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Bond Format (GTPL)

This agreement is between GlobalLogic Technologies Pvt Ltd, the employee, and the surety. GlobalLogic provides training for unskilled candidates at their own cost. The employee agrees to undergo 3 months of training and then work for GlobalLogic continuously for 12 months. If the employee leaves before completing 12 months, they must pay GlobalLogic Rs. 60,000 as liquidated damages for the cost of training. The surety guarantees payment of these damages if the employee fails to pay.

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Princy Gupta
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92 views

Bond Format (GTPL)

This agreement is between GlobalLogic Technologies Pvt Ltd, the employee, and the surety. GlobalLogic provides training for unskilled candidates at their own cost. The employee agrees to undergo 3 months of training and then work for GlobalLogic continuously for 12 months. If the employee leaves before completing 12 months, they must pay GlobalLogic Rs. 60,000 as liquidated damages for the cost of training. The surety guarantees payment of these damages if the employee fails to pay.

Uploaded by

Princy Gupta
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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AGREEMENT

THISAGREEMENT made in Gurgaon thisBETWEEN GlobalLogic Technologies


Pvt Ltd a company incorporate under the Companies Act, 1956, having its
registered office at Hyderabadand represented herein by its Authorised
Signatory, Mr. Brahma Naidu Vella hereinafter called the COMPANY, which
term shall, whenever the context so admits, mean and include its successors-in-
interest, administrators, executors and assigns of the FIRST PARTYOURE YOUR
__your name____son/daughter, of ___your Fathers Name ___,
agedabout__yours age _years and residing at.______Yours address___
hereinafter called the EMPLOYEE, which term shall, wherever the context so
admits, mean and include his legal heirs, administrators, executors and assigns
of the SECOND PART and _Fathers name_____son/daughter of Mr.grand
fathers name___, aged about _fathers age_yearsand residing at_father
address__hereinafter called the SURETY of the THIRD PART.
WHEREAS the Company has introduced a scheme to provide suitable training
and employment to candidates who are unskilled and have not undergone
training in any field. The entire cost of this training will be borne by the
Company.
And Whereas it is a condition of appointment that the Employee shall,
immediately on joining the company, enter into an agreement, undertaking to be
in continuous service in the company for a period of 12 Months, after the period
of training as required, failing which, the employee shall be liable to pay the
company a sum of Rs.60,000/- (Rupees Sixty Thousand only) towards liquidated
damages, which is the amount spent by the company on your training.
And whereas, in the event of the employee failing to abide by the terms and
conditions of this Agreement, then the surety herein undertakes to indemnify the
company to the extent of the sum undertaken to be paid by the Employee in the
extent of his committing any breach or violation of the terms and conditions of
this Agreement,
NOW IT IS MUTUALLY AGREED BY AND BETWEEN THE PARTIES
HERETO, AS FOLLOWS: -
1. The Employee does not possess any skill and has not undergone any
training whatsoever in any trade and hereby agrees to undergo
training for a period of Three months from the date of joining, under
the Companys Scheme,
2. On joining the company, the employee shall be given intensive training
in any one discipline as required.The Employee acknowledges and
agrees that the cost of the training is Rs.60,000/-, which could be
recoverable by the Company only if the Employee works for the
Company for at least six (6) continuous months post the training
period during which period his/her services will be confirmed. The
Employee further acknowledges and agrees that in the event he/she
leaves any time during six months period, the Company will suffer a
loss of at least Rs.60,000/-, which the trainee shall be liable to pay
forthwith.
3. The entire cost of the training shall be borne by the Company, In
addition to such cost, the Employee shall also be paid a monthly salary
of Rs_________/-
4. The Employee shall not resort to any acts of indiscipline or misconduct
or irregular in attendance.
5. The trainee shall abide by the Standing Orders or general rules of the
company during the tenure.
6. In the event of the employee committing any breach or violating the
terms of this Agreement in not continuing in the employment of the
company for the period stipulated in this Agreement, then he/she shall,
on demand, pay the company a sum of Rs.60,000/- (Rupees Sixty
Thousand only) towards liquidated damages.
7. In the event of the Employee being unable to pay the said liquated
damages under any circumstances or, failing to pay such damages as
stipulated herein, the surety herein holds himself responsible and
liable and undertakes that on demand by the company, he/she shall,
without any demur, pay the company the sum of Rs.60,000/- (Rupees
Sixty Thousand only) due to them by the Employee towards liquidated
damages.
8. All disputes and claims assigning out of the terms and conditions of
the Agreement shall be subject to the jurisdiction of Courts in the city
of Hyderabadonly.
IN WITNESS WHEREOF the parties hereto have set their respective hands
and seals the day, month and year, first above written.
Employee ForGlobalLogic Technologies Pvt Ltd
Authorised Signatory
WITNESSES:Surety:
1.
2.

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