Agreement Bond

July 29, 2017 | Author: Chandan Kumar | Category: Surety Bond, Contractual Term, Government Information, Private Law, Politics
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On Rs. 100/- bond paper)

THIS CONTRACT made at Bangalore this __________________________day of Two Thousand and _________between Bharat Electronics Limited. A Company incorporated under the Indian Companies Act, 1956 having its registered office at Outer Ring Road, Nagavara, Bangalore – 560 045 (hereinafter referred to as the Company or “BEL”) and __________________________ residing at __________________________________________ and having the permanent address same as above. (Hereinafter referred to as the “Project Engineer on Contract”) which expression where the context so admits shall be deemed to include his/her assignees, executors, heirs and administrators and _______________________________ having permanent address at same as above (hereinafter referred to as “the surety / sureties”) which expression where the context so admits shall be deemed to include his/her assignees, executors, heirs and administrators. WHEREAS the Company has engaged the Project Engineer on Contract for the position of Project Engineer on contract basis for a period of one year commencing from ___________ forenoon to ______________ Afternoon. WHEREAS the Project Engineer on contract has agreed to serve the Company in the said post on the terms and conditions hereinafter stated. WHEREAS the Surety/ies at the instance of the Project Engineer on Contract has/have agreed to stand surety in consideration to be Project Engineer on contract to the Company for the due fulfillment and observance of the terms and conditions hereinafter stated. WHEREAS the Company is involved in the business of design, development, manufacture and sale of electronic equipments, systems, components and software and in offering consultancy services and will be engaged in the aforesaid business, both in India and abroad, in the future. The Project Engineer on contract shall abide by all the terms and conditions stipulated in the offer of engagement as Project Engineer on contract rules, regulations and generally and specifically issued by the Company, from time to time, governing the conditions of service of engaging persons on contract basis. The Project Engineer on contract undertakes to serve the Company at any of its Units/Factories/Offices to which he may be posted if transferred, during the period of contract he agrees not to take up employment with any other person, firm Company or Organisation during the said period. During the period of the service contract, if the Project Engineer on contract leaves / resigns, the Project Engineer on Contract agrees to give one month notice in writing or one month remuneration Rs.__________/- in lieu of notice. In case of partial notice period is given by the Contract Engineer on contract, the remaining notice period (short fall in one month) will be compensated by paying equivalent remuneration for the shortfall period of notice.

Upon breach of any of the terms and conditions of this agreement, of which the Company shall be the sole judge, the aforesaid amount shall immediately become payable by the Project Engineer on contract to the Company and shall be paid by him within 7 days of the occurrence of such breach. In the event of failure to pay the said sum, interest on the said sum shall accure @ 16% per annum till the date of payment. The Project Engineer on contract : Surety No. 1: Surety No. 2: Any change in the above address of any of the parties i.e., the Company, the Project Engineer on contract or the Surety / Sureties, shall be intimated to the other parties by the party whose address has changed, within a period of seven days of such change. Of no such change has been intimated or received, the address mentioned above shall be deemed to be the address of the concerned parties. As a token of his consent he/they have signed this agreement as Surety / Sureties dated this _________________________________ at _____________.

Signed and delivered by the Project Engineer on Contract. CONTRACT

SIGNATURE OF THE PROJECT ENGINEER ON

Signed and delivered by the NO.1 Surety No. 1

SIGNATURE OF THE SURETY

Signed and delivered by the NO.2 Surety No. 2

SIGNATURE OF THE SURETY

Accepted for and on behalf of the Company by its constituted Attorney.

SIGNATURE

WITNESS : 1. 2.

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