Job sevice bond

WHERE AS the above Engineer/ Officer ............................................................. has been selected by the Company for appointment as ................................................................. in the scale of pay of Rs. ..................... having probation for a period of 12 months w.e.f. ................................................................. subject to extension at company’s absolute discretion. The Company is providing training to the employees, which entails considerable expenditure. The BOND executed SHOWETH that in the event of the Engineer/ Officer: (a) not conforming to the instructions regarding training and discipline conveyed to him/ her by authorized agent of the company; or (b) getting adverse reports regarding the progress of his/ her training/ service. or (c) failing to complete the probation and training for which he / she has been selected for reasons other than continued ill-health PROVIDED THAT such ill health has not been brought about his / her own neglect, carelessness or mis-conduct. The certificate of a Medical Officer nominated by the Company is conclusive on the question of his/ her health; or (d) refusing to serve the Company or any of its subsidiaries for a minimum period of 3 (three) years (inclusive of probation period) as directed by the Company, without prejudice, however, to the right of the Company to terminate his / her services at any time either during or after such period. The Engineer / Officer and the Surety, jointly and severally, on demand by the Company shall forthwith refund to the Company without demur all monies paid to him / her or expended on account of his / her having been selected as an Engineer / Officer as aforesaid, not exceeding Rs. 50,000/- (Rupees Fifty Thousand only) and the interest thereon, (calculated at rates fixed by the Central Government (rate) and then in force for Government loans, from the date of demand). And upon such refund being made, the Engineer / Officer will have no more obligations to the Company, PROVIDED always and it is hereby agreed and declared that the decision of the Company as to whether the above Engineer / Officer has or has not performed and observed the obligations and conditions hereinbefore recited shall be final and binding. PROVIDED FURTHER that the liability of the said Surety ....................................................................................... hereunder shall not be impaired or discharged by reason of time being granted or by any forbearance, act of omission of the Company or any person authorized by the Company whether with or without the consent / knowledge of the said Surety. PROVIDED FURTHER it shall not be necessary for the Company to sue the said Engineer / Officer ............................................................................................... before suing the said Surety .................................................................. for amounts due hereunder.