As far as my knowledge, an agreement is executed between two persons mentioning obligations of both parties, whereas in a bond, only the obligations of one party are expressed towards the other party. So, my question is whether a bond executed by the party by whom obligations were expressed can be valid?
From India, New Delhi
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From India, New Delhi
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In a legal sense, a bond is a documented contract between two or more parties creating certain rights and obligations that are mutual. At times, it may necessarily contain only the obligation of one party to the other out of their already existing contractual relationship. For instance, an employment bond executed by the employee to serve the employer for a certain period, failing which to pay a certain sum to the employer. Its validity and enforcement depend upon various factors such as the investment made by the employer to train the employee, the reasonableness of the length of the bond period, etc.
From India, Salem
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6185From India, Salem
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Normally, a company enters into a bond for the minimum service of employees who receive special training at the company's expense. However, it seems you are only considering one side of employee liabilities and duties.
The company fulfills its obligation by providing specialized training and then expects the employee to work for a specified number of years. If the bond period is reasonable and the consequences of breaching the bond are quantifiable and fair, the bond remains a valid document enforceable by the company in case of a breach of the agreed terms by the employee.
From India, Pune
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The company fulfills its obligation by providing specialized training and then expects the employee to work for a specified number of years. If the bond period is reasonable and the consequences of breaching the bond are quantifiable and fair, the bond remains a valid document enforceable by the company in case of a breach of the agreed terms by the employee.
From India, Pune
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In addition, the bond also becomes an agreement when both parties agree to the terms and conditions of the bond. i.e. when you sign it.
From India, Pune
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From India, Pune
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Bond is not legal even if both parties sign it if justifiable expenses are not there for training, etc. If the bond is there just to bind the employee for a certain period, then it is illegal.
Col. Suresh Rathi
From India, Delhi
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Col. Suresh Rathi
From India, Delhi
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Indemnity Bond - Format.doc
Bond in employment.pdf