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    Surety Bond

    Uploaded by

    Kishore Debnath
    1. An employee was offered employment at a bank and agreed to serve for 5 years. In return, the bank agreed to provide training. 2. The employee and two sureties signed a surety bond guaranteeing the employee would serve for 5 years or reimburse the bank for training costs if he left early. 3. The bond details the obligations of the employee to serve for 5 years and of the sureties to pay training costs if the employee leaves before 5 years, unless discharged by the bank.

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    Surety Bond

    Uploaded by

    Kishore Debnath
    65 views3 pages
    1. An employee was offered employment at a bank and agreed to serve for 5 years. In return, the bank agreed to provide training. 2. The employee and two sureties signed a surety bond guaranteeing the employee would serve for 5 years or reimburse the bank for training costs if he left early. 3. The bond details the obligations of the employee to serve for 5 years and of the sureties to pay training costs if the employee leaves before 5 years, unless discharged by the bank.

    Original Description:

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    Original Title

    SURETY-BOND

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    1. An employee was offered employment at a bank and agreed to serve for 5 years. In return, the bank agreed to provide training. 2. The employee and two sureties signed a surety bond guaranteeing the employee would serve for 5 years or reimburse the bank for training costs if he left early. 3. The bond details the obligations of the employee to serve for 5 years and of the sureties to pay training costs if the employee leaves before 5 years, unless discharged by the bank.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    65 views3 pages

    Surety Bond

    Uploaded by

    Kishore Debnath
    1. An employee was offered employment at a bank and agreed to serve for 5 years. In return, the bank agreed to provide training. 2. The employee and two sureties signed a surety bond guaranteeing the employee would serve for 5 years or reimburse the bank for training costs if he left early. 3. The bond details the obligations of the employee to serve for 5 years and of the sureties to pay training costs if the employee leaves before 5 years, unless discharged by the bank.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    SURETY BOND

    The Bond dated................................... executed by......................................................................


    S/O ................................................................... residing at ...............................................................
    here in after called the employee and...........................................................................................
    S/O................................................................. residing at..................................................................
    and ...........................................................................S/O...................................................... residing
    at .............................................................................................................................. here in after
    called the securities in favour of the Rupali bank constituted under the Bangladesh Bank
    (Nationalisation) order 1972 (President order No. 26 of 1972) here in after called the Bank and
    then Rupali Bank Ltd., as per vendors agreement dated 14.12.1986 whereas the Bank has been
    pleased to offer an appointment to the employees as an officer and whereas the Bank has agreed
    to train him up at its own cost and expenses and whereas the employee has accepted to an agreed
    to serve the Bank and whereas the Bank as a term of employment demanded of the employee to
    bind himself to the Bank to serve for at least 05 (five) years and to furnish two sureties to the
    satisfaction of the bank and accordingly the employee has agreed to execute this surety Bond
    along with two sureties indemnifying the Bank upon and condition here in after stated.

    1. The employee, in consideration of offering employment and employing his and in


    consideration of his being trained-up by the Bank at its own cost and expenses, hereby
    undertakes and bind himself to serve the Bank in accordance with the Bank’s regulation for at
    least a period of 5 (five) continuous years from the date of his joining service of the Bank i.e.
    Rupali Bank Ltd.

    2.The employee further agrees and undertakes that he will not on any account and of his own
    accord, discontinues, give up or abandon the services of the Bank before the said period of 5
    (five) years.
    Continued Page - 2

    Page - 2

    3. The employee further undertakes and binds himself to compensate the Bank in the event he, of
    his own accord or without the Bank discharging him or terminating his services, discontinues,
    give up or abandons his services to and employment of the Bank before the expiry of the said
    period of 5 (five) years and to forthwith make good and pay to the bank cost and expenses of
    training courses incurred by the bank during the period of his service in the bank.

    4.The sureties in consideration of the Bank offering employment and employing the employee
    undertake and bind themselves in the event of employee discontinuing, giving up or abandoning
    his services to and employment of the Bank before the expiry of the said period of 5 (five) years
    and without the Bank discharging, dismiss him to terminating his services irrespective of
    whether a demand has been made on the employee or not, on demand by the Bank to make good
    to the Bank the cost and expenses of training courses incurred by the Bank during the period of
    his services in the Bank.

    5. It is agreed that for the purpose of this document including services of the employee on
    deputation with the approval of the Bank and that the payment which the executants of this deed
    are by those, presents bound to make its penalty and shall not be interpreted as such but is it and
    shall be interpreted only as payment of the cost and expenses incurred by the Bank of the
    employee.

    6.The condition of this bond is that on completion of 5 (five) years of service of the employee
    without discontinuing, giving up or abandoning it as aforesaid it shall become void and be of no
    effect but until that time it shall remain in full force.

    Continued Page - 3
    Page - 3

    In witness whereof the employee and the sureties have affixed their signature on this deed in the
    presence of the following witness on the date mentioned above.

    EMPLOYEE:
    Signature:
    Full Name:
    Address:
    SURETIES:
    1. Signature:
    Full Name:
    Address:

    2. Signature:
    Full Name:
    Address:
    WITNESS:
    1. Signature:
    Full Name:
    Address:

    2. Signature:
    Full Name:
    Address:

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