Please find my attached copy of bond and give me the suggestions. I got a good opportunity now and i want to quit this job.
please provide me some valuable suggestions.
SURETY BOND FOR TRAINEES
This agreement made at xxxxxxxxxxxx on this the xxxxxxxxxxx th day of June two thousand five by and between xxxxxxx Group of Industries comprising of xxxxxxxxxxx and xxxxxxxxxxxxxxxx. Ltd., represented by its Managing Director Mr. xxxxxxx xxxxxx S/o. xxxxxxxxxxxx situated at xxxxxxxxx,xxxxxx,x,,,,,xxxxx,xxxxxx (hereinafter referred to as ‘Company’)
And
Mr. xxxxxxxxxxxx aged about 32 years S/o. xxxxxxxxxxxx residing at Cxxxxxxxxxxxx xxxxxxx,xxxx,x,,,,xxxxxxx,xxxxxx serving as Engineer (herein after referred to as ‘Trainee’) and his Permanent Address being xxxxxxxx,xxxxxxx,xxxxxx,xxxxxx.
Whereas the employee is in service with the above company for the last 48 months at xxxxxxxxxxxx and whereas the employee wishes to take up further training abroad and the company accepted his request for sponsoring him for further training course at xxxxxxxxxx,xxxxxxx for a period of 2 weeks at Company’s cost subject to the terms and conditions laid here under:
:2::
1. The company shall treat 2 weeks period of training of the employee as on duty ‘training’.
2. The total cost of the passage and the cost of training shall be borne together by the company and xxxxxxxxxx xxxxxxx.
3. The employee hereby undertakes to serve the company after completion of the training for the full term of the service or at least for a period of 5 years.
4. The employee shall not resort to any other service except the company’s services either in India or aboard.
5. The employee shall work with the company on regular basis of increment in his services as per the terms and conditions of his appointment.
6. To obey and abide by the rules and regulations, service conditions and standing orders of the company as may be in force from time to time and to comply with orders of his superiors issued from time to time.
7. That in the event of his committing breach of any of the terms of this agreement, the trainee shall compensate the company by paying to the company the following amount.
i) Amount spent on Training i.e., the training cost incurred by the Company together with xxxxxxx xxxxxxxx.
ii) Actual stipend paid during the training period.
iii) The cost of passage for the trainee incurred by the Company.
iv) Liquidated damages, which represents a genuine estimated damages that would reasonably be caused to the business of the company on account of the said breach of agreement and
v) Any other expenses relating to the Loss of Man and machine hours, which otherwise would have fetched a reasonable amount of profits for the business of the company.
8. That in the event of the trainee leaving, abandoning his training or resigning from the services of the company during the mandatory period of service as provided herein and if the services of the trainee are terminated by the company for breach of any of the terms and conditions in or carrying in or carrying on or be a part of the process of the technologies in which the trainee was trained /engaged in at present is being carried on by the company and the trainee shall not serve in any capacity whatsoever or be associated with any person, firm, or company’s carrying on similar, business as that of the company either in India or
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Abroad, for remaining period of the said confirmed mandatory service period of 5 years and one more year thereafter.
In witness where of these present are executed on the day and the year first above written.
Signature of the Trainee
Xxxxxxxx xxxxxxxxx
Engineer
Dated: xxth June, 2005.
Witness:
1.
2.
From India, Hyderabad
please provide me some valuable suggestions.
SURETY BOND FOR TRAINEES
This agreement made at xxxxxxxxxxxx on this the xxxxxxxxxxx th day of June two thousand five by and between xxxxxxx Group of Industries comprising of xxxxxxxxxxx and xxxxxxxxxxxxxxxx. Ltd., represented by its Managing Director Mr. xxxxxxx xxxxxx S/o. xxxxxxxxxxxx situated at xxxxxxxxx,xxxxxx,x,,,,,xxxxx,xxxxxx (hereinafter referred to as ‘Company’)
And
Mr. xxxxxxxxxxxx aged about 32 years S/o. xxxxxxxxxxxx residing at Cxxxxxxxxxxxx xxxxxxx,xxxx,x,,,,xxxxxxx,xxxxxx serving as Engineer (herein after referred to as ‘Trainee’) and his Permanent Address being xxxxxxxx,xxxxxxx,xxxxxx,xxxxxx.
