As an employer, you can utilize a repayment agreement template to establish the terms of recovering a credit facility you advanced to them. Typically, this agreement outlines the loan details, repayment schedule, and other relevant terms. This is common, especially for training and relocation costs.
This Employee Repayment Agreement (the "Agreement") is entered into on (Date), by and between [Employer.Company] , a (County/State) corporation with its principal place of business at [Employer.StreetAddress] [Employer.City] [Employer.State] [Employer.PostalCode] (hereinafter referred to as the "Company"), and [Employee.FirstName] [Employee.LastName] , an individual residing at [Employee.StreetAddress] [Employee.City] [Employee.State] [Employee.PostalCode] (hereinafter referred to as the "Employee"). The Company and the Employee are collectively referred to as the "Parties."
The Company has employed the Employee in the capacity of (Job Title) since (Start Date). During the course of their employment, the Employee received certain benefits, including but not limited to (List any benefits or payments received). In consideration for the benefits provided by the Company, and as an inducement for the Company to continue providing such benefits, the Parties hereto agree to the terms and conditions contained herein.
This Agreement supersedes and replaces any prior oral or written agreements, understandings, or arrangements between the Parties concerning the subject matter herein. Any and all prior agreements not expressly referenced herein are null and void.
WHEREAS, the Company and the Employee (collectively referred to as the "Parties") wish to set forth the terms and conditions under which the Company's certain financial obligations will be repaid.
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the Parties agree as follows:
This Agreement aims to set forth the terms and conditions under which the Employee shall repay certain financial obligations to the Company, which are more specifically described and incorporated by reference.
This Agreement shall become effective as of the Effective Date, as mentioned in the introductory paragraph.
IN WITNESS WHEREOF, the Parties hereto have executed this Employee Repayment Agreement as of the Effective Date.