I am giving below the format for training bond. You may use the same by making certain amendments , wherever necessary.
THIS AGREEMENT is made at ……………………….(Place) on dated……………… between M/s……………, a Company registered under the provisions of the Indian Companies Act 1956 having its registered/ Head Office at……………………., hereinafter referred to as
“ The Company”( which expression shall unless repugnant to the context or meaning thereof, means and include its successors and assigns of the
FIRST PARTY).
AND
Name- Mr……………………………………… S/o Shri…………………………….. Resident of …………………………………………………………………………………………………………………………………… ……., hereinafter referred to as
“ The Employee” ( which expression unless repugnant to the context or meaning thereof, means and include its successors and assigns of the
SECOND PARTY).
AND
Shri………………………………. S/o Shri……………………………. Resident of …………………………………………………………………………………………………………………………………… ……..
Hereinafter referred to as
“ The Surety” ( which expression unless repugnant to the context or meaning thereof, means and include its successors and assigns of the
THIRD PARTY).
WHEREAS the Employee is in the employment of the Company subject to terms and conditions contained in the Appointment Letter dated………………….. and Date of Joining:…………………………..
AND WHEREAS the Company has opted for Enterprise Resource Planning Implementation in the Company for enhancing its capability due to the Technical Advancement.
AND WHEREAS for this purpose the Company has opted for a package considered to be the best in India/ in the World which entails/ calls for trained/ specialized persons for manufacturing of its…………………products , to be trained by………………….. which is an organization of repute.
AND WHEREAS for successful implementation and operation of its manufacturing facilities M/s…………….. has arranged training for select personnel’s of this “ Company”.
AND WHEREAS the Company has agreed to depute the “ Employee” to undergo specialized training through………………… to harness the skills of the “ Employee” for its productive use in the /for the “ Company”, the said training is highly specialized and may cost the “ Employee” substantially high amount of money in case the Employee has to undergo this training at his own cost.
AND WHEREAS the Employee has accepted the offer for training subject to such conditions as specified.
AND WHEREAS the Surety has agreed to guarantee the due performance/ discharge to the obligation of the Employee and in default/ breach of such conditions indemnify the Company on demand, such amount of money as detailed hereinafter due to the non-performance/ breach of this contract/ such breach of employment condition for which the “ Employee” is responsible.
NOW THIS DEED WITNESSETH AS UNDER:
1. That the “Employee” is desirous of undergoing training or manufacturing of its …………. Products, to be conducted by……………… and the Company agrees to depute the Employee for the training programme/ course, which is for a period of ……………….weeks.
2. That it is specifically agreed and understood that the cost of this training is included in the total package cost paid by the Company as mentioned in the preamble. The Employee has been deputed for this training by virtue of his association and employment with the Company and on his request for the said training and further on his assurance to continue in the services of the Company at least for the minimum assured period of……… years.
3. That the “ Employee” after due completion of the training has to/ and agrees to serve the “ Company” for a period of…….. years from the date of completion of the training, hereinafter referred to as the “ SERVICE PERIOD”. The Employee also agrees that once he joins the said training, he shall complete the training and not to leave the services of the Company in between the training period or after for ……. Year. In the event of breach of any of these conditions for whatsoever reasons the Employee will be liable for damages which may be on a higher side considering direct and indirect cost but are restricted to Rs……………………….. with consent of all parties hereto.
4. That if at any time during the training or post training Employment Period of- Three years from the date of completion of training the “ Employee”, if found guilty for misconduct or any willful neglect of work or dereliction of the duties assigned by the “Company”, from time to time, will be summarily terminated by giving one months` notice and the Employee shall be deemed to have brought about such a situation at his own and will be liable for all losses/ damages so occur by his acts of commission/ omission to the Company and any decision of the Company in this regard shall be final and binding on the Employee.
5. That all inventions, designs, programmed or such other improvements possessed by the trainee during the training period by virtue of the training shall vest with the Company and the Employee will have no right on it of whatsoever nature.
6. That the Surety shall be responsible for the acts/ omissions of the Employee and will indemnify the Company on demand such amount as calculated by the Company on breach of terms of the Agreement by the Employee forming part of this agreement.
7. That this agreement shall subsist throughout the employment period of the Employee and shall not be withdrawn in between without the express permission of the Company.
8. That this agreement shall be construed to be in force irrespective of the variation in the terms, tenure and responsibilities and duties of the Employee.
9. That the Employee and Surety hereby covenant and agree that the loss that will be suffered by the Company on the breach of any of the above mentioned terms of the agreement particularly of premature leaving of services or any such other reason can not be ascertained in terms of money but is a minimum amount calculated to compensate the loss which may accrue by the said breach of conditions by the Employee and t he sum calculated as above is reasonable and just compensation for the loss/ damage that may be caused to the Company and the Surety of Employee shall not raise any objection whatsoever on the computation of the damages.
10. That the Employee and Surety do hereby agree and bound themselves jointly and severally to indemnify and to pay the Company amount of loss as mentioned herein above computed by the Company or on actual loss to be or as calculated by the Company due tom any breach of terms of this agreement or such other acts of omission and commission detrimental to the interest of the Company.
11. That this agreement is executed at……. And ………… High Court alone shall have exclusive jurisdiction in case of any dispute.
12. Having clearly understood the terms and conditions set forth herein above and in witness whereof the parties do hereby affix their signatures on the date mentioned above without any fear, coercion or duress.
Witness 1………………………… Employee: Mr……………………..
Company: M/s……………………..
Witness 2 …………………………. Surety : Mr………………………….
Regards,
Sivadasan