Service Bond Agreement Format

Sample / Example / Template  for Jobs Bond, Service bond Agreement in Word, Doc Format

  

SERVICE BOND

The Chairman & Managing Director,

ABC Corporation,

Mumbai Centre

Nerul Complex,

Mumbai - 400 044

Dear Sir,

Re:      RECRUITMENT OF ………………………..2012

WHEREAS

I, ………………………….…………S/o/D/o/W/o ……………..…………. presently residing at

…………………………………………………………………………………. have been offered an appointment as ……………………. in the scale of …………………….. by ABC Corporation (herein-after referred to as ABC) and in the course of my engagement as such the ABC would enable me to acquire certain special skills and experience in the Financial sector. As a term of my appointment, I am required to execute this service Bond assuring the continuance of my service and faithful performance of the duties for a minimum period of two years starting from the date of my entry into the services of the ABC  to which I agree and also hereby assure and undertake as under:

Contd….. P/2

:  2  :

1.      I shall continue in the service of the ABC and render my services at any of its Branches/offices at any place as may be decided by the ABC at its absolute discretion.

2.      I shall be in the service of the ABC for at least a period of two years from the date of joining. I shall continue in service as aforesaid during the pleasure of the ABC  and my services are liable to be terminated in terms of extant guidelines/rules/regulations of ABC as well as specific terms stipulated in my appointment letter.

3.      I shall not, without the express prior approval in writing of the Competent authority, apply for any job or take up any other office of profit; nor shall I resign or abandon the service of the ABC during the said period of two years.

4.     My employment as stated above shall be subject to such rules, regulations, terms etc, as the ABC may in its absolute discretion stipulate for its regular employees from time to time.

5.                  In the event of non-fulfillment/breach of any of my obligations to the ABC as stated in Clause (2) above other than on account of the termination of my service by the ABC in terms of extant regulations or if I fail to serve the ABC for the minimum period of two years as already stated above or for any reason whatsoever, I shall pay to the ABC up to the maximum sum of Rs. 1,00,000/- (Rupees One Lac only) depending upon the terms stated as under :

·         Rs. 1.00 lac to be paid if I leave the services of ABC before completion of one year of service.

·         Rs. 50,000/- to be paid if I leave the services of ABC after completion of one year but before completion of two year of service.

If a situation as stated in Clause (5) above arises, I shall be personally liable to pay the amount due as per the terms stated therein to the ABC notwithstanding and without prejudice to the right of the ABC to recover the amount from any sum that may be due to me by way of monthly/annual compensation, terminal benefits or other-wise and also without prejudice to ABC’s right to take any action as may be deemed appropriate by it.

I do hereby irrevocably submit and agree that all disputes, if any, arising out of this Bond shall be subject to the non-exclusive jurisdiction of the Courts at Mumbai which shall be without prejudice to the right of the ABC in its option to initiate appropriate proceedings arising out of these presents, before any other Court/s in India.

In witness whereof I, ……………………..……………       have subscribed my signature on this the ……………… day of  …………… 2012.

Witness                                                                                   (Signature of executant)

Signed and delivered

by Shri ………………..

in the presence of

Shri ……………………

(Signature of ABC  official)

at (place) ………………      

on (date)  ……………..