Mr./Ms. son of aged yrs, resident of (hereinafter called “the Surety”, which expression shall mean and include unless repugnant to the context his heirs, successors, legal representatives, executors, administrators, and assignees) of the THIRD PART.
1. The Company is engaged in the business of ship chartering, brokering and maritime agency work and has extensive dealings with various Clients and parties in this behalf, requiring Executives who are well versed in handling business, technical and commercial maritime work and assignments for productively interacting with the Clients and prospective Customers.
2. Before offering formal appointment, the Company imparts to the prospective Employee, considered suitable and selected for such assignment, such basic training and know-how as is necessary for the Employee to discharge his duties, involving investment of time and money on the part of the Company;
The Company also seeks to safeguard and protect their commercial and business data concerning their present Clients and Business Associates and goodwill in the market by suitably advising the prospective Employee and obtaining Undertakings from the Employee that for a period specified in the agreement, he shall not join or collaborate or associate or assist or deal with in any manner whatsoever directly or otherwise or provide consultancy in any manner to any competitor including Firm or Company or act on their behalf with or without consideration or return or gratis or by way of favour, so that the current business deals and terms are not taken advantage of by any business rival / competitor or firm or Company which is similarly engaged in The business as that of the Employer. Further, the Employee shall not engage himself in similar business as that of the Company or use contact and goodwill of the...