Employment Bond

This agreement between employer and employee includes detail such as the training given, the expenditure by the company for the same, and the period of service. It clearly sets out the details regarding the HR policies, remuneration, perks, grounds of termination policies, obligations during and after the employment period as well as other terms and conditions that will govern the employment. The Bond binds the employee to keep all the information related to the organization confidential during and post employment. Any breach of the terms and conditions mentioned in the bond is subject to legal action.

This agreement can be made legally enforceable and binding on the organization's letterhead, or on a non-judicial stamp paper and subsequently registered which is duly signed by both the parties. It is advisable use a non-judicial stamp paper for better protection against any legal issue which may arise in future though getting it done on organization's letterhead is sufficient. Use this agreement if You as an employer have hired a new employee and wish to specify the rights and obligations for both the employee and the employer. You as an employee have been offered an employment and wish to present a mutually acceptable and equitable bond to the employer.

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Frequently Asked Questions

This agreement between employer and employee includes detail such as the training given, the expenditure by the company for the same, and the period of service. It clearly sets out the details regarding the HR policies, remuneration, perks, grounds of termination policies, obligations during and after the employment period as well as other terms and conditions that will govern the employment. The Bond binds the employee to keep all the information related to the organization confidential during and post employment. Any breach of the terms and conditions mentioned in the bond is subject to legal action.
Who needs this agreement and why?
This agreement can be made legally enforceable and binding on the organization's letterhead, or on a non-judicial stamp paper and subsequently registered which is duly signed by both the parties. It is advisable use a non-judicial stamp paper for better protection against any legal issue which may arise in future though getting it done on organization's letterhead is sufficient. Use this agreement if You as an employer have hired a new employee and wish to specify the rights and obligations for both the employee and the employer. You as an employee have been offered an employment and wish to present a mutually acceptable and equitable bond to the employer.
What is the use of Annexure?
The following are all the major clauses included in this agreement:
  1. Leaving before the termination of service-mentions the penalties for quitting before expiration of the bond
  2. Duties of the employees during service-mentions the duties of the employees and his obligations during the term of his employment
  3. Duties of the employee after termination of employment.-States the duties, obligation and restriction on employees after termination of employment
  4. Leaves-mentions the leaves that an employee is entitled to.
  5. Terms & Conditions and General Duties-details of the forbidden activities.
  6. Confidential Information-carves out the confidentiality to be maintained by an employee.
  7. Inventions, Designs, Copyright and other Intellectual Property-rules concerned with new discoveries and inventions.
  8. Dispute Resolution-clause to settle disputes.
These are a few terms which might be useful to read about for a better understanding of this agreement:
  1. Arbitrators-an independent person or body officially appointed to settle a dispute.
  2. Mediation-a way of resolving disputes between parties using a mediator (third party) who assists the parties to negotiate a settlement.
  3. Conciliation-process whereby the parties to a dispute use a conciliator, who meets with the parties both separately & together in an attempt to resolve their differences.
What are the legal jargons used in this agreement?
This agreement does not contain any annexure section.
How to use this agreement?
The following are all the major clauses included in this agreement:
  1. Leaving before the termination of service-mentions the penalties for quitting before expiration of the bond
  2. Duties of the employees during service-mentions the duties of the employees and his obligations during the term of his employment
  3. Duties of the employee after termination of employment.-States the duties, obligation and restriction on employees after termination of employment
  4. Leaves-mentions the leaves that an employee is entitled to.
  5. Terms & Conditions and General Duties-details of the forbidden activities.
  6. Confidential Information-carves out the confidentiality to be maintained by an employee.
  7. Inventions, Designs, Copyright and other Intellectual Property-rules concerned with new discoveries and inventions.
  8. Dispute Resolution-clause to settle disputes.

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