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Such employment bonds are agreements between the employer and employee wherein among other terms & conditions of the employment, an additional clause is incorporated which requires the employee to serve the employer compulsorily for a specific time period else refund the amount specified as bond value.
An employment contract is a legal document that establishes the rights and responsibilities of two parties â the employer and the employee.It is general drawn up at the time of hire and serves as a binding set of guidelines for the duration of the employment.ometimes, an employer may ask an employee to sign an âat-willâ agreement; however, as the tenets of âat-willâ employment are fairly basic, this agreement is usually simply a clause of a signed offer letter or employee handbook, rather than a separate contract.