plz tell me that wat is the difference between the 3rd party contract and a bond.
and which of them is legally binding an employee with the employer.
can an employer sue its employee if he/she breaks the bond or 3rd party contract?
i am a finance background fresher and in most of the co. either there is a 3rd party contract or a bond procedure for one or more than one year.
but due to the fear of penalty is deny for the signature in both and due to this reason i m not getting a proper finance background job.
From India, Delhi
and which of them is legally binding an employee with the employer.
can an employer sue its employee if he/she breaks the bond or 3rd party contract?
i am a finance background fresher and in most of the co. either there is a 3rd party contract or a bond procedure for one or more than one year.
but due to the fear of penalty is deny for the signature in both and due to this reason i m not getting a proper finance background job.
From India, Delhi
Dear Friend
Agreement where the surety is there: In any service agreement with an employee, generally the company may ask such employee to get signature of surety who will assure the management that if the terms of such agreement breached by employee himself during the period of such agreement, this surety himself is liable to pay damages to the management on behalf of employee. In case of breach of the terms of agreement by employee during its operational period, this surety is also liable to face legal consequences on par with employee to whom he has stood as surety. As such, now a days, no person would like to stands as surety to any one, except father or brother or close relatives of employee who opts to join duty by executive an agreement with management
Agreement with out surety: If management did not ask the employee particularly who works in finance dept to get a surety from any other person, for executing an agreement, then they may ask the candidates to deposit some amount / documents related to fixed assets towards security or else may ask the employee to get the property details. This may useful to an employer to get the recovery of amount in case of employee who execute an agreement and subsequently breach the same for one or the other reason which causes financial loss to the company.
Regards
Regards
From India, Hyderabad
55Agreement where the surety is there: In any service agreement with an employee, generally the company may ask such employee to get signature of surety who will assure the management that if the terms of such agreement breached by employee himself during the period of such agreement, this surety himself is liable to pay damages to the management on behalf of employee. In case of breach of the terms of agreement by employee during its operational period, this surety is also liable to face legal consequences on par with employee to whom he has stood as surety. As such, now a days, no person would like to stands as surety to any one, except father or brother or close relatives of employee who opts to join duty by executive an agreement with management
Agreement with out surety: If management did not ask the employee particularly who works in finance dept to get a surety from any other person, for executing an agreement, then they may ask the candidates to deposit some amount / documents related to fixed assets towards security or else may ask the employee to get the property details. This may useful to an employer to get the recovery of amount in case of employee who execute an agreement and subsequently breach the same for one or the other reason which causes financial loss to the company.
Regards
Regards
From India, Hyderabad
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Kami Export - Negative Covenant in Contract of Employment.pdf (1).pdf