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SERVICE AGREEMENT CUM INDEMNITY BOND

This Service Agreement cum Indemnity Bond is made and entered into this _____________________day of
_______________ 2017 .

(Hereinafter referred to as The Company, which expression shall mean and include their
Successors, Legal representatives and Attorneys) OF THE ONE PART;

AND_____________________________ S/o___________________________, aged ___________________ years, and residing


at _______________________________________________________________________________________________________________
___________________________________________________________________

(hereinafter referred to as EMPLOYEE OF THE SECOND PART (which term shall include his legal
heirs, executors, administrators and assigns)

AND

_____________________________ S/o___________________________, aged___________________ years, and residing at

__________________________________________________________________________________________________________________
__________________________________________________________________

hereinafter referred to as SURETY OF THE THIRD PART (which term shall

include his legal heirs, executors, administrators and assigns)

WITNESSETH

WHEREAS, The Company desires to employ the Employee, and the Employee is

willing to be employed by The Company, on the conditions herein set forth;

NOW, THEREFORE, in consideration of the covenants and agreements herein

set forth, and for other good and valuable consideration, the receipt

and sufficiency of which is hereby acknowledged, it is hereby agreed as

follows:

1. The Company, hereby employs the Employee and the Employee hereby

accepts employment upon the terms and conditions of this agreement and

the provisions in the Appointment Letter, Business Conduct Guidelines /

Non Disclosure Agreement accepted by the Employee.


2. The Company agrees to employ Employee and Employee agrees to work

with the required professional skills, technical capabilities and

resources for the Company for a term of 3 (three) years. This term of

employment shall begin to run on Employees first day at a work site and

not from the date of this Agreement.

Employee services are terminable by giving Three Months Notice or

Payment of corresponding salary in lieu thereof by either side.

However, till the completion of the total period of 3 years, if Employee

wish to resign, Employee has to pay Rs.1,00,000/- (Rupees One Lakh Only)

towards breach of Contract.

3. Each party to this Agreement acknowledges, understands, and agrees

that The Companys obligation to employ Employee is subject to

Employees acceptable performance of the job responsibilities assigned

by the Company from time to time.

4. The Company shall provide necessary and relevant specialized

technical training / training on automation tools / soft skills and

others and also make available specialized and sophisticated

machinery/equipments, computers, software and support facilities to the

Employee to learn and perform.

5. Employee and the Surety shall be jointly and severally liable to the

Company for any and all expenses and damages incurred by the Company on

account of imparting specialized training and exposure to special


technical skills relating to project / business of the Company as a

result of

a. Employee abandoning the project assignment prior to its completion

and without the prior express written approval of the Company,

b. Terminating his employment in any way whatsoever prior to the stated

expiry of its term,

c. Employee intentionally failing to perform to the satisfaction of the

Company and/or the Companys Client for the purpose of inducing the

Company to terminate this Agreement prior to its expiration.

Such damages shall include, but not be limited to, loss of business

and/or loss of profits incurred by the Company, as a result of

Employees departure.

6. Employee and the Surety hereby accept and acknowledge that the

Company incurs substantial out-of-pocket costs in making employment

possible for Employee (Employment Costs). Such costs incurred by the

Company include, but are not limited to, those associated with: a)

obtaining employment authorisation on Employees behalf; b)

transportation expenses; c) relocation expenses; d) administrative

expenses. Furthermore, e) imparting Training, f) use of specialized and

sophisticated machinery/equipments, computers, software and support

facilities, g) establishment and marketing expenses for procurement of

work-orders, h) advertisements, pay remuneration to the Employee, etc.

with a view to make commercial profits and enhance business-image and


goodwill; All such out-of-pocket costs shall be regarded as a debt of

Employee and the Surety to the Company.

7. WHEREAS the Employee benefits out of the specialized training

facilities, skills, knowledge and expertise.

8. WHEREAS the usage of masculine gender, wherever occurring in this

Service Agreement cum Indemnity Bond, shall apply to feminine gender also.

9. In the event of the Employee committing any breach of this contract,

the Employee and the Surety hereby bind themselves jointly and severally

to pay and compensate the Company with a sum of:

a. Rupees One Lakh Only in Indian currency payable to the Company,

within 15 days after the receipt of notice or letter of claim from the

Company, together with interest at 18 % per annum on Rs.1,00,000/-

(Rupees One Lakh Only) from the date of breach of contract till

realization in the event of Employee committing any breach of contract

within 3 (three) years from the joining date.

b. In order to secure the specific performance of this Service Agreement

cum Indemnity Bond, and for valuable consideration received from the

company as stated above, the Employee and the Surety shall deliver to

the company a crossed Cheque favoring the Company for the said sum of Rs

100,000/- on the specific understanding that the company will be

entitled to deposit the said cheque in case of any perceived breach of

any of the terms and conditions of this Service Agreement cum Indemnity

Bond by the Employee.


10. Employee and the Surety further acknowledge that they have executed,

entered into and delivered to the Company, this Indemnity Bond (Bond) to

secure the amount owed by Employee and the Surety herein to the Company,

as well as other future cash advances made by the Company and accepted

by Employee from time to time. The indebtedness set forth in this

Agreement, shall not be deemed paid or satisfied by tender of this bond,

but only by actual payment of the obligation. The Companys enforcement

of its rights and remedies under the bond, shall not bar the Company

from enforcing other rights and remedies granted to it under this

Agreement, either in law or in equity.

