Memorandum of Agreement
MEMORANDUM OF AGREEMENT This Memorandum of Agreement (herein referred to as “Agreement”) is made and entered into the City of Cabanatuan, Philippines by and between: Land Bank of the Philippines “Land Bank of the Philippines” with office address at 3/F Land Bank Building, Gabaldon St. , Cabanatuan City, Represented by its Department Manager II, Nueva Ecija Lending Center, Mr. Eduardo N. Reyes, Jr. , herein after referred to as Land Bank of the Philippines. -and- WESLEYAN UNIVERSITY – PHILIPPINES “WESLEYAN UNIVERSITY – PHILIPPINES”, Mabini Extension, Cabanatuan City, represented by Dean, College of Business and Accountancy, DR.
MARIA VICTORIA M. ALVAREZ herein after referred to as WESLEYAN UNIVERSITY – PHILIPPINES. WHEREAS, Land Bank of the Philippines in its concern to enhance the training and development of more and better professionals, has teamed up with WESLEYAN UNIVERSITY – PHILIPPINES for an On-The-Job Training Program (“Program”) to provide training and support to the students of WESLEYAN UNIVERSITY – PHILIPPINES, College of Business and Accountancy on the current trends and latest developments in the industry, and, to expose them to actual industry situations, thereby enhancing their formal schooling.
NOW, therefore, for and in consideration of the foregoing premises, Land Bank of the Philippines and WESLEYAN UNIVERSITY – PHILIPPINES hereby agree on and stipulate the following: MR. EDUARDO N. REYES, JR. DM II – Department Manager/Head, NELC A. Land Bank of the Philippines shall: 1. Undertake the selection process of the recommended students in adherence to Land Bank of the Philippines policies and guidelines in the section for its purpose; 2.
Provide the venue3 and assign personnel to take charge as well as supervise on-the-job training of students; 3. Provide WESLEYAN UNIVERSITY – PHILIPPINES students information, training, and support; 4. Provide students exposure to actual office environment; 5. Accomplish the evaluation forms required by WESLEYAN UNIVERSITY – PHILIPPINES in connection with to the on-the-job training of their students; 6. Issue certificate of completion to students who successfully finished their training under this program; and 7.
Designate an employee who will coordinate with WESLEYAN UNIVERSITY – PHILIPPINES the various activities under this program. DR. MARIA VICTORIA M. ALVAREZ Dean, College of Business and Accountancy B. WESLEYAN UNIVERSITY – PHILIPPINES shall: 1. Recommend students who will undergo on-the-job training under this program for final selection,/acceptance by Land Bank of the Philippines; 2. Designate a Representative who will coordinate with Land Bank of the Philippines on the various activities under this program; and 3.
Together with the students, faculty and parents concerned renounce and waive any claim against Land Bank of the Philippines for any injury or loss that the trainees may suffer, personal or pecuniary, in the performance of their duties and functions while under the training not attributable to the negligence or willful act of any of the personnel of Land Bank of the Philippines. The waivers of the concerned parties shall be submitted to Land Bank of the Philippines prior to the commencement of the training, which forms part of this agreement.
C. Under this program, the following terms and conditions are likewise included: 1. It is expressly understood that there will be no employer-employee relationship between Land Bank of the Philippines and the trainees of WESLEYAN UNIVERSITY – PHILIPPINES; 2. The trainees will be personally for any and all liabilities for damage to property or injury to third persons, which may be occasioned by their international or negligent acts while in the course of their training; 3. WESLEYAN UNIVERSITY –
PHILIPPINES shall see to it that the trainees complete the agreed scope of work within the agreed duration of the program; 4. It is expressly understood by WESLEYAN UNIVERSITY – PHILIPPINES, and the trainees that all the information on technology, manufacturing process, process standards, quality assurance methodologies, quality standards, production capabilities, raw material processing, finance, and all other related documents, manuals, and operational or technical matters that Land Bank of the Philippines shall make available to them shall be used solely for this program.
All of these matters are classified as confidential in nature and proprietary to Land Bank of the Philippines. WESLEYAN UNIVERSITY – PHILIPPINES and trainees hereby undertake to prevent disclosure or transfer of such information, consciously or unconsciously, to any party outside of institution without the knowledge and written consent of institution. 5. It is expressly understood that Land Bank of the Philippines will only accept OJTs on a case-to-case basis according to vacancy.
D. LITIGATION AND OTHER EXPENSES In case of breach of any confidential information obtained during the training period relative to the task assigned by Land Bank of the Philippines, WESLEYAN UNIVERSITY – PHILIPPINES agrees to pay an additional sum equivalent of twenty five percent (25%) for Attorney’s Fees, plus costs and other fees and incidental expenses of litigation excluding possible monetary damages that may be incurred by reason thereof. E. DURATION
This agreement shall hold for the duration of the 20122013 School Year of WESLEYAN UNIVERSITY – PHILIPPINES, and is automatically renewable every year, provided that Land Bank of the Philippines and WESLEYAN UNIVERSITY – PHILIPPINES reserve their respective rights to withdraw their participation in the agreement upon written notice. IN WITNESS WHEREOF, the parties hereto have signed these presents on this ____ day of 2013, in Cabanatuan City, Philippines. FOR: Land Bank of the PhilippinesMR. EDUARDO N. REYES, JR.
DM II – Department Manager/Head, NELC| WESLEYAN UNIVERSITY – PHILIPPINESDR. MARIA VICTORIA M. ALVAREZDean, College of Business and Accountancy| SIGNED IN THE PRESENCE OF:| _________________________________| _________________________________| Republic of the Philippines) City of Cabanatuan) S. S. A C K N O W L E D G E M E N T On this ___________ day of 2013, personally appeared before me, a Notary Public in and for the City of Cabanatuan, the following persons: NAMEVALID I. D. DATE/PALCE Mr. Eduardo N. Reyes, Jr. Dr. Maria Victoria M. AlvarezSSS ID # ll known to me to be the same persons who executed the foregoing document, consisting of three (3) pages including this page and acknowledgement that the same is an act of their free and voluntary will and deed. IN WITNESS THEREOF, I hereunto sign this document and affix my seal of office on this date and place aforementioned. MR. EDUARDO N. REYES, JR. DM II – Department Manager/Head, NELC DR. MARIA VICTORIA M. ALVAREZ Dean, College of Business and Accountancy Doc. No. __________ Page No. __________ Book No. __________ Series of 2010
