Employment Security Bond By Employee

Employment-Security-Bond-By-Employee

Employment Security Bond By Employee

THIS DEED is made at .............. this ....... day of ......... 20...... between Shri ....... son of Shri .......... resident of .......... (hereinafter called the Employee) of the FIRST PART and Shri ............. son of Shri .......... resident of ........ (hereinafter called the surety) of the SECOND PART and ABC Ltd. a company incorporated under the Companies Act, 2013 having it’s registered office at ........... (hereinafter called the company) of the THIRD PART.

WHEREAS the said employee has been selected by the ABC Ltd. for advanced training in …………. at .............. for a period of ……. years.

AND WHEREAS the company will be required to spend a substantial amount for the training of the employee, air fare for sending the employee to ............ and shall pay a stipend of `.............. per month during his training period at ........

AND WHEREAS the employee has agreed with the company under this employment security bond that after completion of the training at ............. he shall return to India and report for duty at the office of the company and serve the company for at least 5 years thereafter in terms of the agreement dated ......... executed between the company and the employee, hereinafter referred to as the said agreement.

AND WHEREAS the employee has agreed that if he commits a breach of any condition of the said agreement, he shall refund to the company a sum of ................ with interest @..........% per annum.

AND WHEREAS the company has called upon the employee to furnish a bond to the extent of ` ............ for indemnifying the company against all losses or damages which the company may suffer by reason of the breach of the terms of the said agreement by the employee.

AND WHEREAS surety, on the request of the employee, has agreed to give a bond for the said sum of `....... in the manner hereinafter appearing.

NOW THE CONDITION OF THE ABOVE WRITTEN EMPLOYMENT BOND IS that if the employee commits a breach of any of the terms of the said agreement, the employee and the surety hereby jointly and severally shall forthwith pay to the company the said sum of `.......

AND upon the employee and/or the surety making such payment, the above-written security bond shall be void and have no effect, else it will remain in full force and virtue.

IN WITNESS WHEREOF Signed and delivered by the above-named employee and surety in the presence of:


WITNESSES

1. ______________                                                                 Employee

2. ______________                                                                    Surety


Related Post:

On The Job Training Agreement Format

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