The Training Bond Agreement is essential for organizations in New Zealand that make substantial investments in employee training and development. It is commonly used when employers fund significant professional development, certifications, or specialized training programs. The agreement protects the employer's financial investment while providing employees with valuable skill development opportunities. It must comply with New Zealand employment law, including the Employment Relations Act 2000 and Contract and Commercial Law Act 2017. The document typically specifies the training details, costs, bond period duration, and repayment terms if the employee departs before completing the agreed service period. It's particularly relevant for industries requiring specialized skills or professional certifications, and helps organizations manage their training investments while supporting employee development.
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1. Parties: Identifies and defines the employer and employee entering into the agreement
2. Background: Explains the context of the agreement, including the purpose of the training and the employer's investment
3. Definitions: Defines key terms used throughout the agreement
4. Training Commitment: Details the specific training to be provided, including nature, duration, and cost
5. Bond Period: Specifies the duration the employee must remain employed after completing the training
6. Employee Obligations: Outlines the employee's commitments regarding the training and subsequent employment
7. Repayment Terms: Specifies the conditions and calculations for repayment if the employee leaves before the bond period expires
8. Termination Provisions: Describes circumstances under which the agreement may be terminated and the consequences
9. Dispute Resolution: Outlines the process for resolving any disputes related to the agreement
10. General Provisions: Includes standard contractual clauses such as entire agreement, variation, and governing law
1. Overseas Training Provisions: Additional terms for when training occurs outside New Zealand, including travel arrangements and visa requirements
2. Professional Certification: Specific terms related to professional qualifications or certifications being obtained
3. Confidentiality Obligations: Additional confidentiality requirements specific to the training content or materials
4. Performance Requirements: Specific performance standards the employee must maintain during and after training
5. Partial Completion Provisions: Terms addressing situations where training is only partially completed
6. Group Training Provisions: Special terms for when training is provided as part of a group program
1. Schedule 1: Training Details: Detailed description of the training program, including courses, duration, and providers
2. Schedule 2: Cost Breakdown: Itemized breakdown of training costs covered by the employer
3. Schedule 3: Repayment Schedule: Sliding scale or formula for calculating repayment amounts based on time served
4. Schedule 4: Required Certifications: List of specific qualifications or certifications to be obtained
5. Appendix A: Training Provider Information: Details of training providers and their terms and conditions
6. Appendix B: Employee Acknowledgment: Formal acknowledgment of the employee's understanding of bond terms
Relevant legal definitions
Clauses
Relevant Industries
Information Technology
Healthcare
Financial Services
Engineering
Professional Services
Manufacturing
Aviation
Education
Construction
Telecommunications
Relevant Teams
Human Resources
Legal
Learning & Development
Compliance
Graduate Recruitment
Finance
Operations
Professional Development
Relevant Roles
Human Resources Manager
Legal Counsel
Training Coordinator
Learning and Development Manager
Graduate Trainee
Professional Development Officer
Department Manager
Chief Human Resources Officer
Compliance Officer
Graduate Recruitment Manager
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