I woudl like to mention here the services under the Indian Air Forces Act, in which a bond is signed so that a pilot is forced to render a fixed bond period or pay back for training in breach thereof, which is huge.
How are they able to enforce it?
As per mutual bonds, besides age proof or passport some security bond amount can also be held from the new recruitee.
The bond format can be -
SECURITY BOND
KNOW ALL MEN by this security bond we Ms. -----------------, W/o. -----------, R/o. -------------------------------, Ms. ------------, W/o. ---------, -----------------------------, Ms. S. ----------------- R/o. ---------------------------------------- are firmly held and bound unto Company name (here-in-after called (Short title of company name) which expression shall unless repugnant to the context or meaning thereof include its successors and assigns) in the sum of Rs. 15,000/- (Rupees fifteen thousand only) to be paid to the (name of Company) or its successors and assigns as the case may be for which payment we bind ourselves and our respective heirs, executors, administrators, jointly, severally, individually and respectively.
Signed this 15th day of March, 2006.
ABC
XYZ
ABY
WHEREAS the (name of Company) has agreed to employ Ms. ABC as Secretary on the terms and conditions contained in the letter of appointment dated 23rd February, 2006 subject to the applicable rules and regulations of the (name of Company) and further on the conditions that the employee furnishes a security bond in the sum of Rs. 15,000/- (Rupees fifteen thousand only) from herself and from two sureties assuring the services of the employee for a period not less than 3 years from the date of employment, i.e. w.e.f 01.03.2006 and also the faithful, honest and diligent performance and discharge of duties by the employee during the period of her service with the (name of Company).
Cont…2/
:: 2 ::
NOW THE CONDITION OF THE ABOVE WRITTEN BOND OR OBLIGATION is that if the employee shall serve the (name of Company) for a period of 36 months and shall all along during the continuity of her service with (name of Company) whether in the original or in any transferred post, during the said period of 3 years and thereafter if continues in employment of the (name of Company) always duly, faithfully, honestly and diligently perform and discharge the duties of such office or offices which she shall hold and exercise for the time being and indemnify and keep indemnified (name of Company) against all and every loss and damage suffered on account of any act of commission or omission or default on the part of the employee, then the above written bond or obligation shall be void and of no effect, otherwise the same shall be and remain in full force and virtue.
PROVIDED HOWEVER, notwithstanding anything here-in-before contained it is hereby mutually agreed and declared by and between the parties that the employee and the said sureties Ms. XYZand Mr. Aby shall not in any case be at liberty nor shall have the power to terminate their obligations, assurances, undertakings, suretyship under this bond before fully indemnifying the (name of Company)against all monies due or which may thereafter become due on account of the assurances etc. under the above written bond.
IN WITNESS WHEREOF we have signed this deed on the 16th day of March 2006.
ABC
XYZ
ABY
Witnesses:-
1.
2.