What is the process to obtain an Employee Security bond?

Employee security bond is a guarantee bond which safeguards a company from unexpected employee turnover, fraud, employee theft, forgery and embezzlement of company’s cash and other assets. Before going to hire any type of employee, a company has to look into its interests and benefits. Employee security is number one and top most interest of every company. To keep save this interest every company need a surety bond from its employees that  they are bond to stay in the company for a certain period of time otherwise they have to pay the surety amount.

Net Lawman provides a complete and comprehensive employee surety bond provisions in different documents that will help you to safeguard your interests as well as employee’s security and trust as trustworthy employees are a treasure for a company.

The target audience of this employee surety bond agreement is any person or company who want to hire a trustworthy employee and seeks protection against unauthorized employee turnover.

There are certain terms and conditions which come under employee security bond or a guarantee bond. In India, the companies whether small or big want an employee security bond from their employee before hiring. The bond keeps the company from loss and any damage and bond the employee from sudden turnover. The bond is signed by the employee under certain terms and conditions.

In India, the unexpected employee turnover rates are 30 to 50 % per year and it is a continuous headache for top management in India that when their employees become proficient and dexterous in the job, they quit. Call centers in India constantly face this issue because call centers now days grab seventy percent of the revenues of the Indian Business Process Outsourcing (BPO) industry, according to an estimate by Mckinsey. It is also observed that 80 percent of call center employees find ways to avoid employee security bond so that they can easily quit their job at certain level and time without any prior notice. In this situation, employee security bond is must particularly for Indian companies.

The Content of Employee Security Bond includes:

Certain period/tenure of employment

Penalties in case of any fraud, unexpected turnover and embezzlement of company’s assets

Bond validation period and conditions

Surety amount

Person as surety

Consent of employee

Responsibility of bond

Governing law

Features of Employee Security Bond:

Maximum security to employer towards fraud, theft, forgery etc.

Safe guard the employer from unexpected and unauthorized employee turnovers

Suitable and best for any type and size of business and company

Explanatory notes to make best and useful employees surety documents

Suitable for any type and any time changes as per requirements

Give ease to employee at the time of fresh appointment

Guarantee Bond, Employee Security, Employee Document

Why Employment agreement template is important for an employer and employee?

An employment contract is made between an employer and employee if:

• there is an offer of employment from the employer;
• Offer must be valid 
• the offer is accepted by the employee;
• Both employer and employee has accepted an obligation to perform their part of the agreement (e.g. the employee will receive a wage in return for working);
• both employer and employee intend to create a legally enforceable bargain (the contract will be legally binding);
• Both employer and employee have the legal has capacity to enter into a contract (the employee is of sound mind;
• Employer and employee give their consent to the terms of the agreement); and
• The contract does not violate the  legal requirement ( e.g. contract must be for lawful purpose only.

Employment contract is also called employment document. Employment contract regulates the employment relationship between employer and employee. It is a legal agreement and enforceable under the law. Labour laws in India regulate the contract of employment. India has also implemented the standard code of ILO for the benefits and welfares of the workers.

Employment agreement can be oral or in written form. However the employer can not deprive the employee form their statutory entitlements. There are three different types of leaves available to workers under the different labour law of India such as casual leave, sick leave, earned leave.

Employees are entitled to 20 earned leaves, 15 casual leaves and 10 – 40 days sick leave. The nature of leave depends on the nature of jobs. Because there are different types of labour laws which deals with different nature of employment.

Employment agreement describes the rights and obligations of the employer and employee. Employment agreement must be clear and does not lead to any confusion. Employment agreement must specify the term of the agreement whether is contractual or permanent. Employment agreement must also describe that under what circumstances employee can be sacked.

Employment agreement must be in written form because it is very hard to prove oral terms in case of disputes. Industrial tribunal always prefer the written employment contracts because written employment contract clearly define the intentions of the both parties. Employment agreement must contain the following minimum provisions. Such as

• Nature of job;
• Job description;
• Payment;
• Place of work;
• leaves;
• Termination procedure;
• Confidential information;

Employer cannot change the nature of employment agreement without the consent of the employee. Employee has a right to challenge such action of the employer before the Industrial tribunal.

