A retainer agreement is an agreement between an employer and employee that specifies the terms and conditions for the employee`s services over a specified period of time. In this article, we will discuss the retainer agreement format for employees in India.
The retainer agreement format in India typically includes the following sections:
1. Parties involved: This section should mention the name and address of the employer and employee.
2. Scope of work: This section should outline the job responsibilities of the employee, including the type of services they will provide, the expected deliverables, and the timeline for completion.
3. Remuneration: This section should specify the amount the employee will be paid for their services, the frequency of payment, and any other benefits or perks they will receive.
4. Expenses: This section should state whether the employer will reimburse the employee for any expenses incurred while performing their duties.
5. Termination: This section should outline the grounds for termination of the agreement and the notice period required by both parties.
6. Confidentiality and intellectual property: This section should state that the employee will keep the employer`s confidential information confidential and that any intellectual property developed by the employee during their retainer period belongs to the employer.
7. Governing law and jurisdiction: This section should specify the law that will govern the agreement and the jurisdiction in which any disputes will be resolved.
The retainer agreement format for employees in India should be drafted in accordance with the Indian Contract Act, 1872. It should be signed by both the employer and employee and properly stamped and registered with the local authorities, if required by law.
In conclusion, a well-drafted retainer agreement can help employers in India to secure the services of a skilled employee for a specified period of time. By following the appropriate format, employers can ensure that their interests are protected and that the agreement is legally binding.
