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BOND TO PRESERVE TRADE SECRET
BOND TO PRESERVE TRADE SECRET
KNOW ALL MEN BY THESE PRESENTS that I ………son of ………….resident of ……….hereinafter called the obligor, bind myself to Shri……….hereinafter called the obligee as agreed amount of compensation and liquidated damages to be paid under the said bond and not as a penalty, which shall be paid by me without any demur and for which I have executed this bond on this the day…….. of……20……..
WHEREAS
The obligee appointed the obligor as his chief chemist in his factory and the obligee has disclosed to the said obligor secret formula for the
preparation of upon the agreement that the said obligor shall execute a bond in favour of the said obligee in the sum of Rs . ………….as liquidated damages and not a penalty for preserving and keeping the said formula secret upon conditions hereinafter appearing.
NOW the condition of this bond is that the said obligor shall keep the said formula secret solely and exclusively unto himself and shall not reveal the same to any person or persons under any circumstances, without the prior permission in writing of the obligee.
Signed and delivered by the above named obliger on this ……..day of……..20…….in the presence of the witnesses.
1.
2. …………….
Obligor
