This review list is offered to educate you on the subject of this document and to aid you in its preparation. Employee financing has become a widely accepted practice in a wide variety of businesses. It enables the Temporary Employer to use Employees at will without being subject to hiring, firing, or reporting regulations. Additionally, this maintains the temporary employees’ status as suppliers to the employer, who stays a client.
- Produce duplicates. Obtain your Federal identification number and Social Security
number to ensure that you are covered under this arrangement.
Employee Lending Agreement
In cases where you as an employer, needs to acquire of employees to finish some particular work, but said employee/s is/are already under another company, an employee lending agreement shall be signed between you and the employers of the other company. This contract will make you the temporary employer and will give you the power to use the employees at will without having to fire or hire, and report requirements associated with it. This also secures the position of temporary employees as a customer and supplier to the employer.
This contract shall include employment specifics as to the position of the temporary employee at an agreed rate of compensation. The contract will also include the date of start and end of employment of temporary employee at your company. This contract will also include temporary employee reimbursement and compensation insurance both agreed upon by both parties.
Contract is signed by employer, temporary employer, and employee on date of agreement. Employee lending is used by companies in circumstances where there is a surplus of employees due to seasonal workload also allowing the employer to lower costs. Large companies often practice this but may also present a significant number of risks where the employee may refuse to work for the temporary employer due to a number of reasons. Also, given that the employee does great at his position under the temporary employer, the temporary employer may present a better offer for permanent employment to the employee. These risks must be understood by both employers. This agreement is also used if termination of employees is to be avoided.
Download ODT Download DOC Download DOCX Download RTF Download PDFEmployee Lending Agreement
___________________, referred to as PRIMARY EMPLOYER, and ___________________, referred to as TEMPORARY EMPLOYER, agree:
PRIMARY EMPLOYER employs ______________ as systems analyst, referred to as EMPLOYEE, at a rate of $____(_______ &___/100 dollars) per ____. TEMPORARY EMPLOYER will employ EMPLOYEE from _____________ to _________________.
During the period in which EMPLOYEE is lent, PRIMARY EMPLOYER shall continue to pay EMPLOYEE, and TEMPORARY EMPLOYER shall reimburse employer for the pay plus ___% percent for overhead and benefits. In addition, TEMPORARY EMPLOYER shall reimburse EMPLOYER for worker’s compensation insurance on EMPLOYEE. In the event that state law or other regulation requires TEMPORARY EMPLOYER to provide worker’s compensation the EMPLOYEE, said regulation shall control.
Dated: ______________________
____________________
Temporary Employer. Federal ID #:
___________________
Employer. Federal ID #:
__________________
Employee. Social Security #:Date:
Employee Lending Agreement
Review ListThis review list is provided to inform you about this document in question and assist you in its preparation. Employee lending has become a standard practice in many industries. It lets the Temporary Employer use Employees at will without having hiring, firing, and reporting requirements associated with it. This also keeps the temporary employees in a position as suppliers to the employer, who remains a customer.
1. Make duplicate copies. Be sure to get the Federal ID and Social Security numbers so you are protected under this arrangement.
