CarData, Inc. Training Repayment Agreement Summary
- Training Investment: CarData, Inc. provides specialized vehicle photography & Lot training for employees as part of the company’s professional development program.
- Repayment Clause: If the employee leaves CarData, Inc. within 6 months of completing the training, they agree to repay the company $1,500 for the cost of the training.
- Prorated Repayment Terms:
- $250 will be deducted for each full month the employee stays with the company after completing the training.
- If the employee leaves within 6 months, they will be required to repay the remaining balance of the $1,500 after deductions for the months worked.
- For example, if the employee leaves after 3 months, they will owe $1,500 – ($250 x 3 months) = $750.
- Reason for Agreement: This agreement is designed to allow CarData, Inc. to recover a portion of the training costs if the employee chooses to leave the company soon after completing the training.
- Enforceability:
- The prorated structure is intended to make the repayment obligation fair and reasonable.
- The agreement is enforceable as it reflects the company’s investment in the employee’s training and provides a gradual reduction based on tenure.
- Employee Acknowledgement:
- All Team Members are required to read, acknowledge & sign our Training repayment Agreement
This agreement reflects the prorated repayment structure, with deductions for each month worked, providing a fair and clear approach.