BOND BY AN EMPLOYEE NOT TO CARRY ON A TRADE OR BUSINESS WITHIN CERTAIN LIMITS

BOND BY AN EMPLOYEE NOT TO CARRY ON A TRADE OR BUSINESS WITHIN CERTAIN LIMITS

<h2>BOND BY AN EMPLOYEE NOT TO CARRY ON A TRADE OR BUSINESS WITHIN CERTAIN LIMITS</h2>

KNOW[P1] ALL MEN BY THESE PRESENTS that I, A, son of Shri……………….resident of
…………… hereby bind myself to XY Co. Ltd. for the payment of the sum of Rs . …………….. to
be paid to the said XY Co. Ltd., its successors and assigns.
Signed by the said A this …………….. day of…………….
WITNESSES Signature
WHEREAS
XY Co. [P2]Ltd. who carry on business as manufacturers and dealers of computers, computer software
and accessories at has……….appointed A, hereinafter called the said employee into its employment as
……….on certain conditions by an agreement dated ………….and one of the conditions of employment
is that the saidemployee will not directly or indirectly, whether as principal or agent or otherwise carry on
or be engaged or concerned or take part in any business of sale of computers, computer software and
accessories within ……….kms. of ………….. or solicit the customers of the said XY Co. Ltd. as hereafter
mentioned except with the consent in writing of said XY Co. Ltd. or their successors or assigns obtained
beforehand and in the event of breach of any stipulation, provisions or covenants of the said agreement,
the said employee shall pay to the said XY Co. Ltd. or his successors or assigns a sum of Rs …………..
as liquidated damages.
NOW[P3] the condition of this bond is that if the said employee shall not at any time hereinafter directly
or indirectly and whether as principal or agent or otherwise carry on or be engaged or concerned or take
part in any business or deal in any of the articles of the said business within…. kms. of without
the consent in writing of the said XY Co. Ltd. or their successors or assigns AND if the said employee
commits breach of any stipulations, provisions or covenants of the said agreement, A the said employee
shall in that event forthwith or upon demand pay to the said XY Co. Ltd. or their successors or assigns a
sum of Rs …………as liquidated damages and not as penalty, then the above written bond shall be void
but otherwise the same shall remain in full force and virtue
Signed [P4]and delivered by the above named employee

Date

WITNESSES
1.
2. Signature

[P1]Obligation
[P2]Recitals
[P3]Condition
[P4]Defeasance

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