Whereas the employee is in service with the above company for the last 48 months at xxxxxxxxxxxx and whereas the employee wishes to take up further training abroad and the company accepted his request for sponsoring him for further training course at xxxxxxxxxx,xxxxxxx for a period of 2 weeks at Company’s cost subject to the terms and conditions laid here under:
:2::
1. The company shall treat 2 weeks period of training of the employee as on duty ‘training’.
2. The total cost of the passage and the cost of training shall be borne together by the company and xxxxxxxxxx xxxxxxx.
3. The employee hereby undertakes to serve the company after completion of the training for the full term of the service or at least for a period of 5 years.
4. The employee shall not resort to any other service except the company’s services either in India or aboard.
5. The employee shall work with the company on regular basis of increment in his services as per the terms and conditions of his appointment.
6. To obey and abide by the rules and regulations, service conditions and standing orders of the company as may be in force from time to time and to comply with orders of his superiors issued from time to time.
7. That in the event of his committing breach of any of the terms of this agreement, the trainee shall compensate the company by paying to the company the following amount.
i) Amount spent on Training i.e., the training cost incurred by the Company together with xxxxxxx xxxxxxxx.
ii) Actual stipend paid during the training period.
iii) The cost of passage for the trainee incurred by the Company.
iv) Liquidated damages, which represents a genuine estimated damages that would reasonably be caused to the business of the company on account of the said breach of agreement and
v) Any other expenses relating to the Loss of Man and machine hours, which otherwise would have fetched a reasonable amount of profits for the business of the company.
8. That in the event of the trainee leaving, abandoning his training or resigning from the services of the company during the mandatory period of service as provided herein and if the services of the trainee are terminated by the company for breach of any of the terms and conditions in or carrying in or carrying on or be a part of the process of the technologies in which the trainee was trained /engaged in at present is being carried on by the company and the trainee shall not serve in any capacity whatsoever or be associated with any person, firm, or company’s carrying on similar, business as that of the company either in India or
:3:
Abroad, for remaining period of the said confirmed mandatory service period of 5 years and one more year thereafter.
In witness where of these present are executed on the day and the year first above written.
Signature of the Trainee
Xxxxxxxx xxxxxxxxx
Engineer
Dated: xxth June, 2005.
Witness:
1.
2.
From India, Hyderabad
Hi Ragaprasad
As i understand from this you are still employed with this company, but I am unable to make out since how long u r there?
Initially this Agreement is for 48 months, so what part of this period is lapsed?
To my limited knowledge, I will suggest you not to breach the terms of this Agreement or else the company may initiate legal proceedings on the basis of this single document itself.
You may be liable to huge damages, now these days this is a common phenomenon. The companies which are investing a huge amount on training of its employees does not hesitate to approach to court of law.
I will be in better position to suggest you any remedy on this, if you could briefly explain your employment backgrounf with this company.
Regards
Prasad
From India, Mumbai
1As i understand from this you are still employed with this company, but I am unable to make out since how long u r there?
Initially this Agreement is for 48 months, so what part of this period is lapsed?
To my limited knowledge, I will suggest you not to breach the terms of this Agreement or else the company may initiate legal proceedings on the basis of this single document itself.
You may be liable to huge damages, now these days this is a common phenomenon. The companies which are investing a huge amount on training of its employees does not hesitate to approach to court of law.
I will be in better position to suggest you any remedy on this, if you could briefly explain your employment backgrounf with this company.
Regards
Prasad
From India, Mumbai
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