Employee Bond

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Employee Bond Format

 

The Employment Bond is an agreement entered between the company and the employee, which among the other terms contained therein states that in consideration of the training given to the Employee and the money spent by the company in imparting such training, the Employee will remain in the services of the company for a particular period of time. In case the Employee breaches the provisions of the Agreement, the Employee will be liable to pay a certain sum of money, be it the expense incurred by the company in training of the Employee. The Bond may also contain confidentiality and non competition clauses. The legality of the Bond shall depend upon whether there was consideration in the form of training or otherwise.

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How to Use

The process of bonding begin at the time of hiring . The company conducts preliminary background investigations to determine if a job candidate is bondable. Employers can choose not to hire candidates that cannot meet the requirements of bonding.

How to Create

A bond contract is a recorded promise made by an employee to the employer pledging that he/she will pay a certain amount to the employer if he leaves the organization before the agreed period. The period of the bond should not be too high.The payable bond amount shouldn’t be beyond what you’ve spent on training and grooming the employee. Make sure that you have enough evidence of training and grooming expenses in case you need to take the legal route.Do add a confidentiality clause that will legally protect the company’s trade secrets in case the employee leaves.