BOND UNDER THE SERVICE CONTRACT
Table of Contents
<h2>BOND UNDER THE SERVICE CONTRACT</h2>
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 X Y Co. Ltd. a company
incorporated under the Companies Act, 1956 having its registered office at (hereinafter called the
company) of the THIRD PART.
WHEREAS the employee has been selected by the company for advanced training in Computer
Engineering at …………….. for a period of two years.
AND WHEREAS the company shall spend a substantial amount for the training of the employee, air fare
for sending the employee to………… USA and shall pay a stipend of Rs . ………… per month
during his training period at………….
AND WHEREAS the employee has agreed with the company 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 breach of any condition of the said
agreement, he shall. refund to the company a sum of Rs ………… with interest @ ……..% per annum
AND WHEREAS the company has called upon the employee to furnish a bond to the extent of Rs .
……..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 the surety, at the request of the employee, has agreed to give a bond for the said sum
of Rs . …………. in the manner bond hereinafter appearing
NOW THE CONDITION OF THE ABOVE WRITTEN BOND IS that if the employee commits
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 Rs . …….
AND upon the employee and/or the surety making such payment the above written bond shall be. void
and of no effect, otherwise it will remain in full force and virtue
Signed and delivered by the above named employee and surety in
the presence of:
WITNESSES
1. Employee…………….
.
2 Surety…………….
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