Terms and Conditions of Employement
Effective Date: Jan 01, 2025
Last Updated: Jan 24, 2025
1. Confidentiality & Non-Disclosure
The employee shall not disclose any proprietary, technical, financial, or business-related information belonging to the Company, its clients, or third-party associates during or after their employment.
All information, documents, software source code, system architecture, client data, strategies, and reports are considered confidential and the sole intellectual property of the Company.
Breach of this clause will lead to legal action and financial penalties as decided by the Company.
2. Ownership of Work
All code, designs, databases, technical documentation, and assets developed by the employee during their tenure remain the exclusive property of the Company.
Employees assigned as Project Managers, Developers, Testers, or Coordinators are personally accountable for safeguarding the integrity, completion, and proper handover of the project.
In the event of source code loss, data breach, or misuse of company-developed assets, the responsible employee(s) must:
- Accept full liability, and
- Compensate the company for any financial damage or fines as determined by internal assessment.
3. Salary Deductions for Delays or Negligence
If an employee fails to complete a project or assigned task within the committed timeline without valid reason or prior approval, the Company reserves the right to:
- Withhold or deduct a portion of salary in proportion to the impact caused.
- Impose penalties or bonus revocations as part of the performance review.
Employees who abandon a project midway or resign without proper transition/handover will be held responsible for any damages caused.
4. Employment Policies
- Working hours, leave entitlement, remote work, security access, and performance reviews will be governed by Company’s internal HR Policy Manual (shared separately).
- Employees are expected to follow the highest standards of professional conduct, collaboration, and accountability.
5. Outside Work & Conflict of Interest
- Employees are not permitted to engage in freelance, contract, or private software work that competes with or conflicts with the Company’s business during their employment.
- Any business association, part-time employment, or advisory role must be disclosed and approved in writing by management.
6. Termination Clause
Either party may terminate this agreement with a 30-day written notice or payment in lieu thereof.
The Company reserves the right to terminate employment with immediate effect in case of:
- Breach of confidentiality
- Misuse of company data, assets, or reputation
- Insubordination or serious misconduct
- Repeated failure to meet responsibilities
7. Legal Enforcement
In case of damages caused by negligence or breach of contract, the Company has the right to initiate legal proceedings and recover financial losses from the employee.
8. Contact Us
If you have any questions about these Terms and Conditions, please contact us at:
📧 Email: info@budgetappstudio.com
📞 Phone: +91 99446 81840
🌐 Website: https://budgetappstudio.com
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