Employee must read and fully understand the advantages and disadvantages of the each provision of the agreement. Because once the employment agreement is signed it becomes the legal document that is enforceable under the law. Both employer and employee must sign the employment agreement in the presence of the independent witness.

The following labour law deals with employment contracts in India. Such as:

• Factories Act, 1948
• The Shops & Establishment Act
• Minimum Wages Act 1948
• Industrial Employment (Standing orders) Act 1946
• Payment of Wages Act 1936
• Workmen’s Compensation Act 1923
• Industrial Disputes Act 1947
• Maternity Benefit Act 1961
• Payment of Gratuity Act 1972
• Payment of Bonus Act 1965
• Employees Provident Funds and Miscellaneous Provisions Act 1952.

Net Lawman offers following type of employment contract template. Such as

Employment contract: retail sales manager: Standard contract of employment for any retail sales manager in any type Indian shop or retail store

 Employment contract: standard: This is a standard, comprehensive contract of employment for any staff below director level. It complies with all current legislation, yet preserves maximum flexibility to the employer. It is fair but tough.

 Employment contract: accountant: Comprehensive contract of employment for any accountant practising in India Includes extensive provisions relating to intellectual property and other areas where a senior person may have scope to damage your business in the event of a dispute.

employment contract- template-employment contract-employment agreement

Why Employee Handbook is important for Employee?

What is an employee handbook?

An employee handbook is the most important document for any new employee in a Company. It provides the employee an insight of the Company, its dealings, various policies, expected code of conduct, expectation of the Company from its employees etc. It is generally given to all the new employees on the first day of their job or along with the Employment Contract. This handbook is not a substitute of an Employment Contract which is to be separately entered with each employee.

                             

Importance of employee handbook

The handbook may vary depending upon the business requirements of the company as well as any specific kind of business but the general areas that an employee handbook may address are:

·         Brief history of the company

·         An introduction stating why such handbook is needed

·         Terms and conditions of employment

·         Holiday entitlement

·         Code of conduct

·         Company rules

·         Conflict of interest

·         Confidentiality

·         Grievance procedures

·         General policies etc.

Code of conduct

The employee handbook lays down the code of conduct expected of all its employees when dealing with each other, the management, its agents, customers and so on. An Employee Handbook is designed to introduce and familiarise the employees of the Company with its policies, rules and regulations and the terms and conditions of employment.

Information on important aspects

An employee handbook addresses the concerns and the questions of the employees. Employee handbook provides the info to the employees on the important aspects. Employee handbook helps the employees to know what the company expects from them , and in return what they will get the benefits. Employee handbook provides the clear information on working hours, dress, leaves, termination, disciplinary procedure, health and safety obligations, compensation policy.

Right of amendment

The employee handbook sets out the various benefits that the company offers to its employees along with various policies and procedures. An employee handbook is called often staff manual. It is the best communication tool between employer and employee. The company has right to amend, delete, suspend any right but it cannot deprived the employee from their constitutional rights. Any amendment to the employee handbook must be issued by a circular from time to time as and when required.

Review of employee handbook

Employee handbook must be reviewed after the changes in law. It is the duty of the employer to provide the latest copy of the employee handbook after the reviewing it.

Reasonable and fair

Employer must adopt and introduce such polices which are reasonable and fair. Employer cannot deprive the employees form their statutory rights. In case of conflicts between employee handbook and statutory rights, then the statue will prevail over the employee handbook.

Promote equal employment policy

An employee handbook must missies the discrimination and promote the equal employment policy . Employer before implementing the employee handbook must consider the federal and all local employment laws.

Employee handbook always promotes the :

• Healthy atmosphere  within the organisation;
• Minimises the disputes and concerns

Part of employment contract

The provisions set out in the employee handbook must be read along with the terms and conditions of employment contract and shall form a part of the employment contract.  Any amendment to the employee handbook must be issued by a circular from time to time as and when required.

