Employee security bond

About this document:

Employee turnover sometimes causes severe financial losses besides loss of business and/or business opportunity. For the purpose of safeguarding employer interests, it may be relevant to indulge into binding the employees for the sake of discouraging them from frequently changing employment.

Provisions of surety need to be thorough but simple. Complicate formulae lead to misunderstanding. We have provided all the options in different documents. Choose the one that suits best in your agreement with the employee;

Who will use this document?

Any person or company employing or wants to employ persons; and seeks to protect unauthorized and unexpected employee turnover.

Key features:

• Maximum protection for employer;
• When you are retaining original qualification certificates of an employee towards surety in an existing employment arrangement;
• Explanatory notes guide you to make best use of the documents as drawn or to carry out changes to suit peculiar requirement;
• Very comprehensive, precise and brief;
• Protects the employer from unexpected employee movement;
• Suitable for any size of business and irrespective of a specific industry.

This document include provisions for:

• Job Description;
• Place of work;
• Amount of surety;
• Period of validity of bond;
• Person as surety;
• Consent of employee;
• Reasonability of the bond;
• Governing law.