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    Cash Bond Agreement

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    chuchoy888
    The Cash Bond Agreement establishes that an employer provided an employee a cash bond of 200,000 pesos to cover hiring and training costs, and that the employee agrees to work for the employer for 4 years; if the employee resigns or is terminated before the 4 years are up, they must return the full cash bond amount to the employer as liquidated damages. The agreement also specifies that the employer will waive its claim to the cash bond after the employee has worked for 4 years as agreed.

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    Cash Bond Agreement

    Uploaded by

    chuchoy888
    918 views4 pages
    The Cash Bond Agreement establishes that an employer provided an employee a cash bond of 200,000 pesos to cover hiring and training costs, and that the employee agrees to work for the employer for 4 years; if the employee resigns or is terminated before the 4 years are up, they must return the full cash bond amount to the employer as liquidated damages. The agreement also specifies that the employer will waive its claim to the cash bond after the employee has worked for 4 years as agreed.

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    The Cash Bond Agreement establishes that an employer provided an employee a cash bond of 200,000 pesos to cover hiring and training costs, and that the employee agrees to work for the employer for 4 years; if the employee resigns or is terminated before the 4 years are up, they must return the full cash bond amount to the employer as liquidated damages. The agreement also specifies that the employer will waive its claim to the cash bond after the employee has worked for 4 years as agreed.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    918 views4 pages

    Cash Bond Agreement

    Uploaded by

    chuchoy888
    The Cash Bond Agreement establishes that an employer provided an employee a cash bond of 200,000 pesos to cover hiring and training costs, and that the employee agrees to work for the employer for 4 years; if the employee resigns or is terminated before the 4 years are up, they must return the full cash bond amount to the employer as liquidated damages. The agreement also specifies that the employer will waive its claim to the cash bond after the employee has worked for 4 years as agreed.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 4

    CASH BOND AGREEMENT

    This CASH BOND AGREEMENT made and executed this ____ day of

    December, 2012 by and between:

    ____________________, Filipino, of legal age,


    married, with postal address at
    ______________________________________(hereinafter
    called the “EMPLOYER”)

    - and -

    ______________________, Filipino, of legal age,


    married, with postal address at (indicate postal address),
    (hereinafter called the “EMPLOYEE”)

    WITNESSETH: That

    WHEREAS, the EMPLOYER has provided the EMPLOYEE a cash bond in the form of

    a signing bonus in the amount of TWO HUNDRED THOUSAND PESOS (P200,000.00) in view

    of the costs incurred by the EMPLOYER in the process of selection, hiring, and training of the

    EMPLOYEE, and

    WHEREAS, the EMPLOYEE undertakes to work for the EMPLOYER for at least FOUR

    (4) years from the date of her hiring;

    It is therefore agreed that:

    I. TERMS

    1.1 The EMPLOYEE shall work and be employed in the EMPLOYER’s Company

    for a period of FOUR (4) years, or from (indicate date) to (indicate date).
    2

    1.2 The EMPLOYEE is liable to return the entire cash bond in the amount of TWO

    HUNDRED THOUSAND PESOS (P200,000.00) in cash, without need of demand, should the

    Employee resign, be dismissed, or be terminated from her employment with the EMPLOYER’s

    company for any reason whatsoever, before the expiration of the FOUR (4) year period.

    1.3 Since the EMPLOYER will be irreparably damaged if the provisions of this

    Section are not specifically enforced, the EMPLOYER shall be entitled, among other remedies, to

    liquidated damages in the amount of TWO HUNDRED THOUSAND PESOS (P200,000.00).

    1.4 The EMPLOYER will waive its claim to the aforesaid cash bond after the

    expiration of the FOUR (4) year period.

    II. MISCELLANEOUS

    2.01 This Agreement shall be governed by the laws of the Philippines. If any

    provision of this Agreement is declared illegal, invalid, or unenforceable by competent

    court or authority, the legality, validity or the enforceability of the other provisions thereof

    shall not be affected or impaired.

    2.02 This Agreement may not be amended except by a further amendment duly

    executed by all parties who may be affected by the amendment.


    3

    2.03 This Agreement contains the entire agreement of the parties with respect

    to the subject matter and supersedes all the prior understandings and representations

    between the parties.

    IN WITNESS WHEREOF, the parties have hereunto signed these presents the day

    and year first above written.

    Employer Employee

    SIGNED IN THE PRESENCE OF:

    ___________________ ____________________

    ACKNOWLEDGMENT

    Republic of the Philippines)


    ) S.S.

    BEFORE ME, a Notary Public in and for ______ Philippines this __ day of ____ 2012
    personally appeared:

    Name Passport No. Date/Place Issued

    all known to me and to me known to be the same persons who executed the foregoing Cash Bond
    Agreement and they acknowledged to me that the same is their free and voluntary act and deed.
    4

    IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my notarial seal
    on the date and at the place first above written.

    Doc. No.
    Page No.
    Book No.
    Series of

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