RECESSION OF AN EMPLOYMENT AGREEMENT
RESCISSION OF AN EMPLOYMENT AGREEMENT
THIS AGREEMENT IS MADE BETWEEN ____________________________ (hereinafter referred to as the Company), a company incorporated under the Indian Companies Act and with its Registered Office at ____________________ AND Mr. _______________________________ s/d/o ___________________________, (hereinafter referred to as the Employee). Both Parties together referred to as the Parties.
WHEREAS the Employee has been in the service of the Company for a period of _______ years, pursuant to an agreement executed between the parties hereto dated _______.
AND WHEREAS under clause 13 of the Agreement, it is stated that if the Employee commits misconduct, the Company may terminate the services of the Employee. As per the said clause, a notice was duly served on the Employee asking him for an explanation, or in the alternative to show cause as to why his services should not be terminated. The Employee has not replied to the said notice with a satisfactory explanation, and the period of notice has ended.
NOW IT IS AGREED BETWEEN THE PARTIES AS FOLLOWS:
The employment of the Employee with the Company under the Agreement shall cease from the date hereof, and from the same date all provisions of the Agreement shall cease to be effective.
In consideration of the sum of Rs. ____________ paid by the Company to the Employee (receipt of which the Employee hereby acknowledges), the Employee releases the Company from all claims and demands under the said agreement, whether relating to salary, allowance, compensation, damages or otherwise.
The Employee shall, on or before the ________ day of _________, hand over possession of the quarters occupied by him under the said agreement; and if he defaults, he shall pay the Company, as liquidated damages, the sum of Rs. ____ for every day after that date during which he keeps possession thereof.
IN WITNESS WHEREOF, the parties have executed this agreement on the date set forth above.
For the Company
Signature: _______________
Name: _______________
Designation: _______________
The Employee
Signature: _______________
Name: _______________
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