Model Promisory Note
Between Beauty Service Establishment and Student
THIS AGREEMENT, was made and entered into this ______ day of ___________,
________
BY AND BETWEEN
The (Name of beauty service establishment)
(hereinafter referred to as SALON) and (Name
of student) (hereinafter referred to as Student), the
parties having agreed and consented to the following:
WHEREAS: SALON needs trained, licensed cosmetologists and specialists in the
beauty field to work in its establishment(s);
WHEREAS: SALON has identified Student as a person with characteristics and qualifications
which are predictors of success in the cosmetology field;;
WHEREAS: Student fulfills the basic requirements for licensure as a (name
of profession) (with the exception of required training)
in the state of (name of state) .
THEREFORE, SALON and Student agree to the following:
1. SALON agrees to loan Student the amount of $_____________ to initiate and
complete training in (name and description
of program) (Program) at (name
of cosmetology educational institution) (SCHOOL).
2. Student agrees to enroll in Program no later than (date)
and graduate no later than (date)
.
3. Student agrees that SALON shall pay the loan amount directly to SCHOOL
toward tuition and fees of student in the aforementioned Program according to
a payment schedule agreed to by SALON and SCHOOL in a separate agreement.
4. SALON agrees to provide student with a copy of the training agreement with
SCHOOL regarding student's training, and a statement of current and total payments
made to SCHOOL within (number)
of days of each payment.
5. Student agrees that he/she shall not accept any other educational loans
while studying under the terms of this loan agreement.
6. Student agrees to repay SALON for this loan at _____ interest, for a maximum
total of $________ to be repaid in equal monthly payments over a period of (number
of months) consecutive months beginning no later than
the first day of the second calendar month following graduation or termination
from Program, but Student shall never have to repay an amount greater than SALON
actually paid to SCHOOL, plus interest, and HOWEVER, SALON agrees to discharge
this debt in full if
- Student accepts full-time employment with SALON within two months following
graduation and continues as a full-time SALON employee for 24 consecutive
months, AND
- Student takes and passes any required state licensing examination within
six months of graduation .
- SALON shall employ student under the same terms and conditions as all
SALON employees.
- If Student only partially fulfills the conditions for discharge set out
in this Clause because he/she voluntarily terminates employment with SALON
or is terminated for cause before completion of 24 consecutive months of
employment, he/she shall be obligated to pay the full amount of the loan
plus interest with the first payment due the first day of the calendar month
following cessation of employment with SALON.
OPTIONAL CLAUSES [If SALON agrees to employ Student part-time while at SCHOOL]:
- SALON agrees to employ Student (number
of hours) per week while he/she is enrolled at SCHOOL,
at a wage of $________ per hour. The work schedule shall be mutually agreed
upon by Student, SCHOOL and SALON to avoid conflicts with Student's training
schedule and obligations.
- The part-time employment of Student at SALON is intended to enable Student
to meet non-educational costs related to attendance at SCHOOL.
OPTIONAL CLAUSE [If SCHOOL has an approved externship program]:
If SCHOOL has and Student qualifies to participate in an externship program
approved by the state and accrediting agency, and if SALON qualifies as an externship
site under the requirements of the program, Student agrees to perform the externship
at SALON under the same terms and conditions of other SCHOOL students in other
externships. The hours in the externship program shall be separate and apart
from the hours of part-time employment under the preceding clauses of this agreement.
7. By signing this promissory note, Student agrees to notify SALON within
24 hours of
A. Any absence from training.
B. Any less than satisfactory grade on any graded activity.
C. The results of any attendance and/or academic progress report.
Student authorizes SCHOOL to release to SALON reports on his/her attendance, grades,
and progress at regular intervals.
8. Student agrees to meet no less than once a month with a mentor designated
by SALON to discuss attendance, academic progress, and other matters related
to Student's preparation for a career in (name
of field) .
9. In the case that any report indicates the student is not making satisfactory
progress in the program either due to poor attendance, low grades, or behavior
problems, [describe what steps SALON
will take and what the responsibilities of the student are.]
10. In the case the student is placed on probation or subject to other disciplinary
action [describe what steps SALON
will take and what the responsibilities of the student are.]
11. In the case the student withdraws from SCHOOL or is terminated, the obligations
of SALON under this agreement shall cease.
12. SALON shall make the provisions of this contract a condition of any sale
of SALON so successors in ownership shall be bound by them.
13. In the case that SALON declares bankruptcy or goes out of business before
completion of the terms of this contract, the obligations of the parties under
this agreement shall cease.
14. In the case of the death or disability of Student before completion of
the terms of this contract the obligations of the parties under this agreement
shall cease.
IN WITNESS WHEREOF, the parties hereto have executed this agreement the day
and year first written above.
| By ____________________________
Title ___________________________
Date ___________________________
|
By ____________________________
Title ___________________________
Date ___________________________
|
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