Dear Mr. Malik ,
Thank you very much for your e-mail and your suggestion. I am sending you the whole text of the document. If we take bond in the recruitment procedure .... would it be valid ? As you said, the agreement wont have any authenticity , I would like to here your kind suggestion after reviwing the texts-
TEXT of The Agreement
I
..
son/daughter of
..
. residing at
...
. do hereby undertake and covenant as follows:
I. I shall not join any company/business which is directly/indirectly competitor of my company or run a business of my own in similar lines directly and/or indirectly for a period of 3 (three) years after I leave the company. Competing business shall mean and include any business concern located in Bangladesh and abroad which is engaged in business of the similar nature or of similar product of competing enterprise which to the discretion of the company may affect the business of the company adversely.
II. I will not divulge or disclose the business secrets, intellectual property rights of the company, the technical know-how of the Company and its products and services and other information in respect thereof, not only during my service, but even after I cease to be in the service of the Company. I shall not, directly or indirectly, use the information I gathered during my service at the company to bring it to disrepute or damage its business.
III. I also agree that I have fiduciary duties with the company and I will not put myself in a position where I abuse that responsibility.
IV. If I violate any of the covenants stipulated above, barring Covenant I, I shall immediately pay to the Company a sum of TK 1,000,000/ (One Million taka) which the company shall be entitled to deduct from my dues or by filing suit in the competent court of law. I also realize that in addition to this sum of TK 1,000,000/ (One Million Taka) I will be further liable for any potential loss of business revenue to the Company from breaching any of the covenants above.
V. I undertake that the company shall not issue me a Release Order in case of my violation of any of the covenants stipulated above. My Release Order shall also contain the covenants stipulated above, so that my new employer is well aware of the covenants and can be held responsible for contributing to any of the violations thereof.
VI. I further covenant that the company shall be entitled to inform my new employer regarding any of the breach of the covenants stipulated in this letter of undertaking and also be able to claim the same from my new employer after proper intimation to them of any of the breach.
.
Signature of the Executants
Name:
Designation:
Department:
Permanent Address:
This is the practice of a very global company of Bangladesh. The management of the company may be misguided to take bonds for retaining people. How dow you evaluate this kind of HR practice ?
Thank you once again for your valuable comments.
Best regards,
Monir Hossain