FREE 10+ Employee Repayment Agreement Samples in MS Word | Google Docs | Apple Pages | PDF

Companies invest a lot of money to recruit and relocate top talent in today’s society, but that same talent is often a target for competitors. An Employee Repayment Agreement is required to ensure that this talented employee does not allow the company to relocate them across the country only to leave in six months to work for a competitor. A Repayment Agreement is a legally binding contract that states that if an employee resigns or is fired by the company within a certain time frame after relocating, the employee agrees to reimburse the company for any relocation expenses paid by the company.

Companies invest a lot of money to recruit and relocate top talent in today’s society, but that same talent is often a target for competitors. An Employee Repayment Agreement is required to ensure that this talented employee does not allow the company to relocate them across the country only to leave in six months to work for a competitor. A Repayment Agreement is a legally binding contract that states that if an employee resigns or is fired by the company within a certain time frame after relocating, the employee agrees to reimburse the company for any relocation expenses paid by the company.

10+ Employee Repayment Agreement Samples

What does an employee relocation repayment agreement entail, and why would you require one? Have you ever worked to consider moving an employee only to be left with a sour taste in your mouth when that employee left, whether by choice or due to life circumstances changing? Employers have a responsibility to protect their employees, but they also have a responsibility to protect their assets, including their bottom line. The overall health of the company depends on putting restrictions and stipulations on relocation benefits. That’s why, in addition to your employee relocation policy, you’ll need a Relocation Repayment Agreement.

1. Employee Repayment Agreement Template

2. Employee Debt Repayment Agreement

3. Employee Overpayment Repayment Agreement

4. Employee Compensation Repayment Agreement

5. Employee Loan Repayment Agreement

6. Employee Training Repayment Agreement

7. Employee Relocation Repayment Agreement

8. Employee Leave Repayment Agreement

9. Employee Expense Repayment Agreement

10. Employee Emergency Repayment Agreement

11. Employee Training Costs Repayment Agreement

3 W’s in Crafting the Agreement

1. What – A Relocation Repayment Agreement is a legal document signed at the start of a relocation that spells out the terms of payback if the employee leaves the company. It covers voluntary leave or termination with cause for a specified period of time during the relocation or for a specified period of time afterward. It should also explain every aspect of the relocation program, as well as how it will be affected if the repayment agreement is implemented.
2. When – The timing of the event that will trigger repayment terms should be specified in the repayment agreement. Typically, this is expressed in terms of the number of months that the employee will be able to stay with the company after the relocation is completed. The most common relocation repayment requires full repayment if employment is terminated within 12 months of relocation, or a prorated amount for up to 2 years if employment is terminated after 12 months. If you’re in the middle of a move when your job ends, you’ll lose any unused benefits right away. It’s important to note, however, that not all benefits or services can be terminated. Household goods that are already on their way, for example, would need to be delivered and all transportation invoices paid.
3. Why – In order to safeguard your relocation investment. Investing in your employees’ professional development, and thus relocation costs is critical to the company’s growth and success. No one wants their employees to defect to a competitor and take their valuable experience with them, especially after spending thousands of dollars on relocation. The expectation is that the employee will stay with the company and contribute to a positive Return On Investment (ROI) for the relocation costs.

FAQs

If you want to see more samples and formats, check out some employee repayment agreement samples and templates provided in the article for your reference.