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    Indemnity Bond

    Uploaded by

    arvindkaushik
    This indemnity cum surety bond is executed between an employee, their surety, and the company. The company will provide training to the employee for 3 years and expects the employee to work for them for 3 years after. If the employee leaves before the 3 years is up, the employee and surety must pay the company a specified amount. The surety agrees to be responsible for the employee's actions and obligations under the bond. Any disputes will be resolved through arbitration. The employee and surety sign, agreeing to the terms.

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    © All Rights Reserved
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    Indemnity Bond

    Uploaded by

    arvindkaushik
    299 views4 pages
    This indemnity cum surety bond is executed between an employee, their surety, and the company. The company will provide training to the employee for 3 years and expects the employee to work for them for 3 years after. If the employee leaves before the 3 years is up, the employee and surety must pay the company a specified amount. The surety agrees to be responsible for the employee's actions and obligations under the bond. Any disputes will be resolved through arbitration. The employee and surety sign, agreeing to the terms.

    Original Description:

    General indeminity bond

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    This indemnity cum surety bond is executed between an employee, their surety, and the company. The company will provide training to the employee for 3 years and expects the employee to work for them for 3 years after. If the employee leaves before the 3 years is up, the employee and surety must pay the company a specified amount. The surety agrees to be responsible for the employee's actions and obligations under the bond. Any disputes will be resolved through arbitration. The employee and surety sign, agreeing to the terms.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    299 views4 pages

    Indemnity Bond

    Uploaded by

    arvindkaushik
    This indemnity cum surety bond is executed between an employee, their surety, and the company. The company will provide training to the employee for 3 years and expects the employee to work for them for 3 years after. If the employee leaves before the 3 years is up, the employee and surety must pay the company a specified amount. The surety agrees to be responsible for the employee's actions and obligations under the bond. Any disputes will be resolved through arbitration. The employee and surety sign, agreeing to the terms.

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    © All Rights Reserved
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    INDEMNITY CUM SURETY BOND

    This Indemnity cum Surety Bond is executed on this


    __________day of ____________________________200 by
    Shri/Smt./Miss_________________________________Son/Wife
    /Daughter of Shri________________________________________
    Resident of________________________________________________
    who has been offered employment by ___________ LIMITED
    (here in after referred to as Company ) selected as a
    trainee to be trained at ____________________ on behalf of
    the Company (hereinafter referred to as Employee) and
    Shri/Smt./Miss______________________________________Son/Dau
    ghter/Wife of Shri________________________________________
    Resident
    of_____________________________________________________
    (hereinafter referred to as Surety for the employee).

    WHEREAS

    The Company has accepted the candidature of the Employee to


    send him/her for training with
    _______________________________ at
    __________________________________ for a period of three
    years, the cost of which including other expenses will be
    borne by the Company and in consideration, the Company will
    avail the benefits of training of the Employee and as such
    the Employee will diligently and efficiently serve the
    Company for a minimum period of _____________ years and
    the salary of the Employee.

    AND WHEREAS
    The Employee has agreed to complete the training diligently
    for the special period which may be curtailed or extended
    by the Company.

    AND WHEREAS the Company for a minimum period of 3 three


    years with a condition that in case the Employee will not
    complete the learning or quits the job before the
    specified period, the Company will be entitled to recover a
    sum of Rs._______________________ from the Employee as
    well as the Surety.

    Now this Bond witnesseth that :

    1. This bond will subsist throughout the service of the


    Employee with the Company and shall not be withdrawn by the
    said Surety for any reason whatsoever unless one calendar
    months notice in writing is given of his intention to do
    so and till the expiry of the said notice period and
    without prejudice to whatever liability that he has
    incurred till the expiry of the notice period. The Surety
    shall continue to be responsible for acts/omissions of the
    Employee as stipulated herein before and shall be
    discharged only when a letter to this effect has been
    issued by the Company.

    2. In the event of the said Surety withdrawing or any


    said Surety becoming financially unsound or otherwise, the
    Company believes that the Surety is no longer sound because
    the Employee has been entrusted with higher
    responsibilities or otherwise then unless the said Employee
    agrees to give another sound surety acceptable to the
    employer within one month of his being required to do so,
    he will be liable to be discharged from the service with
    one months notice.

    3. The Surety shall inform the Company in writing as and


    when there is material change in his financial position
    but that in itself, will, in no way, absolve him from the
    responsibility under this Bond.

    4. The Employee and surety do hereby agree and bound


    themselves jointly and severally to indemnify and to pay to
    the Company the specified amount of damages without any
    question or determination of its quantum.

    5. It is hereby agreed by the Employee his Surety and


    the Company that all disputes relating to this Bond shall
    be referred for arbitration as per the Arbitration &
    Conciliation Act and the decision of the arbitrator shall
    be final and binding upon the parties.

    Having clearly understood terms and conditions settled


    hereinabove and in witness thereof the parties do hereby
    affix their signature on the day mention above.

    Signature of the Employee


    Signature of the Surety


    Signature of the Employer
    WITNESSES :

    1

    2

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