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Service Agreement Cum Indemnity Bond
Service Agreement Cum Indemnity Bond
This Service Agreement cum Indemnity Bond is made and entered into this _____________________day of
_______________ 2017 .
(Hereinafter referred to as The Company, which expression shall mean and include their
Successors, Legal representatives and Attorneys) OF THE ONE PART;
(hereinafter referred to as EMPLOYEE OF THE SECOND PART (which term shall include his legal
heirs, executors, administrators and assigns)
AND
__________________________________________________________________________________________________________________
__________________________________________________________________
WITNESSETH
WHEREAS, The Company desires to employ the Employee, and the Employee is
set forth, and for other good and valuable consideration, the receipt
follows:
1. The Company, hereby employs the Employee and the Employee hereby
accepts employment upon the terms and conditions of this agreement and
resources for the Company for a term of 3 (three) years. This term of
employment shall begin to run on Employees first day at a work site and
wish to resign, Employee has to pay Rs.1,00,000/- (Rupees One Lakh Only)
5. Employee and the Surety shall be jointly and severally liable to the
Company for any and all expenses and damages incurred by the Company on
result of
Company and/or the Companys Client for the purpose of inducing the
Such damages shall include, but not be limited to, loss of business
Employees departure.
6. Employee and the Surety hereby accept and acknowledge that the
Company include, but are not limited to, those associated with: a)
Service Agreement cum Indemnity Bond, shall apply to feminine gender also.
the Employee and the Surety hereby bind themselves jointly and severally
within 15 days after the receipt of notice or letter of claim from the
(Rupees One Lakh Only) from the date of breach of contract till
cum Indemnity Bond, and for valuable consideration received from the
company as stated above, the Employee and the Surety shall deliver to
the company a crossed Cheque favoring the Company for the said sum of Rs
any of the terms and conditions of this Service Agreement cum Indemnity
entered into and delivered to the Company, this Indemnity Bond (Bond) to
secure the amount owed by Employee and the Surety herein to the Company,
as well as other future cash advances made by the Company and accepted
of its rights and remedies under the bond, shall not bar the Company
rights and remedies hereunder and the Company expressly retains the
right to pursue any and all legal, civil and/or criminal and/or
a. The Company may terminate Employees employment with the Company for
causes, which shall specifically include, but not limited to, (I) direct
or indirect competition with Employer on any given project; (ii) breach
14. Employee and the Surety shall indemnify, defend and hold the
Company, its officers, directors, Employee and agents, harmless from any
any kind or nature arising out of or connected with any act or omission
of Employee.
Know all men by these presents, we, the above named Employee and the
Surety hereby assure, and indemnify the loss and expenses as specified
Employee in India and compensate the entire loss to the Company, arising
out of and in the course of breach of the said agreement before a period
and the same shall be paid within 15 days after the receipt of notice or
I. The Employee and/or Surety further agree that income and properties
this bond, which may be decided by any proceedings held in due process
of law, for the recovery of the loss that may be incurred by the
(three) years.
II. The Employee and/or Surety hereby bind themselves jointly and
claim from the Company, together with interest at 18% per annum on
Rs.1,00,000/- (Rupees One Lakh only) from the date of breach of contract
III. The Employee and/or Surety agree that in case this Indemnity Bond
has not been executed by both of them on the same day, but on different
secure validity from the earlier date on which one of them had set their
hands.
accordance with the laws of the Indian Court. Any claim or cause of
V. Notwithstanding the above, the Company may, at its sole and exclusive
and/or criminal provided that Employee and The Surety are physically
located in India at the time such an action is filed. In such case, the
agreement shall be construed in accordance with the laws of India.
VI. This agreement contains the entire understanding of the parties with
or agreements are merged herein. It may not be modified orally, but only
VII. In the event that the Company shall enforce any part of this
Agreement through legal proceedings, civil and /or criminal the Employee
agrees to pay to the Company any costs and Attorneys fees reasonably
for xxxxxxxxxxx
Authorized Signatory
EMPLOYEE / SURETY: We have read, understood and agree to the terms set
signature below
Place: Place:
Witness: Witness:
Signature Signature
Name Name
Address Address