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ANNUAL LEAVE ADVANCE REPAYMENT AGREEMENT Date: Employee: Principal Investigator: This will confirm that the following arrangement has been made with respect to the advancement of annual leave for
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How to fill out annual leave advance-repayment agreement
How to fill out annual leave advance-repayment agreement:
01
Start by identifying the parties involved in the agreement. Include the full names and contact information of both the employer and the employee.
02
Clearly state the purpose of the agreement, which is to outline the terms and conditions of the employee requesting an advance on their annual leave entitlement and the repayment agreement.
03
Specify the amount of the advance and how it will be calculated. Include any applicable interest or fees that may be charged on the advance.
04
Outline the repayment terms, including the repayment schedule and the method of repayment. Specify whether it will be deducted from future salary payments or if the employee is required to make separate payments.
05
Include any conditions or restrictions on the use of the advance. For example, state that the advance should only be used for specific purposes, such as emergency expenses, and not for personal use.
06
Include a clause that states the consequences if the employee fails to repay the advance as agreed upon. This could include additional fees, interest charges, or even legal action.
Who needs an annual leave advance-repayment agreement:
01
Employers who offer the option for employees to request an advance on their annual leave entitlement may require an annual leave advance-repayment agreement.
02
Employees who wish to request an advance on their annual leave may need to enter into an agreement with their employer to outline the terms and conditions of the advance and the repayment.
03
This agreement can be beneficial for both parties, as it ensures that the terms of the advance and repayment are clearly stated and understood, minimizing any potential misunderstandings or disputes in the future.
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