and after the Employment Period, the Employee will not divulge or appropriate to his own
use or to the use of others, in competition with the Company, any secret or confidential information or
knowledge pertaining to the business of the Company, or of any of its subsidiaries, obtained by him in any
way while he was employed by the Company or by any of its subsidiaries.
If employee left the job due to any reason he will not abele to work with any Forex & our
competitor company or their associated direct or indirect for next 3 years from the day of left the job. If
he works with our compotators & their associates direct or indirect so employee will pay Rs.10000000.00
competition to Company Name & Jail for 15 years.
7. Remedies
If at any time the Employee violates to a material extent any of the covenants or agreements
set forth in paragraphs 5 and 6, the Company shall have the right to terminate all of its obligations to
make further payments under this Agreement. The Employee acknowledges that the Company would be
irreparably injured by a violation of paragraph 5 or 6 and agrees that the Company shall be entitled to an
injunction restraining the Employee from any actual or threatened breach of paragraph 5 or 6 or to any
other appropriate equitable remedy without any bond or other security being required.
8. Amendment and Termination
This Agreement may be amended or cancelled by mutual
agreement of the parties without the consent of any other person and, so long as the Employee lives, no
person, other than the parties hereto, shall have any rights under or interest in this Agreement or the subject
matter hereof The Employment Period shall terminate as of the earliest of:
(a) [date];
(b) the last day of the month in which the date of the Employee's death occurs; or
the date on which the Company gives notice to the Employee if such termination is for Cause or Disability.
(c) For purposes of this Agreement, "Cause" means the Employee's gross misconduct resulting in
material damage to the Company or willful and material breach of this Agreement.
9. Notices
Any notice required or permitted to be given under this Agreement shall be sufficient if in writing
and if sent by registered mail to the Company at its principal executive offices or to the Employee at the
last address filed by him in writing with the Company, as the case may be.
10. Non-Assignment
The interests of the Employee under this Agreement are not subject to the claims of his creditors
and may not be voluntarily or involuntarily assigned, alienated or encumbered.
11. Successors
This Agreement shall be binding upon, and inure to the benefit of, the Company and its successors
and assigns and upon any person acquiring, whether by merger, consolidation, purchase of assets or
otherwise, all or substantially all of the Company's assets and business.
12. Applicable Law
The provisions of this Agreement shall be construed in accordance with the laws of the India &
International Business Laws.
13. Counterparts
The Agreement may be executed in two or more counterparts, any one of which shall be deemed
the original without reference to the others.
IN WITNESS WHEREOF, the Employee has hereunto set his hand, and the Company has caused
these presents to be executed in its name and on its behalf, all as of the day and year first above written.
[Employee Name]
[name of business] Inc.
By:
Its: Duly Authorized Representative
Please help me...
Thanks in advance....