Scribd Logo
Upload

Welcome to Scribd!

  • Security Deposit

    Uploaded by

    ppjob
    981 views1 page
    This agreement outlines the terms of a security deposit between a company and employee. It specifies that the company can terminate the employee with one month's notice for violations, poor performance, or misconduct. It also states that the company will deduct the employee's full or partial salary for the first three to five months, but will only pay this amount if the employee completes one year of service. The agreement can be mutually terminated by both parties with advance notice, but if the employee leaves before one year, the company does not have to pay the deducted salary amounts. The employee signs to acknowledge understanding and receiving the agreement.

    Original Description:

    How to tackle security deposit issues with employers

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This agreement outlines the terms of a security deposit between a company and employee. It specifies that the company can terminate the employee with one month's notice for violations, poor performance, or misconduct. It also states that the company will deduct the employee's full or partial salary for the first three to five months, but will only pay this amount if the employee completes one year of service. The agreement can be mutually terminated by both parties with advance notice, but if the employee leaves before one year, the company does not have to pay the deducted salary amounts. The employee signs to acknowledge understanding and receiving the agreement.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    981 views1 page

    Security Deposit

    Uploaded by

    ppjob
    This agreement outlines the terms of a security deposit between a company and employee. It specifies that the company can terminate the employee with one month's notice for violations, poor performance, or misconduct. It also states that the company will deduct the employee's full or partial salary for the first three to five months, but will only pay this amount if the employee completes one year of service. The agreement can be mutually terminated by both parties with advance notice, but if the employee leaves before one year, the company does not have to pay the deducted salary amounts. The employee signs to acknowledge understanding and receiving the agreement.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    AN AGREEMENT FOR SECURITY DEPOSIT

    Date- dd/mm/yyyy
    This Agreement is entered into this the <<date of agreement>> between <<Name of the company>>, a
    Company registered at <<address of the company>> (hereinafter called the Company) and
    Mr./Miss./Mrs. <<Name of the Employee>>, a Indian inhabitant residing at <<Present Address of the
    Employee>> and having permanent residing at <<Permanent address of the Employee>> (herein after
    referred to as Employee) of the other part
    I, [Employee Name] agreed with below contents, terms and conditionCompany has fully rights to terminate the employee from his/her service due to any violation actions, low
    performance, misconduct and disabilities by giving [one month / 15 days / 7 Days] notice period.
    1) Company will take full / 60% / 70% of salary for the first <three/four/five>month from the
    date of joining.
    2) Company is liable to pay these three month salary only after the completion of one year service by
    employee.
    3) Mutual Termination of agreement:
    This Agreement may be amended or cancelled by mutual agreement of the parties (employer and
    employee) without the consent of any other person.
    Conditions:
    - Both Parties (Employer and Employee) must be ready to amend or cancel the agreement.
    - Termination/Resignation flow will be either Employer to Employee or Employee to
    Employer.
    - Employee has to inform regarding voluntary resignation in advance of [3months]. Resignation
    letter must be signed by the employee and it will be accepted after approval from management
    team.
    Company is liable to pay full/ 50% / 70% salary of first <three/four/five> month in such
    mutual termination of agreement
    4) Non-Mutual Termination:
    If employee leave before the completion of one year service then company is not liable to pay first
    <three/four/five> month salary.
    I ACKNOWLEDGE THAT BY SIGNING BELOW, I HAVE READ AND UNDERSTAND ALL OF THE
    RULES, PROVISIONS, TERMS AND CONDITIONS WHICH ARE WRITTEN ABOVE IN THIS
    AGREEMENT.
    I ALSO ACKNOWLEDGE THAT I HAVE RECEIVED A COPY OF THIS AGREEMENT.

    Employee Name Signature-

    You might also like