GUIDELINES
Please read the instructions given below carefully before
getting your bond typed
1.
A format
of the service agreement / surety bond is enclosed with the Letter of
Appointment.
2.
Two
sureties are required to sign on the bond. The first surety has to be directly
related to the employee (preferably Father, Mother, Brother or Sister). The
second surety should be a govt. employee or must be employed in the private
sector.
3.
In
addition to the above sureties there should be on Witnesses. Sureties and witnesses
cannot be the same people. The witnesses have to give their full name and
complete postal addresses.
4.
The
Employee and both the sureties have to sign on ALL the papers of the agreement.
5.
The
sureties must attach attested photocopies of documents related to fixed assets
with complete layout map, IT returns and monthly pay slips.
6.
Photograph
of the Employee should be enclosed to the service agreement / surety bond
SERVICE AGREEMENT / SURETY
BOND
This agreement made at DELHI Delhi
- . (Hereinafter referred to as the
“Company”).
And
1. Mr. / Ms. aged
about years, S/o,
D/o.
Residing at (Hereinafter
referred to as an “Employee”).
2. Mr./Ms. aged about years, S/o. D/o. Residing at
Occupation who is the of the Employee and is in the
capacity of being a related surety promising and undertaking on personally
having understood the contents hereof after having been explained the same
by who has read and
translated the same to enable the same to be understood by Mr./Ms………………
(Hereinafter referred to as the “Surety 1” for brevity); and
3. Mr./Ms.
aged about years, S/o. / D/o. Residing at
Occupation Government Service /
Private Service, serving as
at the office of
and drawing a monthly salary of Rs. as evidenced by the salary
certificate dated issued by
the who is the
appropriate authority for the said issuance and Mr. / Ms. who, being familiar
with and literate in English, has also read the contents hereof and on
understanding the same chosen to affix his signature as additional surety
hereto (hereinafter referred to as the “Surety 2” for brevity) (both the
related surety and the other surety being jointly hereinafter referred to as
“the Sureties” for brevity)
Signature of the Signature
of the Signature
of the
Employee. Surety
1. Surety
2.
WHEREAS the employee has agreed to work for the M/s. or its Clients
or Associate Companies situated in India or Abroad and offered himself of his
own free will and with the consent of the Sureties for rendering services as an
employee which has been accepted by the company, which has therefore issued an
Appointment Letter dated-----.
WHEREAS the employee in view of the above has further undertaken to
serve the Company subject to the terms and conditions specified herein in
addition to those specified in the Appointment Letter dated-----.
WHEREAS the Sureties have in consideration of the appointment of the
said employee as above have agreed to stand guarantee for due fulfillment and
observance of the terms and conditions specified herein and jointly and
severally agreed to furnish the details of their properties with duly attested
Photocopies and a duly sworn-in-affidavit relating to properties and other
documents such as Income Tax Returns and Salary Certificates.
THE EMPLOYEE HEREBY AGREES.
1. To serve the Company for a minimum period of ONE
YEAR as per the terms and conditions set out in the Appointment letter
dated issued by the company
and duly accepted by the said employee.
2. Notwithstanding
to above said period of one year if an employee sent to abroad to serve the
company or its clients or associate companies they should continue in the
employment of the company till the completion of the assigned work/project etc.
of the company or its clients or associate companies for which the concerned
employee has been sent to abroad.
3.
Notwithstanding to above said period of one year when
an employee returned to India after completing the abroad assignment, the
employee must serve the company or its clients or associate companies for a
minimum period of 6 moths after completion of the assignment abroad.
4. To obey and to abide by the rules and
regulations, service conditions and standing orders of the Company as may be in
force from time to time, to comply with orders of his superiors issued from
time to time and terms and conditions set out in the Appointment Letter dated…
5. That in the event of his committing breach of
any of the terms of this agreement, the Employee shall compensate the Company
by paying to the Company the following amounts.
1) Expenses towards fare for his travel and
other allowances paid in connection with travel for the assignment at abroad
and,
2) Visa Processing and other administrative
expenses incurred by the Company and,
3) Liquidated damages of Rs.1,00,000/- (Rupees
One Lakh) which represents a genuine estimate of damages that would reasonably
be caused to the business of the Company on account of the said breach of
agreement and,
4) The salary paid in INR and held by the
Company for the duration of the assignment at abroad and,
5) Any other expenses relating to loss of man
and machine hours which otherwise would have fetched a reasonable amount of
profits to the business of the Company and,
Signature of the Signature
of the Signature
of the
Employee. Surety
1. Surety
2.
THE SURETIES HEREBY AGREES:
1. The sureties hereby undertake to ensure due
compliance of the terms and conditions of this Agreement by the Employee. The
Sureties shall jointly and severally be liable along with the Employee jointly
and / or severally for all amounts that the Employee may become liable to pay
to the Company on account of breach of any of the terms and conditions of this
agreement.
2. Further, it is clearly understood that it
shall not be necessary for the Company to proceed against the Employee to
recover any amount that may become due by the Employee to the Company under
this Agreement. Even without proceeding against the Employee, the company can
directly proceed against the Sureties only and/or against the related Surety or
the other Surety or either of any of three of them or against any two at its
own and sole discretion. The fact that
the Company proceeds against one of them shall not discharge the liability of
others to the Company under this agreement.
3. The Company shall not be responsible for any
interruption in or stoppage of the Employment as well as Service due to
exigencies of work or for causes beyond its control.
4. The conditions of appointment of the Employee
with the Company as contained in the appointment letter issued by the Company.
5. In case of any disputes arising out of this
agreement or Appointment Letter, it shall be subject to the jurisdiction of
appropriate Court at Delhi
IN WITNESS WHEREOF these presents are executed on the day and the year
first above written.
WITNESSES:
(Signature, Name & Complete Address)
1. Full
Name and Signature of the Employee
2.Full
Name and Signature of the Surety 1.
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