Common use of Related Party Clause in Contracts

Related Party. Except as disclosed to the company, no existing contractual obligation of an employee is with any of the company or with any of the subsidiary of such a company, having directly or indirectly, owns or controls any material assets or material properties which are used in the company’s business and to the knowledge of the company, no related party, directly or indirectly, engages in or has any significant interest in or connection with any business which is, or has been within the last two years, a competitor, customer or supplier of the company or has done business with the company or which currently sells or provides products or services which the similar or related to the products or services sold or provided in connection with the Business. Further he/she has been restricted to engage in any of the business, with any company, firm or body corporate in which he/she is an interested party, director, employee or partner of that company, firm or body corporate. In violation of this clause company with its discretion can terminate this agreement with immediate effect and take appropriate legal action as required. In witness whereof the parties hereto as of the day and year set out below have duly executed this agreement on the I hereby declare that: 1. No verbal commitments/ promises have been made other than the terms and conditions mentioned in the Employment Agreement (in writing). 2. I have read and understood all the terms and conditions of this Employment Agreement carefully and accepted the same. 3. The Employment Agreement renewal is based on Management Discretion taking into consideration my performance and would be re discussed only after the existing Employment Agreement has been ethically completed. 4. In case I breach any of the provisions or clauses of the Employment Agreement or the policy, I would cooperate and adhere to the Termination / Disciplinary policy at Mount Meru Group of Companies.

Related Party. Except as disclosed to the company, no existing contractual obligation of an employee is with any of the company or with any of the subsidiary of such a company, having directly or indirectly, owns or controls any material assets or material properties which are used in the company’s business and to the knowledge of the company, no related party, directly or indirectly, engages in or has any significant interest in or connection with any business which is, or has been within the last two years, a competitor, customer or supplier of the company or has done business with the company or which currently sells or provides products or services which the similar or related to the products or services sold or provided in connection with the Business. Further he/she has been restricted to engage in any of the business, with any company, firm or body corporate in which he/she is an interested party, director, employee or partner of that company, firm or body corporate. In violation of this clause company with its discretion can terminate this agreement with immediate effect and take appropriate legal action as required. In witness whereof the parties hereto as of the day and year set out below have duly executed this agreement on the Employee CEO General Manager HR – Mount Meru Group I hereby declare that: 1. No verbal commitments/ promises have been made other than the terms and conditions mentioned in the Employment Agreement (in writing). 2. I have read and understood all the terms and conditions of this Employment Agreement carefully and accepted the same. 3. The Employment Agreement renewal is based on Management Discretion taking into consideration my performance and would be re discussed only after the existing Employment Agreement has been ethically completed. 4. In case I breach any of the provisions or clauses of the Employment Agreement or the policy, I would cooperate and adhere to the Termination / Disciplinary policy at Mount Meru Group of Companies.