RENEWAL OF TERM OF SERVICE OF AN EMPLOYEE
THIS AGREEMENT is made the _______ day of ________20__
_____________ Pvt. Ltd. (hereinafter referred to as the Company) a Company incorporated under the Indian Companies Act and having its Registered Office at _____________
_________ s/d/o Mr.______________, resident of ____________________ (hereinafter referred to as the Employee). Together referred to as the Parties.
WHEREAS the Employee has served the Company for a period of ____ years pursuant to an agreement executed between the parties hereto on the ____ day of ____.
AND WHEREAS under clause 8 of the above-referred agreement, it is stated that on expiry of the said agreement the Company and the Employee shall by mutual agreement enter into a contract for employment.
AND WHEREAS it has been agreed between the Parties that the Company shall re-engage the Employee upon the terms and conditions hereinafter appearing in addition to the terms and conditions of the agreement above referred and previously executed between the Parties.
IT IS HEREBY MUTUALLY AGREED BETWEEN THE PARTIES AS FOLLOWS:
1. It is agreed that the Company will employ the Employee as the _____[name of the designation] of the Company.
2. The Employee shall serve the Company for a further period of ___ years from the date of this agreement.
3. The Employee shall be given salary at the enhanced rate of _% of his previous salary.
4. The remaining terms and conditions of this agreement shall be the same as are contained in the aforesaid agreement of the parties dated ____ in so far as they may be applicable to the employment under this agreement and all the terms and conditions contained in the said agreement shall be deemed to have been incorporated in this agreement.
IN WITNESS WHEREOF,the parties have executed this agreement on the date set forth above.
By: _________ ____
(print name and title)