Format of Bond between employee and employer
The following is the format :-
I, Employee Name (employee aged about ---years S/o XXX resident at Permanent Address.
Executed this indemnity in favor of Company Name. (herein after referred to employer)
Whereas the employer has agreed to take the employee in the employment in the capacity of Designation.
Whereas the employee has agreed to faithfully serve the employer for a minimum period of 12 months commencing from Date of Joining.
Now the condition of the indemnity herein executed is that the employee shall faithfully discharge his duties as Designation and the employee shall at all times hereinafter keep indemnified the employer against all losses, cause, damages & expenses which he may pay or sustain by reason of taking the said employee for employment by reason of any Act, Mismanagement, neglect or default of the employee or the employee leaving the employment before the minimum period of service undertaken to be served by the employee.
The employee shall indemnify the employer in the case of leaving the employment before the minimum period of service in a sum of Rs. CTC.
Signed and delivered by the employee to the employer.