Employee Bond

Employee Bond is the agreement on bond paper agreed by an employee to the employer. This kind of bond mainly contains the minimum work period and under decided circumstances which will include salary, job profile, designation etc. Employee bond is a legal agreement in which all the terms and conditions of the company are mentioned and the employee has to sign that bond which is a legal proof that the employee accept the terms and conditions of the company and in future if he/she disobey the policies of the company then an action can be taken against him for that or he/she can be warned for not following the company policies .An employee bond can have the conditions like the time period for which an employee has to work  with the company before that time period the employee cannot leave the organization and there can be many more things mentioned in a bond like the date on which the salary will be released ,mobiles phones are not allowed ,if an employee is late twice or thrice in a week then salary will be deducted, if an employee take an unauthorised leave then a serious action will be taken, the salary package of the employee is mentioned which is decided in the interview in the employee bond ,incentive criteria, the designation on which the employee is appointed is also mentioned in an employee bond.

Find below some Example, Sample and format of writing Employee Bond :


 

Employee Bond / Agreement Letter


 

 

AGREEMENT CUM APPOINTMENT LETTER OF XXXXXXXXX

 

 

THIS AGREEMENT is made on the (present date)___________________ between (Organization Name) _________________, a company registered under the Companies Act, 1956 and having its registered office at. No. (Address) ____________________ 560 0xx (hereinafter called the “company”) of the one part and (Name of the appointee)_________________ residing at (Address of the employee) ____________________ (Hereinafter called the “Employee”) of the other part.

 

WHEREAS

The company is desirous of appointing (Name of the appointee)_________________ as its (Designation) ______________ and the Employee has  agreed to on the terms and conditions outlined here below.

 

NOW THIS AGREEMENT WITNESSES AS FOLLOW:

 

1. The said (Name of the appointee) ________________________is hereby appointed as the (Designation) ____________________ of the company and he will hold the said office, subject to the provisions made hereinafter, for the term of (Duration with the organization) ______________________ from the date of this agreement. As a guarantee you are agreed to keep your all-original education certificates with the custody of (Organization Name) ________________________________.

 

2. Your monthly salary package will be as per the Annexure I. Based on the periodic reviews your compensation package may differ as per the compensation Policy applicable to other employees of your category in respective department.

 

3. The Employee shall perform such duties and exercises such powers as may from time to time be assigned to or vested in him by the Board of Directors of the company.

 

4. The Employee shall, unless prevented by ill health or any unavoidable cause, during the continuance of the term of his office devote his whole time, attention and abilities to the business of the company.

 

5. The Employee shall obey the orders from time to time of the Board of Directors of the company and in all respect conform to and comply with the directions given and regulation made by the Board. He shall well and faithfully serve the company to the best of his abilities and shall make his utmost endeavors to promote interests of the company.

 

6. The said Employee shall not resign his office of Engineer Trainee –Database/operations till the end of this contract period.

 

7. 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)

 

 

 

 



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How to identify and apply performance management to get the best output from it?