Memorandum of Undertaking is basically the agreement done on mutual consent under certain terms and conditions.It is done for business partnership and on agreement of certain contracts.
It also indicates the common line of action between the two parties. It is the beginning step of legal agreement.
I, (Name of the person) __________________, S/o (Father´s Name) Shri. _______________________, Aged_____ years, R/o _____________________________________ (Permanent address to be mentioned), pursuant to my selection & appointment as _____________________ at ________________________Unit, do hereby execute this Bond/ Memorandum of Undertaking (hereinafter referred to as MOU for convenience) in favour of M/s______________________________________ (hereinafter referred to as “Company” for convenience) and agree and hereby giving my full consent as follows
1. I therefore consent to serve the "Organization" in the position & salary offered to vide Offer letter Dated._____________ for a minimum period of 1 (ONE)
2. Year commencing from the date of execution of this MOU.
3. I do hereby agree to the existing rules and regulations of the “Company” and rules and regulations framed / amended from time to time.
4. I do hereby agree that during the said period of 2 (TWO) years I shall not leave the “Company” for any reason whatsoever. I also agree that in the event
5. I intends to leave the “Company” for any reason whatsoever prior to the completion of the said minimum period of 2 (TWO) years from the date of execution of this MOU, I will compensate the “Company” by paying an amount equivalent to sum of “Six Months” total emoluments at the rate of emoluments last drawn by me.
6. I do hereby undertake that during the tenure of my working with the “Company”, I shall serve the “Company” faithfully and diligently, devote my whole
7. Time and shall comply with all directions and orders of the “Company” and / or its Officers and / or authorities under whom my services are placed by the
8. “Company” from time to time. Further I shall not divulge or disclose any of the secrets of the Company and engage myself and / or have any concern with
9. Any other firm / Company or business or organization at any time during the tenure of my service with the “Company”. In case I found guilty of committing
10. Insubordination, insult or disobedience to any of my superiors, gross neglect of work, non-performance, carelessness, damage of equipment, interfering with
11. The records of the “Company” etc., I shall be liable for any disciplinary action including dismissal by the “Company” and in such event the “Company “shall not
12. Liable to pay to me any compensation as mentioned in Clause 3 of this MOU.
13. I do hereby undertake to leave from the service of the “Company” if I found medically unfit to continue the service anymore and I will not be entitled for any compensation
14. I do hereby undertake that I am not entitled to leave the employment with any notice period during the period of minimum guaranteed service as per this MOU and entitled to leave the employment by following the due procedure prescribed in the terms & conditions of my appointment, only after serving the said minimum guaranteed period as per MOU.
15. I do hereby undertake that the relevant provisions of the Staff Rules and regulations of the “Company”, which are not contrary to what been expressly referred to in the present MOU, shall be binding on me.
16. I do hereby undertake that after completion of 1 (ONE) year of agreement, I shall be deemed to continue in service with the “Company” until termination by either side.
I declare that I am executing this MOU in favour of “Company” with my own will and consent in presence of the following witnesses on this the _______ (date) day of ____________ (month) (year) at ______________ (place).
Witnesses (with address)