With the gaining momentum of competitiveness in the corporate sector, businesses focus on imparting training to the employees with the intention to improve their skills and capabilities, and hence to increase the quality of their products and services. A legal contract made between an employer and his employee, which is inclusive of all the terms and conditions related to the employment is the employee agreement bond. It would help businesses to remain protected against unexpected losses that might incur as a result of dishonest employees.
Here is a sample template of employee agreement bond that may help you to establish a simpler as well as formal relationship with your employees.
Employee Agreement Bond
This agreement made at _________ [place] on the day of __________, 20___, between [employer’s name], a Company registered/ a corporation incorporated in [country-name] ,having its primal office at __________________________________________________ [address],hereinafter referred to as the Employer
Mr./Ms.______________ ,Indian Inhabitant/s / Non Resident Indian/s, currently residing at _____________ [name of city/address] hereinafter referred as Employee.
The employee shall be bound to agree and abide by all the terms and conditions specified hereinafter and all other rules that may be framed by the employer periodically during the employment period of the employee.
Employee’s job title / position : ___________________
Job location : ___________________
Duties and responsibilities:
As a [job role], the employee requires to perform the following duties and responsibilities:
(5) any other duties that may arise periodically, or assigned to the employee, and is related to the employment of the employee
The first 3 months of employment shall be considered as the probationary period.
Salary Scale (on monthly basis) :
General Allowance :
During the employment period, an amount of ____ weeks per annum shall be entitled to the Employee as the vacation
Normal working days: Monday to Saturday.
Days off: Sunday and national holidays.
Working Hours: 8 hrs per day and overtime wherever necessary.
Performance reviews shall be conducted at least once a year and the written performance appraisal will be provided to the employee, followed by the review process and the discussion on every aspect of the assessment.
In case of any disputes regarding the employment, that cannot be amicably settled, shall be referred to the [name of the legal authority of the city]
Either party may terminate this agreement upon the successful completion of the probationary period by giving a written notice of month to the other party.
Any amendments made to the terms and conditions mentioned here, shall not be considered valid unless mutually agreed in writing and signed by both the Employer and the Employee. The employing company and its internal rules and regulations shall be governed if any terms and conditions are not specifically covered under this agreement.
IN WITNESS WHEREOF and acknowledging the acceptance of the foregoing, the Employer and Employee affix their signatures hereto.
COMPANY NAME [Name of employee]
BY: [Name of employer]
Dated: ______________ Dated: ____________
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