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  • Agreement: Terms & Conditions of Agreement

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    amanatbutt
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    This agreement is between an employee and Textilers (Pvt) Limited regarding the allocation of a company vehicle to the employee. The key points are: 1. The company has allocated a vehicle worth a specified amount to the employee on an ownership basis as per the company's vehicle policy. 2. The value of the vehicle is considered a interest-free loan from the company to the employee, to be repaid in 60 equal monthly installments from the employee's salary. 3. If employment ends before the agreement expires, the employee must ensure the full repayment of the outstanding loan amount.

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    Agreement

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    This agreement is between an employee and Textilers (Pvt) Limited regarding the allocation of a company vehicle to the employee. The key points are: 1. The company has allocated a vehicle worth a specified amount to the employee on an ownership basis as per the company's vehicle policy. 2. The value of the vehicle is considered a interest-free loan from the company to the employee, to be repaid in 60 equal monthly installments from the employee's salary. 3. If employment ends before the agreement expires, the employee must ensure the full repayment of the outstanding loan amount.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
    41 views2 pages

    Agreement: Terms & Conditions of Agreement

    Uploaded by

    amanatbutt
    This agreement is between an employee and Textilers (Pvt) Limited regarding the allocation of a company vehicle to the employee. The key points are: 1. The company has allocated a vehicle worth a specified amount to the employee on an ownership basis as per the company's vehicle policy. 2. The value of the vehicle is considered a interest-free loan from the company to the employee, to be repaid in 60 equal monthly installments from the employee's salary. 3. If employment ends before the agreement expires, the employee must ensure the full repayment of the outstanding loan amount.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
    of 2

    AGREEMENT

    (FOR VEHICLE ALLOCATION)

    This agreement is made on ________ day of ____________2006 between Mr. _______________ S/O __________________________ holder of NIC _____________________________, Employment code # ______________ residing at ______________________________________ ______________________________________________________________________________ here-in-after called the EMPLOYEE and M/S TEXTILERS (PVT) LIMITED located at F-456, near Metroville S.I.T.E, Karachi, here-in-after called the COMPANY. Whereas the company has allocated with fair intent a motor car, MAKE ______________ MODEL _________________ , REGISTRATION NO. _________________________________ Fully loaded whose market value of Rs. _______________________________________ ( ________________________________________________________________________) in sound and perfect road worthy condition to the employee and whereas the employee has willingly without any force, pressure or unfair tactics, accepted the vehicle on ownership basis in line with Companys Vehicle Policy in operation, both the employee and the employer agree to abide by the terms and conditions set forth here under: TERMS & CONDITIONS OF AGREEMENT It is hereby agreed between the two parties that:1. 2. 3. The said vehicle has been allocated to the employee on ownership basis. The market value quoted here- in-above represents the price of the vehicle and for the purpose of this agreement it is deemed as VEHICLE LOAN extended by the company to the employee purely and solely on INTEREST FREE basis. The value of the vehicle i.e Rs ______________ ( ___________________________ _______________________________________) is repayable in sixty (60) equal monthly installments deductable from the salary of the employee, commencing from the month of __________________ 2006. In the event of default in repayment due to insufficient salary amount (which may be on account of excessive deductions for reasons beyond ones control), in a month the amount of installment lapsed shall be equally added to the remaining installments. Submission of a formal application by the employee with valid reasoning and justification is mandatory. The employee will abide by all the disciplinary norms of the company and other rules, regulations, procedures as set-forth in COMPANYS VEHICLE POLICY i.e TEX/HRM/007 (d), Photocopy attached with this agreement as ANNEX A. In the event of termination of employment by either side before expiry of this agreement, the employee will ensure clearance of the balance amount fully and finally. Any amount remaining unpaid shall be retrieved from full and final settlement of the employee. The vehicle will not be used by any other person than the employee himself within the authorized limits of Karachi Municipal Corporation (KMC), Karachi Development Authority (KDA), and Malir Development Authority (MDA). For driving beyond these limits, express permission by General Manager Operations,

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    Page 1 of 2

    8. 9.

    would be mandatory. Defiance of this clause shall lead to depriving the employee of this facility by the company. In the event of unauthorized absence of the employee where company efforts fail to trace and recover the vehicle from him (the employee), the company management shall rightfully initiate criminal proceedings against the absconding employee. In the event of withdrawal of COMPANYS VECHICLE POLICY by the management, the employee will be allowed three (3) months time cushion to arrange for repayment. Of the loan amount outstanding against the employee, and transfer of vehicle in his name thereafter.

    Now both the parties - Mr. ________________________ (the employee), and TEXTILERS (PVT) LIMITED affirm their resolve to comply with the terms and conditions contained in this agreement and put their signatures in token there of: For TEXTILERS (PVT) LIMITED EMPLOYEE

    ____________________________ SIGNATURE NAME : ___________________________ EMP. CODE _______________________

    __________________________ SIGNATURE __________________________ __________________________ __________________________ __________________________

    DESIGNATION ______________________ DEPARTMENT ______________________ WITNESS NO.1 SIGNATURE ________________________ NAME _________________________

    EMPL.CODE ________________________ WITNESS NO.2 SIGNATURE ________________________ NAME _________________________

    EMPL.CODE ________________________

    Page 2 of 2

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