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    This document is an employment bond between an organization and an employee. The organization wishes to appoint the employee as a [POSITION] and the employee has agreed to the terms outlined in the bond. Key terms include that the employee agrees to a 1 year bond period where they cannot resign without paying 6 months of gross salary. The employee also agrees not to work for a competing business for 1 year after leaving the organization. The organization can terminate the agreement with 1 month notice or immediately for misconduct or breach of duties.

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    This document is an employment bond between an organization and an employee. The organization wishes to appoint the employee as a [POSITION] and the employee has agreed to the terms outlined in the bond. Key terms include that the employee agrees to a 1 year bond period where they cannot resign without paying 6 months of gross salary. The employee also agrees not to work for a competing business for 1 year after leaving the organization. The organization can terminate the agreement with 1 month notice or immediately for misconduct or breach of duties.

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    © All Rights Reserved
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    380 views1 page

    Employment Bond

    Uploaded by

    Avnish
    This document is an employment bond between an organization and an employee. The organization wishes to appoint the employee as a [POSITION] and the employee has agreed to the terms outlined in the bond. Key terms include that the employee agrees to a 1 year bond period where they cannot resign without paying 6 months of gross salary. The employee also agrees not to work for a competing business for 1 year after leaving the organization. The organization can terminate the agreement with 1 month notice or immediately for misconduct or breach of duties.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    EMPLOYMENT BOND

    THIS AGREEMENT is made on the ___________________ between (Organization Name) xxxx, a LLP
    registered under the Companies Act, 2013 and having its registered office at. No. -------------------------------
    (hereinafter called the “LLP”) of the one part and ______________________________ residing at
    _____________________________ (Hereinafter called the “Employee”) of the other part.

    WHEREAS
    The company is desirous of appointing ________________________________ as
    ________________________ and the Employee has agreed to on the terms and conditions outlined here
    below.

    NOW THIS AGREEMENT WITNESSES AS FOLLOW:

    1. The said Employee has been offered appointment as ____________________ at the ______________
    office of the LLP and she / he will hold the said office, subject to the provisions made hereinafter and
    of the offer of appointment dated _________________.

    2. The employment of the employee will be governed by the terms of service included in the
    aforementioned appointment letter. This letter forms an integral part of the appointment terms.

    3. By way of signing this letter, the employee agrees and acknowledges that his / her employment with
    LLP cannot be terminated by the employee by way of resignation for a period of 1 (one) year(s) from
    the date of the appointment letter.

    4. In a scenario where employee resigns from before the expiry of 1 (one) year period he / she would be
    liable to pay 6 (six) months of gross salary to the LLP.

    5. Furthermore, inconsequential of the reason of discontinuation of the services with LLP, an employee
    would not engage in any employment, consulting or any other activity involving venture debt in
    portfolio companies that competes with the business, proposed business or business interests of the
    Employer, without the Employer’s prior written consent for a period of 1 (one) year post separation.

    6. The company may terminate this agreement at any time before the expiry of the stipulated term by
    giving one month´s notice in writing to him. The company can terminate your contract any time if you:

    • Commit any material or persistent breach of any of the provisions contained.


    • Be guilty of any default, misconduct or neglect in the discharge of your duties affecting the business
    of the company.

    Signature
    (Appointee´s Name)

    For xxxxx

    Authorized signatory

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