Delaware Relocation Expense Agreement
Description
How to fill out Relocation Expense Agreement?
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FAQ
Ordinarily, to estimate the relocation costs, you take the estimated time to complete the move and multiply it by the moving company's hourly rate. To the amount got, add the charge for other things like the packing material, travel time, and tips if you work with movers.
A typical relocation package usually covers the costs of moving and storing furnishings, household goods, assistance with selling an existing home, costs incurred with house-hunting, temporary housing, and all travel costs by the employee and family to the new location.
Most relocation contracts require you to work for the new company for one to two years, and repay if you voluntarily leave, or are fired for cause.
A Repayment Agreement is a legally enforceable contract stating that if the employee resigns or is terminated by the Company within a certain time frame following relocation, the employee agrees to repay the company any relocation expenses that were paid by the company.
Relocating an employee can be a costly endeavor for companies. The average relocation package costs between $21,327 and $24,913 for renters and between $61,622 and $79,429 for homeowners, according to a 2016 report by Worldwide ERC, a relocation services trade group.
If there was no contractual agreement to repay, you would not have to pay your employer for relocation costs. If there was a contract requiring reimbursement of relocation expense, such an agreement is valid and enforceable and you would be contractually obligated to repay the expenses.
The average relocation package costs between $21,327 and $24,913 for renters and between $61,622 and $79,429 for homeowners, according to a 2016 report by Worldwide ERC, a relocation services trade group.
A typical relocation package usually covers the costs of moving and storing furnishings, household goods, assistance with selling an existing home, costs incurred with house-hunting, temporary housing, and all travel costs by the employee and family to the new location.
A relocation agreement, sometimes referred to as an employee relocation agreement, is a legal contract executed by an employer and an employee in which the employer agrees to compensate an employee for relocating for business purposes.