SURETY BOND TO BE EXECUTED BY THE EMPLOYEE AND THE SURETY FOR

REIMBURSEMENT OF LIQUIDATED DAMAGES.

IN CASE OF BREACH OF AGREEMENT FOR TRAINING AND SERVICE FOR A

SPECIFIED PERIOD KNOW ALL MEN BY THESE PRESENTS THAT:

I. We, Mr. NAME S/o Mr. FATHERS NAME resident of ADDRESS the
employee of M/s Neel Metal Products Ltd, Behrampur Inds. Area,
Begampur Khatola Road, Khandsa, Gurgaon – 122001, (Haryana)
hereafter referred to “Employee” and Mr. SURETY’S NAME son of Mr.
SURETY’S FATHER’S NAME resident of SURETY’S ADDRESS (hereinafter
referred to as ‘Surety’) do hereby jointly and severally bind ourselves and our
respective heirs, executors and administrators on account of ‘Employee’ having
been selected for employment and placed for training to pay to M/S Neel
Metal Products Ltd, Behrampur Inds. Area, Begampur Khatola Road,
Khandsa, Gurgaon – 122001, (Haryana) a Company incorporated under
the Companies Act, and having its registered office at New Delhi hereinafter
referred to as ‘Company’ on demand a sum of Rs. Two Lakh which the
company has spent on the training of the employee in on the job training for a
duration of 1 year commencing from 01.08.2019 to DATE OF ONE YEAR
 COMPLETION, with interest thereon at the rate of 10 percent per annum
reckoned from the date of such receipt or expenditure till actual refund thereof
by the employee; and this amount shall not be open to any question by the
employee.

II. We further jointly and severally bind ourselves and/or respective heirs,
executors and administrators to pay to the ‘Company’ in the event of the
employee leaves the services of the company before completing three years of
continuous services with the company from the date of his joining, which is
D.O.J., including the period of completion of training, which is D.O.J. to DATE
OF ONE YEAR COMPLETION, an amount of Rs. Two lakh as liquidated
damages, in addition to all money including interest at the rate of 10 percent
which is payable under the preceding clause.
III. WHEREAS the above bound employee has been selected by the company and
whereas it is agreed between the company and the employee that he/she shall
execute a bond in favour of the company in the manner hereinafter appearing.
IV. NOW THE CONDITIONS OF THE ABOVE WRITTEN OBLIGATIONS ARE THAT IN
THE EVENT OF THE EMPLOYEE LEAVING THE SERVICES EVEN DUE TO THE
FOLLOWING REASONS THAT IS:
(a) not conforming to the instructions regarding training and discipline
conveyed to him / her by the Company and / or by the agency to which
he / she is sent for training;
(b) getting adverse reports regarding the progress of his / her training or
regarding his / her conduct;
(c) failing, on successful completion of his / her training to join forthwith the
post in which, he / she is posted; or at any other place at the instance of
the company;
(d) refusing to serve the Company in any of its factories, plants, offices, sub-
office, or any other establishment, organization, concern, body corporate,
firm association or individual whether associate of the company carrying
on trade, business or activities similar to those of the Company;
(e) leaving the services of the company before completing service in specified
period or reckoned from the date of resumption of duty on completion of
training.
(f) failing to intimate to the company the amount and other particulars in
respect of any honorarium and other money if earned or received by
 him / her during the period of his / her training from any other
organization/ person.
(g) refusing to handover and surrender to the company the whole or part of
such honorarium or other money received by him / her , if and when
required to do so by the company;
(h) contracting any disease requiring prolonged hospitalization;
(i) failing or refusing to comply with any lawful and reasonable directions,
instructions or requests of the company or conducting himself in a
manner contrary to any of the provisions of the service rules of the
company.
We shall forthwith pay to the company the liquidated damages as per
clause II above and refund to the company all money which the employee
may have received from the company or which may have incurred in
respect of his training by the company by way of pay, allowances,
medical attendance etc with interest from such actual receipt or
expenditure till actual refund thereof.
V. We further agree that the money so payable would be determined by the
company and shall not be open to question or challenge by us. Upon or
making such refund, the above written obligation shall of no effect otherwise it
shall be and remain in full force and virtue.
VI. In the event of insolvency, lunacy, or death of the surety the above bounden
employee and surety and/or his heirs, executor, administrator undertakes to
intimate the company of the event within 15 days of its occurrence and execute
a fresh bond on behalf of such surety:
VII. Provided always and it is hereby agreed and declared that the decision of the
company as to whether the above bounden employee has or has not
performed and observed the obligations and conditions hereafter recited, shall
be final and binding;
VIII. Provided further that the liability of the said surety hereunder shall not be
impaired or discharged by reasons of any action taken against the above
bounden employee under the terms of his appointment or any variance therein
or by any forbearance act or omission of the company for any reason with or
without the consent or knowledge of the said surety nor shall it be necessary
for the company to sue the above bounden employee first before suing the
surety for amount due hereunder.
IX. This Agreement shall be deemed to have been concluded at the New Delhi
accordingly, no legal proceedings shall be taken to enforce any claim and / or
no suit arising out of this Agreement shall be instituted except in a court of
competent jurisdiction located within the Municipal limits of New Delhi.
X. Provided further that this bond shall in all respects be governed by the laws of
India.

Dated this DATE

SIGNED AND DELIVERED BY THE ABOVE PERSONS

WITNESSES SIGNATURE OF THE EMPLOYEE

1.

2. SIGNATURE OF THE SURETY