Dear Sir, I need a format for an Indemnity bond on behalf of my company. I want to sign this bond with my employee who is going on a 6-month leave to visit Canada. I want him to return to India after 6 months and resume his current job responsibilities in our organization. He agrees to sign the bond with us. I urgently require the exact wording in the indemnity format regarding this case. I will list the major points that we want to cover in the bond.
Conditions:
1) Can we provide him leave for 6 months? If yes, then please cover this point without salary.
2) He can rejoin if he returns before 6 months from abroad. (We allow it).
3) If he doesn't come back after 6 months or doesn't join after 6 months, then how much penalty can we charge him? On what basis? (Training expenses). How can we recover that amount if he doesn't return to India? (Any security for it?)
4) Is there any provision to stop his PF if he doesn't join after 6 months? Please suggest if it is possible in another way.
5) Also, tell the stamp paper to be used (Rs 50 or Rs 100).
Please send me the exact wording; the rest I can edit according to the situation. I need it urgently in 2 days.
Thanks in anticipation,
Gurpinder
From India, Kanpur
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Conditions:
1) Can we provide him leave for 6 months? If yes, then please cover this point without salary.
2) He can rejoin if he returns before 6 months from abroad. (We allow it).
3) If he doesn't come back after 6 months or doesn't join after 6 months, then how much penalty can we charge him? On what basis? (Training expenses). How can we recover that amount if he doesn't return to India? (Any security for it?)
4) Is there any provision to stop his PF if he doesn't join after 6 months? Please suggest if it is possible in another way.
5) Also, tell the stamp paper to be used (Rs 50 or Rs 100).
Please send me the exact wording; the rest I can edit according to the situation. I need it urgently in 2 days.
Thanks in anticipation,
Gurpinder
From India, Kanpur
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Dear,
Indemnity by itself is to cover a loss caused. Since you are not going to pay him, there will not be any loss. If you pay him, then yes, you can get a bond for repayment of that sum if he does not join back.
With Regards,
Regards
From India, Bangalore
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204Indemnity by itself is to cover a loss caused. Since you are not going to pay him, there will not be any loss. If you pay him, then yes, you can get a bond for repayment of that sum if he does not join back.
With Regards,
Regards
From India, Bangalore
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Thank you for the suggestion. I want to allow him 6 months' leave with salary. Is there any provision for such leave?
He wants to apply for a Canadian visa. The embassy will grant him a visa only if he ensures that he will certainly come back to India after 6 months. I really want to help him get the visa. My interest in signing a bond with him is solely to assist him in obtaining the visa. There are no other issues. If he doesn't come back after 6 months, we are not going to sue him. I will even hand over the original copy of the bond to him. My idea is solely to help in obtaining the visa, so I need terms and conditions for the bond that appear very genuine and effective in ensuring his return to India.
Can I put some conditions on his PF? Please help me and provide a format that best suits my requirements. This is urgent.
From India, Kanpur
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He wants to apply for a Canadian visa. The embassy will grant him a visa only if he ensures that he will certainly come back to India after 6 months. I really want to help him get the visa. My interest in signing a bond with him is solely to assist him in obtaining the visa. There are no other issues. If he doesn't come back after 6 months, we are not going to sue him. I will even hand over the original copy of the bond to him. My idea is solely to help in obtaining the visa, so I need terms and conditions for the bond that appear very genuine and effective in ensuring his return to India.
Can I put some conditions on his PF? Please help me and provide a format that best suits my requirements. This is urgent.
From India, Kanpur
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