Agreement between Businessman and Manager

Agreement between Businessman and Manager

This agreement is made on this …………….. day of ………… between AB son of …………………………. residing at …………….. (hereinafter called the employer which term shall include his successors) of the One Part and CD son of ………. residing at …………. (hereinafter called the manager) of the Other Part.

By these presents it is hereby agreed as follows:

1. In consideration of true, faithful and loyal service to be rendered, the employer appoints the said CD as manager in his trade carried under the name and style of ………….. at ………. on terms hereunder mentioned.

2. The appointment will be effective from the day of ………… and the manager will be paid a sum of Rs. ………. per month as his salary with yearly increment of Rs. …………… up to the limit of Rs. ……….. depending on faithful and efficient service.

3. The manager shall keep in deposit with the employer a sum of  Rs. …………… as security deposit on which he will be entitled interest at ………% per annum to be repaid at the end of his service under the employer after adjustment of all his accounts.

4. The manager shall, during the continuance of his service under this agreement, properly and faithfully serve the employer in such capacity as aforesaid, and will always devote his whole time, attention and energy honestly and diligently in managing, superintending and improving the said business to the utmost of his power, skill and ability, and will do and perform all such services, acts, matters and things connected therewith as the employer shall from time to time direct.

5. The manager will not at any time, except under legal process, divulge any trade or business secret relating to the said business of the employer or any customer or agent of the said business, which may become known to him by virtue of his position as manager or otherwise, save in so far as such disclosure shall be necessary in the interest and for the benefit of the said business and will be true and faithful to the employer in all dealings and transactions whatsoever relating to the said business.

6. The manager will keep and maintain or cause to be kept and maintained as may be approved by the employer all files, documents and papers as also all such books of account or other books as the employer shall provide for that purpose, and will enter, or cause to be entered therein, the usual accounts or particulars of all goods, merchandise, articles and things, bought, received and sold or delivered upon credit or otherwise in the course of the said business, and the rates and prices at which the same shall be so bought, received, sold or delivered in the course of the said business, and will at all times render faithful information concerning the said business and all transactions therein to the employer, and furnish him from time to time with accurate accounts of all business dealings and also with a daily statement of the bank balance of the said business.

7. The said books of account shall all be kept at the office of the said business at, etc., and shall remain open at all reasonable times to the inspection of the employer and any person authorised by him in writing in that behalf.

8. All moneys received by the manager on any weekday, except such sum as shall be required to be retained as petty cash, shall be deposited in the account of the employer at ………….. Bank, on or before the close of the business hours and every payment exceeding
Rs. …………… made by the manager on behalf of the said business shall be made by cheque drawn on the said bank.

9. The manager shall, on completion of his service for one year, be entitled to ……… weeks’ holiday during the following year and to casual leave not exceeding 15 days per year and in case of sickness to a further leave for another month per year, all with full pay and other benefits of service.

10. The manager shall observe the rules of conduct of service of the establishment as may be in force from time to time.

11. During the continuance of his service, the manager shall not serve under any other concern nor be directly or indirectly interested (except as a shareholder of any limited liability company, whose business may not compete with that of the employer).

12. In the event of illness of the manager, or other cause incapacitating him from attending to his duties for …………. consecutive weeks, the employer may determine this agreement without notice on payment to the manager of Rs. ……. in lieu of notice, in addition to all arrears of salary and commission calculated up to the date of such determination.

13. Either party may determine this agreement by giving to the other ………… calendar months’ notice in writing, but without prejudice to any right or claim which may have then accrued to either of the said parties by virtue hereof.

14. If the manager enters into any plot or conspiracy against the employer or misappropriates the funds and assets of the trade or commits a breach of any of the stipulations hereof, or shall commit an act of insolvency or compound with his creditors or if he otherwise misconducts himself (of which the employer shall be the sole judge), it shall be lawful for the employer to dismiss the manager summarily from his employment without any such notice or payment.

15. After determination of this agreement, the manager shall not for …………. years thereafter, be directly or indirectly interested in any business of the kind carried on by the employer within a radius of ……………. miles from the places of business of the employer.

In witness whereof the parties hereto have signed these presents on the day, month and year first above-written.

Signed, sealed and delivered by AB in the presence of:

Signed, sealed and delivered by CD
in the presence of:

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