Binding Contract
WITNESSETH
WHEREAS, (OUR COMPANY) desires to send TTE temporarily to (Overseas COMPANY) under the agreement with (Overseas COMPANY) in order to
contribute ‘Cost down and Profit making’ of (OUR COMPANY) and (Overseas COMPANY) and to develop his or her engineering capability
for future development of (OUR COMPANY);
WHEREAS, TTE desires to work with (Overseas COMPANY) as a temporarily transferred employee from (OUR COMPANY) to (Overseas COMPANY) in
order to contribute ‘Cost down and Profit making‘ of (OUR COMPANY) and (Overseas COMPANY) and to develop his or her engineering
capability for future development of (OUR COMPANY);
NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, (OUR COMPANY) and
TTE hereby agree as follows:
1. TTE agrees to complete the entire assignment with (Overseas COMPANY) and agrees to remain employed with (OUR COMPANY)
upon his/her return to the Philippines rendering obligatory service for at least three (3) years.
2. in case the TTE resigns or terminates his/her employment with (OUR COMPANY) or is separated for any of the just
causes under the law, before or anytime prior to the completion of his/her obligatory service for at least
three (3) years, (OUR COMPANY) shall have the right to recover from TTE certain costs such as but not limited to
the following: airfares, accommodations, allowances, and other expenses incurred during (Overseas COMPANY)
assignment. _
3. For TTE’s non-fulfiilment of the entire assignment and obligatory service the following shall be observed:
3.1 For non-fulfillment of the entire assignment the payment shall be Php 150,000.00
3.2 For non-fulfillment of the obligatory service, the service rendered shall be considered reckonable
and the computation of the costs to be paid by TTE shail be reduced according to the schedule
hereunder.
Period of Service Amount to be Paid
- 0 to 6 Months - 250,000
7 to 12 Months 200,000
13 to 18 Months 150,000
19 to 24 Months 100,000
25 to 30 Months 50,000
31 to 36 Months 25,000
3.3 For breach of contract, payment shall be made by TTE on or before resignation effectivity.
3.4 This binding contract becomes due and demandable should the TTE decides to terminate his/her
employment with (OUR COMPANY). The outstanding balance paid in a staggered manner shall be charged an
interest rate of twelve percent ('l2%)_ per annum until fully paid, based on diminishing principal
balance, and shall be amortized over a duly approved specific period.
3.5 All payments must be in cash and/or check.
in case TTE shall not comply with paragraph 3, (OUR COMPANY) shall sue the TTE for damages for breach of
contract.
Two (2) immediate family members (father, mother, spouse and etc,) of the TTE shall be the guarantors
and shall guarantee the execution of this Binding Contract by signing hereunder.
ln case the TTE will not pay, the Guarantor shall pay to (OUR COMPANY).