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Employment Bond
An employment bond is a contract requiring that an employee continue to work for their employer for a specified period, under penalty of a monetary forfeiture to the employer. Such contracts and associated surety bonds are similar to indentured servitude or serfdom, in that although employees are compensated, they are not permitted to leave their employment except under specified conditions. However, in general, the only penalty for breaching the contract is payment of the bond amount. Legality India The landmark case ''Toshniwal Brothers (Pvt.) Ltd. vs Eswarprasad, E. and Others'', decided in 1996, describes the legality of employment bonds in India. It holds that under the Indian Contract Act, 1872, contracts requiring an employee to pay a bond if they prematurely resign their employment are legal and enforceable, at least in cases where employers pay expenses like training for the employee. The case refers to the 1973 Supreme Court of India case ''Union of India ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employee
Employment is a relationship between two party (law), parties Regulation, regulating the provision of paid Labour (human activity), labour services. Usually based on a employment contract, contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work. Employees work in return for wage, wages, which can be paid on the basis of an hourly rate, by piecework or an annual salary, depending on the type of work an employee does, the prevailing conditions of the sector and the bargaining power between the parties. Employees in some sectors may receive gratuity, gratuities, bonus payments or employee stock option, stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits may include health insurance, housing, and disability insurance. Employment is typically governed by Labour law, employment laws, o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Surety Bond
In finance, a surety , surety bond, or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a person or company (a ''surety'' or ''guarantor'') to pay one party (the ''obligee'') a certain amount if a second party (the ''principal'') fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation. Overview A surety bond is defined as a contract among at least three parties: * the ''obligee'': the party who is the recipient of an obligation * the ''principal'': the primary party who will perform the contractual obligation * the ''surety'': who assures the obligee that the principal can perform the task European surety bonds can be issued by banks and surety companies. If issued by banks they are called "Bank Guaranties" in English a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indentured Servitude
Indentured servitude is a form of labor in which a person is contracted to work without salary for a specific number of years. The contract called an " indenture", may be entered voluntarily for a prepaid lump sum, as payment for some good or service (e.g. travel), purported eventual compensation, or debt repayment. An indenture may also be imposed involuntarily as a judicial punishment. The practice has been compared to the similar institution of slavery, although there are differences. Historically, in an apprenticeship, an apprentice worked with no pay for a master tradesman to learn a trade. This was often for a fixed length of time, usually seven years or less. Apprenticeship was not the same as indentureship, although many apprentices were tricked into falling into debt and thus having to indenture themselves for years more to pay off such sums. Like any loan, an indenture could be sold. Most masters had to depend on middlemen or ships' masters to recruit and transport ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Serfdom
Serfdom was the status of many peasants under feudalism, specifically relating to manorialism and similar systems. It was a condition of debt bondage and indentured servitude with similarities to and differences from slavery. It developed during late antiquity and the Early Middle Ages in Europe and lasted in some countries until the mid-19th century. Unlike slaves, serfs could not be bought, sold, or traded individually, though they could, depending on the area, be sold together with land. Actual slaves, such as the kholops in Russia, could, by contrast, be traded like regular slaves, abused with no rights over their own bodies, could not leave the land they were bound to, and marry only with their lord's permission. Serfs who occupied a plot of land were required to work for the lord of the manor who owned that land. In return, they were entitled to protection, justice, and the right to cultivate certain fields within the manor to maintain their own subsistence. Serfs wer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Contract Act, 1872
The Indian Contract Act, 1872 governs the law of contracts in India and is the principal legislation regulating contract law in the country. It is applicable to all states of India. It outlines the circumstances under which promises made by the parties to a contract become legally binding. Section 2(h) of the Act defines a contract as an agreement that is enforceable by law. Development and Structure The Act was enacted on 25 April 1872 and came into force on 1 September 1872. The Act, as enacted originally, had 266 Sections, divided into 11 chapters. * General Principles of Law of Contract – Sections 01 to 75 (Chapter 1 to 6) * Contract relating to Sale of goods - Sections 76 to 123 (Chapter 8 to 10) * Contracts relating to Partnership – Sections 239 to 266 (Chapter 11) Later, the sections of Chapter 7 and 11 were repealed, as they were incorporated into separate legislations namely, Sale of Goods Act, 1930 and the Indian Partnership Act, 1932. At present, the Indi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supreme Court Of India
