I received terms and conditions of a job contract as following:
Some of the important points you must keep in mind while applying for an opportunity are given below. If accepted:
1. You will be engaged on an independent contract with a minimum contract period of service of 2 years
2. A security deposit equal to 1 month's payment shall be recovered and retained for due performance of the contract by you, to be released only on completion of the contracted period.
3. Depending on the responsibilities and roles assigned, an additional bond sum may be sought from you for due performance under the contract. In this case, the bond sum shall be payable from you on demand, should you fail to fulfill your obligations under the contract.
4. Your remuneration will always be dependent and linked to your performance and suitable metrics for measurement of the same will be laid down. Periodic reviews of your progress and performance will be undertaken and informed to you.
5. Your monthly payment under the contract shall be lump-sum and all inclusive. TDS shall be deducted as applicable.
6. You will be required to obtain / produce your own medical and accident insurance cover and maintain the same at all times.
Kindly suggest if such type of contracts are legal or not? And if I accept this what legal action can I seek in future?