Navigating Employee Bonds: What You Need to Know About Legalities and Requirements

I require some guidance related to employee bond.

1. For whom is the bond applicable?
2. What would be the bond's content?
3. Is there any minimum and maximum duration specified for a bond?
4. Will the bond hold good (legal) if it is on the company letterhead, or should it be only on the bond sheet?
4.a. If on the bond sheet, what would be the cost of the bond sheet?
4.b. Should a separate appointment letter be given to an employee if he/she signs a bond?
5. What legal steps should be taken into consideration during the course of action?
6. Does the bond require any company seal?

Waiting for your reply ASAP.

1. Bond is applicable to the person who ever signs it.
2. Depends on the mutual consent of both parties.
3. As far as my knowledge goes, there is no such limitation as to minimum and maximum periods.
4. It is to be executed on Rs. 100 non-judicial stamp papers.
5. An appointment letter is to be given to the employee whether a company takes the bond from him or not.
6. In case the employee violates the conditions mentioned in the bond, he can be sued by the employer.
7. Not necessary.