The Service Bond Agreement is essential for organizations investing substantially in employee development through training, education, or professional certifications. This document is commonly used in New Zealand when employers provide significant financial support for employee development, such as specialized technical training, professional qualifications, or overseas education programs. The agreement protects the employer's investment by ensuring a minimum service period from the employee while complying with New Zealand employment law, including the Employment Relations Act 2000 and Contract and Commercial Law Act 2017. It should be used when the training cost is substantial, the skills acquired are valuable, and there's a legitimate business interest in retaining the employee for a reasonable period after the training. The document includes detailed terms about the training provided, service duration, bond amount, and repayment conditions.
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1. Parties: Identifies the employer and employee entering into the service bond agreement
2. Background: Sets out the context of the agreement, including the purpose of the bond and the investment being made by the employer
3. Definitions: Defines key terms used throughout the agreement
4. Term of Bond: Specifies the duration of the bond period and when it commences
5. Training and Development Commitment: Details the training, education or development program being provided by the employer
6. Employee Obligations: Outlines the employee's commitments during and after the training period
7. Bond Amount: Specifies the amount of the bond and how it is calculated
8. Repayment Terms: Details when and how the bond amount becomes payable, including any pro-rata reduction over time
9. Termination: Describes circumstances under which the agreement can be terminated and the consequences
10. General Provisions: Standard contractual provisions including governing law, entire agreement, and amendments
1. Overseas Training Provisions: Required when the training involves international travel or overseas education
2. Professional Certification Requirements: Needed when the bond relates to professional qualifications or certifications
3. Confidentiality Obligations: Include when the training involves access to sensitive company information
4. Non-Competition Clause: Optional section for preventing work with competitors during the bond period, if legally permissible
5. Guarantor Provisions: Include when a third-party guarantor is required for the bond amount
1. Schedule 1 - Training Program Details: Detailed description of the training program, including duration, content, and cost
2. Schedule 2 - Bond Amount Calculation: Breakdown of the bond amount and how it is calculated
3. Schedule 3 - Pro-rata Reduction Schedule: Table showing how the bond amount reduces over the service period
4. Appendix A - Employee Acknowledgment Form: Form for employee to acknowledge understanding of bond terms
5. Appendix B - Guarantor Deed: If applicable, the deed to be signed by any guarantor
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Human Resources
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Corporate Training
Professional Development
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