An employment bond is a contract, which prevents employees from committing certain acts. The employment bond is an agreement which the company and employee enter into consisting of all terms and conditions of employment.
Employment Bond is an agreement or a contract paper consisting all the terms and conditions of employment agreed by both an employee and the employer. This kind of contract agreement or bond mainly contains the minimum work period and under decided circumstances which will include salary, job profile, designation etc.
It is a legal agreement in which includes employment terms and conditions of the company are mentioned and the employee has to sign that bond which is a legal proof that the employee accepted the terms and conditions employment with the company and in future, in case of he/she disobey the policies of the company then an appropriate legal action can be taken against the employee or he/she can be warned for not following the company policies.
An employment bond or a contract 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 / remuneration or fee and charges will be released. The other conditions and allowance such as mobiles phones, transport facilities shall be provided or not, and if it is there then how all this be paid. How the Attendance and punctuality is required to be maintained. Further, 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 / remuneration of the employee is mentioned which is decided in the interview, incentive criteria, the designation on which the employee is appointed all this should be clearly mentioned in the clauses of the employment bond agreement
EMPLOYMENT BOND OR CONTRACT CUM APPOINTMENT LETTER
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.
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.