11. Nothing herein shall be construed to limit the Companys available

rights and remedies hereunder and the Company expressly retains the

right to pursue any and all legal, civil and/or criminal and/or

equitable remedies which are available to the Company due to Employees

and the Suretys breach of this Agreement.

12. The Company shall not be responsible for personal indebtedness or

other liabilities incurred by Employee during employment with the

Company. Employee understands and accepts that Employee shall have no

authority to pledge the credit of the Company to any person or entity

without the Companys prior written authorisation.

Notwithstanding the provisions contained above,

a. The Company may terminate Employees employment with the Company for

causes, which shall specifically include, but not limited to, (I) direct
or indirect competition with Employer on any given project; (ii) breach

of written The Company policy; (iii) breach of any covenant, obligation

or representation contained in this Agreement; (iv) dishonesty or

criminal conduct; (v) insubordination; or (vi) malfeasance and the

Employee would be deemed to have breached this agreement.

b. Employees services are terminable by giving Three Months Notice or

Payment of corresponding salary in lieu thereof by either side. However

in case of exigencies of work demand, the Management reserves the right

to extend the Notice Period. However, till the completion of a total

period of three 3 years, if the Employee resigns, the Employee has to

pay Rs.1,00,000/- (Rupees One lakh Only) towards breach of Contract.

13. If any provision of this Agreement shall be declared to be illegal

or unenforceable for any reason, the remaining provisions of this

Agreement shall remain in full force and effect.

14. Employee and the Surety shall indemnify, defend and hold the

Company, its officers, directors, Employee and agents, harmless from any

and all claims, causes of action, damages, obligations or liabilities or

any kind or nature arising out of or connected with any act or omission

of Employee.

NOW THIS INDEMNITY BOND FURTHER WITNESSETH AS FOLLOWS:

Know all men by these presents, we, the above named Employee and the
Surety hereby assure, and indemnify the loss and expenses as specified

in the agreement on account of providing training and employment to the

Employee in India and compensate the entire loss to the Company, arising

out of and in the course of breach of the said agreement before a period

of 3 (three) years, without the permission or action on the part of the

Company, from and out of income, properties and estates of every

description in India or abroad to credit of The Employee and/or Surety

and the same shall be paid within 15 days after the receipt of notice or

letter of claim from the Company.

I. The Employee and/or Surety further agree that income and properties

belonging to them or to be acquired by them in future may be attached in

case of breach or default to comply with the conditions stipulated in

this bond, which may be decided by any proceedings held in due process

of law, for the recovery of the loss that may be incurred by the

Company, unless the Employee serves the Company for a duration of 3

(three) years.

II. The Employee and/or Surety hereby bind themselves jointly and

severally to pay and compensate the Company with a sum of


a. Rs.1,00,000/- (Rupees One Lakh only) in Indian currency payable to

the Company, within 15 days after the receipt of notice or letter of

claim from the Company, together with interest at 18% per annum on

Rs.1,00,000/- (Rupees One Lakh only) from the date of breach of contract

till realization, in the event of Employee committing any breach of

contract within 3 (three) years from the joining date.

III. The Employee and/or Surety agree that in case this Indemnity Bond

has not been executed by both of them on the same day, but on different

dates, the legal implications arising out of this indemnification shall

secure validity from the earlier date on which one of them had set their

hands.

IV. Governing Law and Forum: This agreement shall be construed in

accordance with the laws of the Indian Court. Any claim or cause of

action arising out of or connected with this Service Agreement cum

Indemnity Bond shall be governed by Chennai Court both Civil and or

Criminal Jurisdiction and the parties hereto consent to submit to the

personal jurisdiction of such courts, and waive all objections to such

jurisdiction and venue.

V. Notwithstanding the above, the Company may, at its sole and exclusive

option, seek to enforce this Agreement by initiation legal action

against Employee and The Surety in an appropriate Court in India, civil

and/or criminal provided that Employee and The Surety are physically

located in India at the time such an action is filed. In such case, the
agreement shall be construed in accordance with the laws of India.

VI. This agreement contains the entire understanding of the parties with

respect to the subject matter hereof. All prior promises, understandings

or agreements are merged herein. It may not be modified orally, but only

by an agreement in writing, signed by the party against whom enforcement

of any waiver, change, modification or discharge is sought.

VII. In the event that the Company shall enforce any part of this

Agreement through legal proceedings, civil and /or criminal the Employee

agrees to pay to the Company any costs and Attorneys fees reasonably

incurred by the Company in connection therewith.

VIII. This Agreement cum Indemnity Bond may be executed in counterpart

originals, each of which shall be deemed an original.


IN WITNESS WHEREOF, the parties have set their hands and seals on the

date first above written.

for xxxxxxxxxxx

Authorized Signatory

EMPLOYEE / SURETY: We have read, understood and agree to the terms set

forth in this Service Agreement cum Indemnity Bond as evidenced by our

signature below

Employee Signature Surety Signature

Employee Name Surety Name


Date: Date:

Place: Place:

Witness: Witness:

Signature Signature

Name Name

Address Address