RELOCATION BENEFIT AGREEMENT
This Relocation Benefit Agreement (the "Agreement") is made and entered into as of [Month Day, Year], by and between:
[Your Name], the CEO of [Your Company Name], a corporation organized and existing under the laws of the State of California with its principal place of business located at [Your Company Address] (hereinafter referred to as the "Company"), and
[Second Party], an individual residing at [Second Party Address] (hereinafter referred to as the "Employee").
Collectively referred to as the "Parties."
WHEREAS
The Company has offered a position to the Employee that requires the Employee to relocate to a new geographic location; and
WHEREAS
The Employee has accepted the Company's job offer and is willing to relocate under the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants, terms, and conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
Scope of Relocation Benefits
A. Moving Expenses: The Company agrees to cover reasonable moving expenses, including but not limited to, the costs of packing, transporting, and unpacking the Employee's household goods and effects.
B. Temporary Housing: The Company will provide or reimburse the Employee for up to 30 days of temporary housing near the new work location.
C. Travel Costs: The Company will cover economy-class airfare for the Employee and immediate family members for one-way travel to the new location.
D. Settlement Services: The Company shall provide services to help the Employee find a new permanent residence, schools for children, and other essential amenities.
E. Miscellaneous Expense Allowance: The Company will provide a one-time allowance of $5,000 to cover miscellaneous expenses related to the relocation.
Terms of Payment
A. Receipt Submission: The Employee must submit all relevant receipts to the Company's HR Department within 30 days of incurring each expense.
Review and Reimbursement: Upon receiving and reviewing the submitted receipts, the Company will reimburse the Employee within 14 days.
B. Repayment: Should the Employee voluntarily terminate employment within one year from the relocation date, the Employee shall be obligated to repay the full amount of relocation benefits provided.
Compliance and Reporting
A. Records: The Employee shall maintain accurate records of all expenses incurred in the relocation process.
B. Audit: The Company reserves the right to audit these records to ensure compliance with this Agreement.
Termination
Either Party may terminate this Agreement upon a material breach of its terms, after giving the breaching Party an opportunity to cure the breach within a reasonable period.
Governing Law and Jurisdiction
This Agreement shall be governed by the laws of the State of California, and any legal action related to this Agreement shall be brought exclusively in the state or federal courts located in California.
Entire Agreement
This Agreement constitutes the entire understanding between the Parties regarding the subject matter herein and supersedes all prior oral agreements. Any amendments must be in writing and signed by both Parties.
IN WITNESS WHEREOF, the Parties hereto have executed this Relocation Benefit Agreement as of [Month Day, Year].
Company Representative: Employee:
[Your Name] [Name]
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