Net Lawman provides the comprehensive and up to date employee handbook. Such as

Employee handbook

You may want every aspect of working relationship with your employees in the form a policy document substantially circulated for the knowledge of every person working for the organization. We have provided a model Employment Policy manual which highlights the Policies that govern Employment and reflect management’s working style and culture of an organization.

Employee Document-Employment Contract Template-Employment Contract-Employment Agreement

Franchise agreement big opportunity to boost up your business:

Franchise agreement is very helpful for expanding any business. For a company who wants to establish its branches everywhere around the country or around the globe. Franchise agreements are a great tool for this purpose. Both of the parties can get the benefits from this agreement. On the one hand it’s a very lucrative business practice. Because the franchiser has not to do any expense in order to open any branch in other city but in return the franchiser is paid by the franchisee. It may be an open agreement in which the rights of both parties are secured by each other.

Checklist deal with all the needs of both parties:

The best part of this agreement is that you can negotiate freely and can win the best contract. But the franchise agreement depends on the nature of business. Either your business is related to services or related to merchandise. In order to make a Franchise Agreement Sample one has to follow the checklist of basic franchise agreement .certainly these are the issues which needs your attention. The terms can only be finalized if a franchisee is fully aware about the benefits and detriments of this new business. So checklist is always proves useful for a franchisee it’s a supportive tool in the making of Franchise agreement.

Features of franchise agreement:

Following are the terms and conditions which remain under consideration.

Terms related to the cost of opening franchise

Terms and conditions related to the location of franchise

Terms and conditions which address to the buildings, equipment and supplies of a franchise

Terms enfolds how a franchise will operate

Terms and conditions related to the termination and renewal of a franchise agreement

Restriction of selling the franchiser products ,

Terms related to the purchase of franchiser’s products.

Assessment of franchiser and inclusion of legal provision for the security of franchisee’s interest.

So checklists address all these issues and there are many other issues which can be included and can be negotiated according to the needs of franchisee and franchiser respectively.

Franchise agreement is a  give and take agreement

 So opening a franchise is a complete business opportunity and a complete business portal .a franchisee can enjoy the benefits of the expertise and experience of the franchiser. A franchise agreement is beneficial for both parties, and both of the parties can enjoy the fruits of mutual cooperation thus for a franchiser a franchise agreement provides the prospect to build up a business chain and a supply chain as well. Because a franchise agreement has so much to offer to both parties. A complete learning opportunity for the franchisee and its employees. For a franchiser the franchise agreement proves a great tool because his business boost up automatically, he does not have to purchase premises and to do expense for hiring the staff for the opening of a branch in a new city. He just has to authorize his business to some other person. So franchising   is a gift of globalization and market liberalization.

Legal advice – helping you make sense of it all

One of the most important aspects of any business is to make sure that their business documents are not only easy to understand, but also legally binding, both at home and abroad. At Net Lawman, we have the legal document and expertise to help you do just that – and all in easy to understand, no-nonsense English.

The universal language of business

No matter where you are in the world, English is still regarded as the universal language for businesses trading with overseas customers. Our Indian clients do a great deal of trade with the UK, and to make sure your business documents  are relevant not just in India but in the UK as well, you need to make sure that they are written in clear, concise language that transcends international borders. The development of the Internet has made the global marketplace possible. So if your business has links across the ocean and across continents, you need to make sure that your business documents are right first time, every time.

By talking to Net Lawman, you can get Legal Agreements that is applicable to you and your business. Whether you’re drawing up trade agreements or want to open an office overseas, our experts can give you these legal advices you need to make it happen.

Relevant and easy to understand

Our experts have a wealth of knowledge in all aspects of legal protocol, both in India and the UK. We give you clear, concise legal advice that can help your business move forward, without getting bogged down in red tape and jargon-stuffed documentation that can do more to hinder your business plans, rather than help them. By standardising your business documents and taking on board our legal advice, you can make your business grow across the world.

So if you would like to know how Net Lawman can help you create easy to understand and legally binding business documents or need legal advice and information, contact us direct and speak to one of our expert advisors. Alternatively, browse our website to find out more about our range of services and document templates.

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