To be executed in non-judicial stamp paper of appropriate value as applicable

to the State of execution.

SPECIMEN

SERVICE AGREEMENT
WHEREAS Shri/Ms.
, residing at

, son /daughter of

has been selected to be appointed as Administrative Officer (Scale I) in United India

Insurance Company Limited (hereinafter referred to as Company) on probation for
a period of one year which may be extended by a further period of six months, on a
basic salary of Rs.17,240/- per month in the grade of Rs.17240-840(14)-29000910(4)-32640 plus such other allowances as may be admissible under the rules in
force from time to time and subject to revision of the pay scales, if any.
AND WHEREAS Shri/Ms.
has agreed to serve the
Company for a period of four years from the date of joining the Company which
includes the period of probation or the extended period of probation.
AND WHEREAS the Company and the said Shri/Ms.
have
agreed to terms and conditions hereinafter mentioned, which should be enforced in
the event of the breach of agreement that the said Shri/Ms.
shall serve the Company for a period of four years from the date of joining the
industry.
AND WHEREAS Shri/Ms.
residing at
AND Shri/Ms.

son of/daughter of
son of/daughter of

residing at
stand Sureties for the said Shri/Ms.

, have agreed to

Now, therefore, it is hereby agreed and declared as follows:1.

The Company shall place the said Shri/Ms.

with effect
from the date of his/her joining the Company on a basic salary of
Rs.17,240/- in the time scale of Rs.17240-840(14)-29000-910(4)-32640 plus
such other allowances as may be admissible under the Rules in force from
time to time.

2.

The said Shri/Ms.

agrees that he/she shall serve
the Company faithfully and diligently for a period of four years from
the date of his/her joining the Company.

3.

The said Shri/Ms.

agrees to pay to the Company
liquidated damages equivalent to the actual gross salary paid to
him/her but not exceeding the amount of gross salary for one year,
in the event of his/her voluntarily resigning from the services of the
Company in addition to an amount of Rs.25,000/- ( TWENTY FIVE
THOUSAND ONLY) towards partial cost of training. In the event of
his/her voluntarily resigning after completion of one year but before
completing four years of service, the
liquidated damages shall be
proportionately reduced depending on the length of service rendered
after completion of the probation period of one year.

4.

The said Shri/Ms.

further agrees that the amount of
liquidated damages payable as aforesaid shall be deemed to be a debt
due by him/her to the Company.
....2

:: 2 ::
5.

The Company reserves the right to terminate, dismiss or discharge the said
Shri/Ms.
if in the opinion of the Company, the said
Shri/Ms.
is found to be inefficient or incompetent in the
discharge of his duties or for dishonesty, fraud or any misconduct or for
breach of the rules and regulations of the industry or for any circumstances
which in the opinion of the management of the Company warrant such action
and the decision of the Company shall be final and binding.

6.

The said Shri/Ms.

shall not either during the continuance
of his/her employment or thereafter except in the proper course of his/her
duties divulge to any person, information concerning the business or finance
of the Company which may come to his/her knowledge during or in the
course of his/her employment.

7.

The said Shri/Ms.

residing at
and Shri/Ms.
residing at
hereby guarantee jointly and severally the repayment of the debt due by the
said Shri/Ms.
in accordance with the provisions of this
Agreement and agree and undertake that they shall be jointly and severally
liable to the Company for the repayment of the said debt in the event of the
said Shri/Ms.
failing to repay the debt to the Company on
demand. It is hereby further mutually agreed and declared that the said
Sureties Shri/Ms.
and Shri/Ms.
shall not be discharged or released from the guarantee by any arrangements
made between the said Shri/Ms.
and the Company with or
without the assent of any of the said Sureties or by any forbearance whether as
to payment, time, performance or otherwise.

SIGNED AND DELIVERED AT

Day of

on this

2013.
(Signature of Candidate)
(Signature of the first surety)
(Signature of the second surety)

WITNESSES :

(1)

(2)

NAME:
ADDRESS:

SIGNATURE OF WITNESS (1)

To

SIGNATURE OF WITNESS (2)

United India Insurance Company Limited

Head Office, HR Department
24,
Whites Road
CHENNAI 600 014.
Dear Sirs,
I am pleased to inform you that I am prepared to execute a Surety Bond in favour of
UNITED INDIA INSURANCE COMPANY LIMITED to secure that Shri / Smt.
/Kum.
S/o / D/o
will serve the Company for a period of four years from the date of his/her joining the
Industry.
The information required by you is furnished herein below and I hereby declare that
all the entries in this form are true and correct:
1.

Name in full

2.

Present Residential Address

3.

Permanent Residential Address

4.

Age

5.

Relationship with the candidate

6.

Place of employment, Name of

Employer & Salary and other
Emoluments (to be shown seperately)

Details of immovable property

owned within Municipal limits

a)

Situation

b)

Value

7.
8.

:
:

c)
Annual rent realised
(Please specify whether the Immovable
Property consists of House or Lands)

:
:

9.

Is the Property free from encumbrances? :

10.

A. Nature and Value of business

B. Annual turnover

C. Annual profits

Have you always been solvent

11.

Place :
Date :

Yours faithfully,
(Surety)