Agreement For Employee Bond
Description
How to fill out Confidentiality Agreement With Regard To Employee Inventions?
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FAQ
A simple money bond must contain the following:Name of the lender and the borrower.Address of the lender and the borrower.The amount being lent/borrowed.The purpose for which the amount is being borrowed.The time period for which the amount is being lent.The interest to be levied on the amount.More items...
The making of deductions for cash bonds or deposits is one of the allowable deductions from the employee's wages (Article 114, Labor Code of the Philippines). However, the employers cannot just unilaterally declare and impose upon their employees the giving of bonds and/or deposits.
Employment Bond Employment bonds are employment agreements with negative covenant. Under the Indian Law, the employment agreements with negative covenants is valid and legally enforceable if the parties agree with their free consent i.e. without fraud, coercion, undue influence, mistake and misrepresentation.
Indian law mandates the employment bonds to be reasonable in order to be valid. The term reasonable remains undefined anywhere in the Indian law and therefore the courts have given meaning to reasonable depending upon the facts and circumstances of the cases.
An employment bond is an agreement between the employer and the employee which provides that the employee shall work for an agreed upon minimum period of time upon joining the business.
