THIS BOND DATED
THE___________executed by_______________________ Son/daughter of
_________________________, residing at Vill-____________ P.O. ____________
P.S.__________ , Dist.___________ hereinafter called the EMPLOYEE and by Janab
_______________________ son of_________________________ residing at
____________________________, ________________________________ and by
_____________________________ son of____________ __________________________
residing at _____________________________ hereinafter called the SURETIES in favor
of the “Company Name Here”, a company registered under Companies Act……….
Whereas the Company has been pleased to offer an appointment to the employee as
a/an ______________________________ and whereas the Company has agreed to train
him up and the employee has agreed to serve the Company & whereas the company
as a term of employment demanded of the employee to bind himself to the Company
to serve it for at least five years and to furnish one surety to the
satisfaction of the Company and accordingly the employee has agreed to execute
this Surety Bond along with two sureties upon the terms and conditions
here-in-after stated.
THIS
BOND WITNESSES AS FOLLOWS:
1. The employee, in
consideration of employing him and in consideration of his being trained up by
the Company at its own cost and expenses hereby undertakes and binds himself to
serve the Company for at least a period of five continuous years from the date
of his joining the services of the Company.
2. The employee further
undertakes and binds himself to compensate the Company in the event he
discontinues his services with the Company before the expiry of the said period
of five years, half of the entire amount received by him during the period of
his services in the Company as salaries and allowances, if any.
3. The sureties in
consideration of the Company Offering employment undertake and bind themselves
to the effect that in the event of the employee's discontinuation/abandonment
of his services of the Company before the expiry of the said period of five
years to pay on demand to the Company half of the entire amount received by the
employee during the period of his service in the Company as salaries and
allowances.
4. It is agreed that
for purposes of this document, service includes service of the employee on
deputation with the approval of the Company and that the payment which the
executants of this deed are by these presents bound to make is not penalty and
shall not be interpreted as such but it is and shall be interpreted only as
payment of the cost and expenses incurred by the Company for the employee.
5. The condition of
this Bond is that on completion of five years' services of the employee without
discontinuing, giving up or abandoning it as aforesaid, it shall become void
and be of no effect but until that time it shall remain in full force. In
witnesses whereof the employee and the sureties have affixed their signature to
this deed in presence of the following witnesses on the date mentioned above.
E M P L O Y E E
Signature :
Full Name :
Address :
Mobile No. :
SURETIES.
1. Signature :
Full Name :
Address :
Mobile No. :
2. Signature :
Full Name :
Address :
Mobile No. :
WITNESSES.
1. Signature :
Full Name :
Address :
2. Signature :
Full Name :
Address :
