agree
agree
Date:
To,
L&T Technology Services Limited,
L&T House, N. M. Marg
Ballard Estate, Mumbai 400 001.
3. Dispute Resolution:
Any dispute or difference arising in connection with the training/employment or under
this undertaking and indemnity shall resolved by reference to arbitration by a sole
arbitrator appointed by LTTS at its sole discretion. The arbitration proceedings shall be
governed by the Indian Arbitration & Conciliation Act, 1996. The language of arbitration
shall be English. Each of LTTS or the Trainee/Employee shall respectively entitled to
approach the Court of competent jurisdiction for such interim reliefs as LTTS of the
Trainee/Employee may in its discretion deem fit. The venue of arbitration shall be at
Mumbai or such other place shall have exclusive jurisdiction. The award of the arbitrator
shall be final and binding on the parties. The governing law shall be the laws of India.
4. I, pursuant to this undertaking and in the premises, hereby indemnify and agree to keep
indemnified LTTS, its Directors, Officers, Employees, agents, its successors and assigns,
of, from and against any/all, losses, cost including actual legal costs, damages, demands,
claims, actions, proceedings charges and expenses, that LTTS or any of them may suffer
or incur or account of any action, legal or otherwise, having to be taken or being taken
against myself by LTTS in the event of breach on my part of any of the conditions
contained herein and/or under the said letter no. ______________________________
Dated________________ addressed by LTTS to me.
Yours sincerely
Signature
GUARANTEE
In consideration of L&T Technology Services Limited having its Registered Office at L&T
House, N. M. Marg, Ballard Estate, Mumbai – 400001 (“LTTS”, which expression shall be
deemed to mean and include its subsidiaries / associate / group Companies, successors in title
and assigns), having agreed to appoint/appointed
Mr./Mrs./Miss.________________________________________
(hereinafter referred to as ‘Trainee/Employee’) as ________________________ w.e.f
__________, in LTTS, on the terms and conditions contained in LTTS letter no.
_________________________ dated _________________ (‘the said letter’) to the
Trainee/Employee;
And in consideration of the fact that, in accordance with the terms and conditions of the said
letter, the Trainee/Employee has furnished an undertaking dated _________________
(undertaking), agreeing inter-alia to pay to ’LTTS at Mumbai, a sum of Rs.200000/- (Rupees two
lakhs only) as liquidated damages, in the event of failure/default on the part of the
Trainee/Employee to perform his/her obligations, contained under the said letter and/or the
Undertaking.
NOW THEREFORE
2. The above amount of Rs.200000/- (Rupees two lakhs only) shall constitute a debt owing
by me/us to LTTS and shall be recoverable by LTTS with interest thereon @ 18% per
annum, from the date of demand by LTTS till repayment thereof by me/us.
3. I/We agree and confirm that any such demand made by LTTS on me/us, by a written
communication at the address given hereunder shall be conclusive as regards
default/breach having been committed by the Trainee/Employee of his/her obligations
and I/We shall not require/be entitled to require any further proof of these facts.
4. That this guarantee is absolute and unconditional and shall be enforced by LTTS against
me/us without any correlation with LTTS’ remedies against the Trainee/Employee,
irrespective of any dispute or difference as to any liability of Trainee/Employee pursuant
to the said letter and/or the Undertaking or otherwise.
5. No relaxation waiver shall in any way impact my/our liability and this guarantee will be a
continuing guarantee and will continue to be binding notwithstanding the death,
insolvency, lunacy or any incapacity or liquidation or dissolution (as the case may be) of
the Trainee/Employee or the guarantor/s.
6. I/We agree that LTTS at its option, shall be entitled to enforce this guarantee against
me/us at the first instance without proceeding against the Trainee/Employee.
7. I/We, in the premises, hereby indemnify and keep indemnified LTTS, its Directors,
Officers, employees, agents, its successors and assigns of, from and against any/all,
losses, cost including actual legal costs, damages, demands, claims, actions, proceedings
charges and expenses, that LTTS or any of them may suffer or incur on account of any
action, legal or otherwise, having to be taken or being taken against me/us by LTTS in
the event of breach on my/our part of any of the conditions contained herein.
8. Any dispute or difference arising in connection with this guarantee shall be resolved by
reference to arbitration by a sole arbitrator appointed by LTTS at its sole discretion. The
Arbitration & Conciliation Act, 1996. The Language of arbitration shall be English.
Either of the parties shall be respectively entitled to approach the Court of competent
jurisdiction for such interim reliefs as the parties may in their discretion deem fit. The
venue of arbitration shall be at Mumbai or such other place as LTTS may in its sole
discretion decide and Courts at Mumbai or such other place shall have exclusive
jurisdiction. The award of the arbitrator shall be final and binding on the parties.
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