Bond of Employment
Agreement forming part of our Employment offer
This Agreement is entered into this the Date_______ between Organization Name__________, a Company registered in India, having its registered office at Full Address of company’s registered office.(hereinafter called the ‘Company’) and (ii) Mr./Miss./Mrs., Employee Name___ a Indian inhabitant residing at <<Present Address of the Employee>> and having permanent address at <<Permanent address of the Employee>> (herein after referred to as “Employee”) of the other part
A The Company has selected the Employee for the position of Designasion_____________,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 six months ,& one month notice period to the Company in case he/she wants to leave the company, in consideration of which, the Company is not charging the cost of training from him/her.
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 six months from the date of his/her joining the services of the Company.
NOW THIS AGREEMENT WITNESSETH AS BELOW:
- 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 six month 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 six months from the date of his/her joining the services of the Company.
- In case the Employee, for any reason, leaves the services of the Company before the said period of six months, then he/she shall forthwith pay a sum of Rs.15000 /- (Rupees Fifteen 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 & at the same time company has full right to initiate appropriate legal proceeding against the Employee..
- That the said employee shall not during the period of this agreement work directly or indirectly in any similar trade or business either as employer or partner or adviser or in any other capacity.
- That the said employee shall be just and faithful to the Company in all matters and shall not at any time except under legal process, divulge to any person whosoever and shall use his best endeavors to prevent the publication or disclosure of any trade secret or any business process or any confidential matter or information concerning management decision of the Company or of its dealings, transactions, or affairs which may come to his knowledge.
- 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 Ahmedabad.
However, Company has full right to transfer,suspend or terminate the employment of the Employee in case if he/she breaches any of the above provisions & founds dishonest to the Company at any moment of his/her employment also Company can with held the Salary or/and Exp.letter of the said Employee until the final clearance of the matter.
In witness hereof the parties have executed this Agreement on the day and date mentioned above at Ahmedabad.
Witness : 1. <<Name of the company>>
Dt. / /2008