Reimbursement IOU
Reimbursement IOU
I. Parties Involved:
This agreement is entered into between:
-
[YOUR COMPANY NAME], hereinafter referred to as the "Company," represented by [AUTHORIZED REPRESENTATIVE'S NAME], with a registered office at [COMPANY ADDRESS] and contact number [YOUR COMPANY NUMBER].
-
[EMPLOYEE'S NAME], hereinafter referred to as the "Employee," with a residential address at [EMPLOYEE ADDRESS] and contact number [EMPLOYEE PHONE NUMBER].
II. Purpose of Agreement:
This IOU is issued to document and acknowledge the indebtedness of the Employee to the Company for expenses incurred during the course of employment with the Company.
III. Description of Expenses:
The Employee has incurred the following expenses on behalf of the Company:
-
Date: [DATE OF EXPENSE]
-
Description of Expense: [BRIEF DESCRIPTION]
-
Amount: [AMOUNT IN CURRENCY]
IV. Reimbursement Terms:
The Company agrees to reimburse the Employee for the aforementioned expenses upon submission of valid receipts and documentation supporting the expenses incurred.
V. Repayment Agreement:
The Employee hereby acknowledges and agrees to repay the Company in full for any expenses not supported by valid receipts or deemed ineligible for reimbursement by the Company's expense policy.
VI. Reimbursement Procedure:
The Employee shall submit an expense report detailing the expenses along with original receipts to the Company's finance department within [NUMBER OF DAYS] days from the date of this IOU.
VII. Interest and Late Payment:
In the event of late repayment, the Employee shall be liable to pay interest on the outstanding amount at a rate of [INTEREST RATE]% per annum calculated from the due date until the date of repayment.
VIII. Governing Law:
This agreement shall be governed by and construed in accordance with the laws of the jurisdiction of [YOUR COUNTRY], and any disputes arising out of or in connection with this agreement shall be subject to the exclusive jurisdiction of the courts of [YOUR COUNTRY].
IX. Signatures:
In witness whereof, the Parties hereto have executed this agreement as of the date first above written.
[YOUR NAME]
[EMPLOYEE'S NAME]
