Proforma of Serivce Bond
Sachin Agrawal
(Querist) 24 July 2008
This query is : Resolved
I shall be thankful if anyone provides me the format of Serivce Bond to be made by the company with its employees.
Guest
(Expert) 24 July 2008
Agreement forming part of our Employment offer
This Agreement is entered into this the > between >, a Company registered in India, having its registered office at >(hereinafter called the ‘Company’) and (ii) Mr./Miss./Mrs. >, an Indian inhabitant residing at > and having permanent address at > (herein after referred to as “Employee”) of the other part
WHEREAS
A The Company has selected the Employee for the position of >, which would initially involve extensive training for imparting the required level of skills, for effectively carrying out the official responsibilities assigned to the Employee
B the Employee, on joining the Company, undertook to stay in employment of the Company for a minimum period of >, in consideration of which, the Company is not charging the cost of training from >.
C the Employee undertakes to undergo the training methodologies, as may be required, and understand the job responsibilities, so that the same are carried out in an effective manner
D the Employee, as part of the consideration for the training efforts and costs involved, agreed to sign a bond for not leaving the services of the Company for a minimum period of > from the date of > joining the services of the Company.
NOW THIS AGREEMENT WITNESSETH AS BELOW:
1. The Employee acknowledges that substantial costs have been invested on him for training him specifically for effectively handling the job responsibilities and, any discontinuance of the employment before the expiry of the one year term would unfairly prejudice the Company, and, as such, the Employee undertakes not to leave the services of the Company, for any reason what ever, for a minimum period of > from the date of > joining the services of the Company.
2. In case the Employee, for any reason, leaves the services of the Company before the said period of >, then > shall forthwith pay a sum of Rs.150000 /- (Rupees One Lakh and Fifty Thousand only) being the indemnification of the cost of training to the Company. The Employee undertakes not to dispute the amount, and shall pay the amount, before requesting for formal relieving order from the Company.
3. Any dispute or difference arising out of this Agreement shall be resolved through Arbitration. The sole Arbitrator, appointed in consultation with parties shall conduct such Arbitration. The venue shall be in Chennai. The Arbitration shall be conducted in accordance with the Arbitration and Conciliation Act, 1996.
In witness hereof the parties have executed this Agreement on the day and date mentioned above at Chennai.
Witness : 1. >
2. Employee
Ashey
(Expert) 03 April 2009
Thanks Mr. Kotresh
Hiralal Das
(Expert) 06 April 2009
I agree with views of the ld. friends. Thanks all of you.
