Creating a Legally Binding Contract

Educational Agreement:

Name:

Institution:

This Educational Agreement is entered into as of the date of the last signature affixed hereto, by and between the Company and the staff that wish to pursue further education while still working at the company (Washington, 2005). 

In consideration of the mutual promises and covenants set forth herein, and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Company and Employee hereby agree as follows:

1. The Company will facilitate the furtherance of the educational qualifications of any Employee in any position at the company. The company retains the right to change the working schedule, title, duties and reporting relationships as may be established to best serve the purposes of the Company during the employee’s study period provided, however, that any such change in Employee's duties shall be consistent with Employee's training, experience, and qualifications (Washington, 2005). 

The terms and conditions of the Employee's educational contract while in employment shall, to the extent not addressed or described in this Educational Agreement, be governed by the Company's Policies and Procedures Manual and existing practices. In the instance that there is any contradiction between this educational contract and the Policies and Procedures Manual or existing practices, the terms of this Agreement shall govern (Lockton, 2006). 

2. This educational contract shall take effect from 4th September 2015 and shall continue for a duration of three (3) years, upon whose expiry the educational contract shall be on an "at will" basis, unless: The educational contract is terminated by either party in accordance with the terms of this Agreement. Such term of the educational contract may be extended or shortened by a subsequent agreement duly executed by each of the parties to this Agreement, in which case such agreement would be guided by the terms of the new contract.

3. The employee shall be paid a basic salary of $150 weekly, which is $ 1800 annually during the period of the educational contract. The payment of the basic salary shall be in the same manner and on the same payroll schedule in which all Company employees receive payment. Any increases in Employee's Basic Salary during the and after the educational contract shall be in the sole discretion of the Company Management, and nothing herein shall be deemed to require any such increase (Lockton, 2006). 

4. The Employee acknowledges and agrees that he is being offered a position to further his education and agrees that this Educational Agreement is contingent upon their successful performance of company duties as required for the position they hold.

5. The Educational Contract with the Company may be terminated, prior to the expiration of the term set in this agreement, in accordance with any of the following provisions: Termination by the Company without Cause, termination by Employee and termination By Death or Disability (Washington, 2005). 

IN WITNESS WHERE OF, Company and Employee have executed and delivered this Agreement as of the date written below.

_________________________

Company, Inc.

By: ___________________________

Name: _________________________

Title: __________________________

References

Lockton, D. (2006). Employment law. Basingstoke: Palgrave Macmillan.

Washington, S. (2005). The educational contract.