GENERAL MEMORANDUM OF AGREEMENT

This Memorandum of Agreement made and executed by and between:

SORSOGON STATE COLLEGE-Sorsogon City Campus, established under RA

2666 with principal address at Magsaysay St., Sorsogon City, represented herein by DR.
MODESTO D. DETERA, SUC President II, hereinafter referred to as the “COLLEGE”.

AND

BALAORO-LISAY ACCOUNTING FIRM, a duly organized establishment existing

under the laws of the Republic of the Philippines with principal office address at 315 Housing
Project, Bibincahan, Sorsogon City, represented herein by MR. JUAN O. LISAY, CPA,
hereinafter referred to as the “COMPANY”.

WITNESSETH: That,

WHEREAS, the COLLEGE endeavors to establish with COMPANY an Internship

Program of its students for the business exposure as part of the college curriculum.

WHEREAS, COLLEGE, as an educational institution, will adopt a Cooperative

Education Scheme where theories learned in the classroom may be applied to practical work
situation and, thereby, enable the COLLEGE students to attain the skills needed for;

WHEREAS, the COMPANY agrees to assist the COLLEGE in developing productive,

effective and efficient future employees thru the Internship program.

Now, therefore, in consideration of the foregoing premises and of the mutual covenants
hereinafter set forth, the parties herein have decided to enter into this agreement under the
following terms and condition:

A. COLLEGE

1. Endorse and recommend student-trainees to undergo Internship Program in the

Company;

2. Issue an official endorsement vouching for the well-being of the student-trainees

as well as other pertinent documents that shall be used by the Company in
processing the application of said student/trainees;

3. Orient the student-trainees with the work values, behavior and discipline to ensure
their proper adjustment with the company;

4. Assist in the monitoring of performance of the student-trainees;

B. COMPANY

1. Accommodate student-trainees from Sorsogon State College, Sorsogon City

Campus. The duration of the Internship Program shall be equivalent to two
hundred forty (240) hours or six (6) weeks for the Fifth year Bachelor of Science
in Accountancy students;
2. Design, implement and evaluate the training plan and ensure that the abilities,
values, and knowledge are achieved by the student-trainees in accordance with the
training plan and may require the student-trainees to submit themselves for
examination, interview and to file documents to support their application;
 3. Ensure the student-trainees improvement of their personality traits and that they
are protected from physical harm;

4. Entrust to the student-trainees jobs that are related and commensurate with their
capabilities, and conduct a briefing-orientation for them and thereafter assign
them to appropriate work stations under supervisor authorized to provide the
necessary hands-on training and to monitor their performance;

5. Allow Faculty Internship Adviser of SSC to visit the COMPANY and monitor the
status and progress of the student-trainees and Internship Program;

6. Assign student-trainees in different operational units of the COMPANY to render

a maximum eight (8) hours per day until the 240 hours training requirement is
completed. The College waives the responsibility for any untoward incident that
may happen beyond the required hours

7. Award a Certificate of completion and Merit of Rating duly assigned by the

HR/Manager/officer to each student-trainee who has successfully completed the
Internship Program.

C. The following terms and conditions are likewise included:

1. The company is not obliged to pay allowance of any kind nor enter into employer-
employee relationship with the trainees during the training. Any special part of the
Company is strictly voluntary;

2. The Company reserves the right to discontinue to supervise training of the

trainees on reasonable grounds upon written notice to the Faculty Internship
Adviser concerned. This disconnection shall take effect fifteen (15) days after
receipt of the College of the said notice. The reasonable grounds that may
terminate a student-trainee are the following:
 Habitual absenteeism from the company;
 Willful disobedience of company rules or insubordination to lawful order of
superior;
 Poor physical condition, permanent disability or prolonged illness which
incapacitates the student-trainee/s from working;
 Theft or malicious destruction of company property and/or equipment;
 Engaging in violence or other forms of gross misconduct inside the
Company premises.

3. The College may likewise, pullout any trainees from the Internship Program for a
reasonable ground after a written notice about such pullout. The written notice
shall take effect fifteen (15) days after receipt by the company. The reasonable
grounds that may terminate the training program are the following
 Substandard or deleterious working condition within the company;
 Cruel or inhuman treatment of the trainees by the company or its
subordinates or assigned supervisors; and
 Repeated violations by the company of the terms of the training agreement;

4. The student-trainee shall be personally responsible for any and all liabilities
arising from his/her fault or negligence in the performance of his/her duties while
under training;
 5. Any decision by the Company regarding the behavior and performance of the
trainees shall be forwarded to the College through the Faculty Internship Adviser
for due process or investigation;

6. During the effectivity of this Agreement, it is understood that the trainees shall
follow all rules and regulations, policies and procedures particularly those
affecting the training activities, duly promulgated or to be promulgated by the
Company;

7. In case the student-trainee completes the Internship Program, the company has the
option to hire him/her if the company desires;

D. EFFECTIVITY

This agreement shall take effect immediately upon signing hereof, and shall continue
thereafter. Either party may terminate this agreement at any time by serving written notice to the
other party and giving thirty (30) days lead-time before intended date of termination.

In WITNESS WHEREOF, the parties have signed this agreement this ____ day of
______________, 2017, Sorsogon City, Philippines

SORSOGON STATE COLLEGE BALAORO-LISAY ACCOUNTING FIRM

Sorsogon City Campus
By: By:

MODESTO D. DETERA Ph.D. JUAN O LISAY, CPA

President II Managing Partner

Signed in the presence of:

LELANIE L. BERJUEGA MA. ROSANNA B. LISAY, CPA

Placement Officer Managing Partner

ACKNOWLEDGEMENT

Republic of the Philippines)

Province of Sorsogon )SS.
City of Sorsogon )

BEFORE ME, a Notary Public, this _____ day of _________ 20___, personally
appeared:

NAME ID No.

MODESTO D. DETERA Ph.D. UMID No. 006-0012-3481-1

JUAN O. LISAY, CPA ________________________
Known to me and to me known to be the same persons who executed the foregoing instrument
and acknowledged to me the same to be their free and voluntary act and deed and that the
institutions that they represent.

WITNESS MY HAND AND SEAL on the date and place first above written,

Doc.No._________;
Page No.________;
Book No.________;
Series of 2017