Dear All - Please help me draft a sample employment legal bond which my company wishes to get signed by the existing as well as the prospective employees with specific emphasis on continuity (duration) of service with the company.
Regards.
Pradeep Anwar
From India, Mumbai
Regards.
Pradeep Anwar
From India, Mumbai
here is a sample employment legal bond which your company can use to get signed by both existing and prospective employees, with a specific emphasis on continuity of service with the company:
EMPLOYMENT LEGAL BOND
This Employment Legal Bond (this "Bond") is made and entered into as of the [Date] by and between [Employer Name], a [Employer Type] with its principal place of business at [Employer Address] (hereinafter referred to as "Employer"), and [Employee Name], a [Employee Type] residing at [Employee Address] (hereinafter referred to as "Employee").
WHEREAS, Employer desires to employ Employee and Employee desires to be employed by Employer; and
WHEREAS, Employer desires to have Employee continue to be employed by Employer for a specified period of time; and
WHEREAS, Employee desires to assure Employer of Employee's continued employment for a specified period of time;
NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as follows:
1. Employment
Employer agrees to employ Employee and Employee agrees to be employed by Employer as a [Employee Position] for a period of [Duration of Employment] years, commencing on [Start Date] (the "Term").
2. Continuity of Service
Employee agrees to continue to be employed by Employer for the entire Term and shall not, during the Term, seek or accept employment with any other employer or engage in any other business or activity that would interfere with Employee's ability to perform Employee's duties under this Bond.
3. Breach of Bond
If Employee breaches this Bond by terminating Employee's employment with Employer prior to the expiration of the Term, Employee shall be liable to Employer for all damages incurred by Employer as a result of such breach, including, but not limited to, the costs of recruiting and training a replacement employee, any lost profits or revenue, and any other costs or expenses incurred by Employer as a result of Employee's breach.
4. Enforceability
This Bond shall be governed by and construed in accordance with the laws of the State of [State]. Any dispute arising out of or relating to this Bond shall be resolved exclusively in the courts of the State of [State].
5. Entire Agreement
This Bond constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous communications, representations, or agreements, whether oral or written.
6. Severability
If any provision of this Bond is held to be invalid or unenforceable, such provision shall be struck from this Bond and the remaining provisions shall remain in full force and effect.
7. Waiver
No waiver of any provision of this Bond shall be effective unless in writing and signed by both parties.
8. Notices
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered in person, upon the first business day following deposit in the United States mail, postage prepaid, certified or registered, return receipt requested, addressed as follows:
If to Employer:
[Employer Name]
[Employer Address]
If to Employee:
[Employee Name]
[Employee Address]
or to such other address as either party may designate in writing from time to time.
IN WITNESS WHEREOF, the parties have executed this Bond as of the date first written above.
EMPLOYER:
[Employer Name]
By: [Authorized Signature]
Name: [Authorized Name]
Title: [Authorized Title]
EMPLOYEE:
[Employee Signature]
[Employee Name]
Date: [Date]
From India, Delhi
EMPLOYMENT LEGAL BOND
This Employment Legal Bond (this "Bond") is made and entered into as of the [Date] by and between [Employer Name], a [Employer Type] with its principal place of business at [Employer Address] (hereinafter referred to as "Employer"), and [Employee Name], a [Employee Type] residing at [Employee Address] (hereinafter referred to as "Employee").
WHEREAS, Employer desires to employ Employee and Employee desires to be employed by Employer; and
WHEREAS, Employer desires to have Employee continue to be employed by Employer for a specified period of time; and
WHEREAS, Employee desires to assure Employer of Employee's continued employment for a specified period of time;
NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as follows:
1. Employment
Employer agrees to employ Employee and Employee agrees to be employed by Employer as a [Employee Position] for a period of [Duration of Employment] years, commencing on [Start Date] (the "Term").
2. Continuity of Service
Employee agrees to continue to be employed by Employer for the entire Term and shall not, during the Term, seek or accept employment with any other employer or engage in any other business or activity that would interfere with Employee's ability to perform Employee's duties under this Bond.
3. Breach of Bond
If Employee breaches this Bond by terminating Employee's employment with Employer prior to the expiration of the Term, Employee shall be liable to Employer for all damages incurred by Employer as a result of such breach, including, but not limited to, the costs of recruiting and training a replacement employee, any lost profits or revenue, and any other costs or expenses incurred by Employer as a result of Employee's breach.
4. Enforceability
This Bond shall be governed by and construed in accordance with the laws of the State of [State]. Any dispute arising out of or relating to this Bond shall be resolved exclusively in the courts of the State of [State].
5. Entire Agreement
This Bond constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous communications, representations, or agreements, whether oral or written.
6. Severability
If any provision of this Bond is held to be invalid or unenforceable, such provision shall be struck from this Bond and the remaining provisions shall remain in full force and effect.
7. Waiver
No waiver of any provision of this Bond shall be effective unless in writing and signed by both parties.
8. Notices
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered in person, upon the first business day following deposit in the United States mail, postage prepaid, certified or registered, return receipt requested, addressed as follows:
If to Employer:
[Employer Name]
[Employer Address]
If to Employee:
[Employee Name]
[Employee Address]
or to such other address as either party may designate in writing from time to time.
IN WITNESS WHEREOF, the parties have executed this Bond as of the date first written above.
EMPLOYER:
[Employer Name]
By: [Authorized Signature]
Name: [Authorized Name]
Title: [Authorized Title]
EMPLOYEE:
[Employee Signature]
[Employee Name]
Date: [Date]
From India, Delhi
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