Agreement between Firm and its Manager
THIS AGREEMENT is made between A. B. as in Precedent No. 4 (hereinafter called the ‘‘Firm’’) of the one part and C. D., etc., (hereinafter called the ‘‘Manager’’) of the other part.
WHEREAS the above-named firm advertised in ‘‘The Hindustan Times’’ for a Manager to work at their . . . . . . . . . Branch on a remuneration of Rs . . . . . . . . . . . . per month and the aforesaid C. D. in response to the said advertisement applied to be appointed as such manager:
NOW, THEREFORE, THIS AGREEMENT WITNESSES that in consideration of the monthly pay of Rs . . . . . . . . . with yearly increment of Rs . . . . . . . . . till the maximum of Rs . . . . . . . . . is reached the Manager hereby undertakes to serve the Firm on the terms and conditions hereinafter appearing:
1. That the Firm shall pay to the Manager by way of salary a sum of Rs . . . . . . . . . per month, with a yearly increment depending on the faithful and efficient service of the Manager of Rs . . . . . . . . . till a maximum of Rs . . . . . . . . .p.m. is reached AND the Manager in lieu thereof, undertakes to work at . . . . . . . . . branch of the said firm as Manager of the said branch.
2. That the Manager shall be paid interest on the sum of Rs 1,000 deposited by him with the Firm at the current bank rate of . . . . and the said sum of Rs, 1,000 shall be kept with the Firm by way of security for honest behaviour and shall keep the Firm indemnified against all loss or damage resulting from the Manager’s wilful acts of commission or omission in the discharge of his duties as such Manager.
3. That the Manager shall, during the period of his service, faithfully serve the Firm and shall at all times devote his time and energies to honestly and diligently managing, superintending, organising and improving the business of the Firm, and shall do and perform all such services, acts, matters and things connected therewith as the Firm, or its officers appointed in this behalf shall from time to time direct.
4. That the Manager hereby undertakes not at any time to divulge any matter relating to the business of the Firm or its customers or agents, which may come to his knowledge as such Manager and the disclosure of which may result in loss, pecuniary or otherwise to the Firm, its business, its customers or its agents.
5. That the Manager shall keep or cause to be kept through such employees as the Firm may approve all such books of account as may be required by the Firm and shall regularly keep or cause to be kept accurate entries therein of all daily sales, income, expenses and stocks or any other matter regarding the business or dealings of the Firm. A balance sheet of the profit and loss of the branch shall be made under the Manager’s signature every six months and furnished to the Firm or to such officers as may be appointed in this behalf. The Manager shall also produce for inspection all such books of account and shall allow any officer empowered to check the said books of account to make any remarks therein as may be necessary.
6. That the daily turnover of the branch shall be kept in the Bank or Banks (approved by the Firm in writing) in account or accounts opened in the name of the Firm. The Manager shall not keep any monies of the Firm over and above Rs . . . . . . . . .with him or in the Firm’s office. The Manager shall be and is hereby authorised to draw, endorse and negotiate any cheque, hundi or bill of exchange issued or drawn by or in favour of the Firm. The Manger shall also be and is hereby authorised to operate all accounts of the Firm at. . . . . . . . .whether at the Bank or otherwise.
7. That the Manager shall be bound by the rules of conduct and the rules regarding leave as may be current or amended from time to time by the Firm and applicable to other employees of the Firm.
8. That in the event of illness or other causes incapacitating the Manager from the active discharge of his duties for more than. . . . . . . . .consecutive weeks, the Firm may at its discretion terminate the services of the Manager on payment of one month’s pay and any other monies which may be due to the Manager.
9. That either party may determine this agreement by giving to the other . . . . . . . . . . . . . . . calendar months’ notice in writing.
10. That during the continuance of his service and thereafter for a period of . . . . . . . . . . . . . years the Manager shall not, directly or indirectly, be interested in any other company, person or firm carrying on similar business in the same districts. On dismissal for any cause involving misconduct, dishonesty, neglect or other such like causes the Firm shall not be liable to the payment of any pay in lieu of notice and may at its option terminate the services of the Manager at once. Any loss arising to the Firm on account of such misconduct, dishonesty, neglect or other such like causes, may be deducted from the security money of the Manager deposited with the Firm and the balance, if any, returned to the Manager.
In WITNESS whereof, etc., as in Precedent No. 4.
Sd. A. B.
Witnesses: Firm’s Partner.
1. Sd. C. D.