TRAINING BOND AGREEMENT

THIS AGREEMENT is made at Mumbai on this ___ day of ____, 2016

between
_________________, a Company incorporated under the Companies
Act, 1956 having Company Identification Number (CIN)
______________________and having its registered office address at
________________________________ (hereinafter called as Company)
which expression shall unless it be repugnant to the context or
meaning thereof and include its successors and permitted assigns of
the First Part;
AND
Ms. ________________________, aged about _____ years, having
permanent residential address at ______________________________
(herein after referred to as Employee) which expression where
the context so admits shall include his heirs, executors,
administrators and permitted assigns of the Second Part.
Company and the Employee shall hereinafter be referred to
collectively as Parties and individually as Party.
Agreement shall mean this agreement together
Annexure(s) which forms part of this agreement.

with

the

WHEREAS Company is engaged in the business of automated car

parking systems in India.
AND WHEREAS the Employee is an employee of Company since
_________, 201__ and is currently employed at ________________ as
________________ in ___________________ Department in the grade of
__________.
AND WHEREAS Company is imparting / facilitating on job training
to its Employee as is required for further advanced learning and/or
skill acquisition i.e. for the Skill Enhancement so as to equip
him to carry out his duties efficiently in Company.

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AND WHEREAS in consideration of the above, the Employee has

unilaterally, unequivocally and unconditionally agreed to be in the
service of Company from 1st July, 2016 (hereinafter referred to as
the Commencement Date) and thereafter for a minimum period
of 3 (Three) years i.e. till 30th June, 2019.
AND WHEREAS the parties desire to spell out the terms and
conditions in writing to give effect to the above mentioned.
NOW THEREFORE IN VIEW OF THE ABOVE MENTIONED AND
IN CONSIDERATION OF THE MUTUAL COVENANTS AND
UNDERTAKINGS HEREIN CONTAINED, ALL PARTIES HEREBY
AGREE & UNDERTAKES AS FOLLOWS.
1. Employee acknowledges that substantial costs have been
invested on him for training him specifically for effectively
handling the job responsibilities and, any discontinuance of
the employment before the expiry of the period of 3 years i.e.
on or before 30th June 2019 would unfairly prejudice the
Company, and, as such, the Employee on his own free will
and accord has agreed, accepted, understands and
undertakes to serve Company and not to leave the services
of the Company, for any reason whatsoever, for a minimum
period of 3 years from the Commencement Date.
2. In case the Employee, for any reason whatsoever, leaves the
services of the Company or is terminated from the services of
the Company before the period of 3 years from the
Commencement Date, then he/she shall forthwith pay a
sum equivalent to 3 months of Gross CTC being the
indemnification of the cost of training to the Company. The
Employee undertakes not to dispute the amount, and shall
pay the above said amount forthwith, before requesting for
formal relieving order from the Company. The Company
reserves the right to recover the 3 months of Net Take Home
Salary from his full and final settlement amount and in case
the dues / liabilities of the Employee are over and above the

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amount of full and final settlement then Company shall be

entitled to recover the dues from the Employee in the
manner suitable to Company
3. The Employee understands, agrees, acknowledges and
undertakes that Company is incurring substantial expenditure
towards training and /or advanced learning and /or skill
acquisition of the Employee. The Employee understands and
appreciates the above and further undertakes to contribute to
Company by way of ensuring the progress and success in the
activities of the Company in which the Employee is involved
or assigned to it from time to time.
Employee as a
consideration for the efforts and expenses put in by Company
for training and /or advanced learning and /or skill acquisition
hereby covenants, accepts and undertakes to be in the service
of the Company for a period of 3 (Three) years from the
Commencement Date.
4. The Employee further agrees, understands, accepts,
acknowledges and undertakes not to desert the services of
the Company either by resignation, or abandonment by
absence from duty, during the period of 3 (Three) years
from the Commencement Date.
5. It is further agreed by the Employee that he shall not directly
or indirectly start or work in same or similar line of business of
the Company either in capacity of an employee, contractor,
vendor, proprietor, partner or in any other capacity for a
period of 2 (Two) years from the date of leaving the services
of the Company.

6. That the said Employee shall be just and faithful to the

Company in all matters and shall not at any time except
under legal process, divulge to any person whosoever and
shall use his best endeavors to prevent the publication or
disclosure of any trade secret or any business process or any
confidential matter or information concerning management

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decision of the Company or of its dealings, transactions, or

affairs which may come to his knowledge.

7. Company has full right to transfer, suspend or terminate the

employment of the Employee in case if he breaches any of
the above provisions & found dishonest to Company at any
moment of his employment. Company can withhold the
Salary and / or experience and relieving letter of the
Employee until the final clearance of the matter.

8. In the event of Employee suffering from partial or permanent

disability or written mutual consent of both the parties this
Agreement shall not be enforceable and shall be treated as
null and void.

9. The place of fulfillment for all contractual obligations and sole

place of jurisdiction for any disputes arising from this
Agreement is restricted exclusively to the courts of Mumbai
only.

10.

No oral Agreement exists between the parties. Any

Amendments to this Agreement shall be made and executed
in writing by the parties or their duly authorized
representatives. However this Agreement shall not relieve the
Employee from the applicability of Code of Conduct and other
Company Policies applicable from time to time.

IN WITNESS WHEREOF, BOTH THE PARTIES HAVE SIGNED

THIS AGREEMENT ON THE DAY, MONTH AND YEAR HEREIN
FIRST ABOVE MENTIONED.

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SIGNED
and
Employee

DELIVERED

by

SIGNED and DELIVERED for and on

behalf
of
_________________________________

_________________________________

___________________________________

By:
______________________
Title: Employee

By:
__________________
Title: __________________

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