Hi all, I need to draft a study bond agreement for one of our staff. She received our company's sponsorship for an upgrading course. She needs to serve a 1-year employment bond with the company after graduation.
I would highly appreciate it if anyone could please share a sample bond with me. Thank you in advance.
Warmest Regards,
Anleyn
From Singapore, Singapore
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I would highly appreciate it if anyone could please share a sample bond with me. Thank you in advance.
Warmest Regards,
Anleyn
From Singapore, Singapore
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I do not have a sample format of a bond, but I would like to share some important aspects of the same. Please do not mention in the bond that the employee cannot join and work with any other company during the period of one year. Also, do not mention any penalty amount if an employee breaches the bond. As per the Constitution of India, every Indian citizen has the right to choose employment or practice the profession of one's own choice, and any agreement against it (even on the stamp paper) becomes illegal. Hence, it is better to fix a certain sum of money that will be refunded by the employee if he/she chooses to leave the organization during one year. This shows that the company has invested a significant amount of money, and the employee has assured to provide the results for one year thereafter. If the employee leaves the company, he/she should refund the amount of money that the company has spent on his/her training since the company cannot avail any advantage of the upgraded learning.
Thank you.
From India, Mumbai
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21Thank you.
From India, Mumbai
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Bond in employment.pdf
Bond of Employment.doc