The Supreme Court of India is the supreme judiciary of India, judicial authority and the supreme court, highest court of the Republic of India. It is the final Appellate court, court of appeal for all civil and criminal cases in India. It also has the power of Judicial review in India, judicial review. The Supreme Court, which consists of the Chief Justice of India and a maximum of fellow 33 judges, has extensive powers in the form of original jurisdiction, original, appellate jurisdiction, appellate and Advisory opinion, advisory jurisdictions. As the apex constitutional court, it takes up appeals primarily against verdicts of the List of High Courts of India, High Courts of various states and tribunals. As an advisory court, it hears matters which are referred by the President of India#Judicial powers, president of India. Under judicial review, the court invalidates both ordinary laws as well as Amendment of the Constitution of India, constitutional amendments as per the basi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Madras High Court
The High Court of Judicature at Madras is a High Courts of India, High Court located in Chennai, India. It has appellate jurisdiction over the state of Tamil Nadu and the union territory of Puducherry (union territory), Puducherry. It is one of the oldest high courts of India along with Calcutta High Court in Kolkata and Bombay High Court in Mumbai. The Madras High Court is one of four charter high courts of colonial India established in the four Presidency Towns of Madras, Bombay, Allahabad and Calcutta by letters patent granted by Queen Victoria, dated 26 June 1862. It exercises original jurisdiction over the city of Chennai, as well as extraordinary original jurisdiction, civil and criminal, under the letters patent and special original jurisdiction for the issue of writs under the Constitution of India. Covering 107 acres, the court complex is one of the largest in the world, second only to the Supreme Court of the United Kingdom. The four-storey administrative building serves ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquidated Damages
Liquidated damages, also referred to as liquidated and ascertained damages (LADs), are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance). This is most applicable where the damages are intangible. An average of the likely costs which may be incurred in dealing with a breach may be used. Authority for the proposition that averaging is the appropriate approach may be taken from the case of ''English Hop Growers v Dering'', 2 KB 174, CA (1928). When damages are not predetermined/assessed in advance, then the amount recoverable is said to be "at large" (to be agreed or determined by a court or tribunal in the event of breach). The purpose of a liquidated damages clause is to increase certainty and avoid the legal costs of determining actual damages later if the contract is breached. Thus, they are most appropriate when (a) the parties can agree in advance on rea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stipulation
In United States law, a stipulation is a formal legal acknowledgment and agreement made between opposing parties before a pending hearing or trial. For example, both parties might stipulate to certain facts and so not have to argue them in court. After the stipulation is entered into, it is presented to the judge. The word is derived from the Latin word ''stipula'' "straw." The Ancient Roman In modern historiography, ancient Rome is the Roman people, Roman civilisation from the founding of Rome, founding of the Italian city of Rome in the 8th century BC to the Fall of the Western Roman Empire, collapse of the Western Roman Em ... custom was that the negotiating parties, upon reaching an agreement, broke a straw as a sign of their agreement and wrote down the agreement's rules (''stipulationes'').Caesar and Christ, Will Durant, Simon and Schuster, New York, 1944 References Legal terminology {{law-term-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thirteenth Amendment To The United States Constitution
The Thirteenth Amendment (Amendment XIII) to the United States Constitution abolished Slavery in the United States, slavery and involuntary servitude, except Penal labor in the United States, as punishment for a crime. The amendment was passed by the Senate on April 8, 1864, by the House of Representatives on January 31, 1865, and ratified by the required 27 of the then 36 U.S. state, states on December 6, 1865, and proclaimed on December 18. It was the first of the three Reconstruction Amendments adopted following the American Civil War. President Abraham Lincoln's Emancipation Proclamation, effective on January 1, 1863, declared that the enslaved in Confederate-controlled areas (and thus almost all slaves) were free. When they escaped to Union lines or federal forces (including now-former slaves) advanced south, emancipation occurred without any compensation to the former owners. Texas was the last Confederate slave state, where enforcement of the proclamation was Juneteenth, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Music Industry
The music industry are individuals and organizations that earn money by Songwriter, writing songs and musical compositions, creating and selling Sound recording and reproduction, recorded music and sheet music, presenting live music, concerts, as well as the organizations that aid, train, represent and supply music creators. Among the many individuals and organizations that operate in the industry are: the songwriters and composers who write songs and musical compositions; the singers, musicians, Conducting, conductors, and bandleaders who perform the music; the record labels, music publishers, Recording studio, recording studios, Record producer, music producers, audio engineers, Record shop, retail and digital music stores, and Performance rights organisation, performance rights organizations who create and sell recorded music and sheet music; and the talent agent, booking agents, Promoter (entertainment), promoters, music venues, road crew, and audio engineers who help organiz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
