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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.
It is usually a written, rather than an oral, contract. Employment agreements generally address important aspects of the employment such as wages, benefits, termination procedures, covenants not to compete, and the duties and responsibilities of employer and employee.he written document can be used as evidence if necessary. Finally, employment agreements are important for fostering a positive relationship between the employer and the employee. Employers usually feel that an employment agreement creates an enhanced degree of organization and structure in the work relationship.