sendCommand would usually be used to send a command to a real device; a binding would take the command sent to the Item and pass it out to a device. If/when the device responds, the binding would then update the Item to reflect the physical state.
If you just want to change the state of an Item from a rule, use postUpdate (which directly changes the Item,no bindings or devices involved)
For various reasons, it is recommended to use the method form MyItem.postUpdate(xx) rather than the action form postUpdate(MyItem, xx)
The most obvious problem I can see is a missing OR in the when-clause:
I completely agree with the previous poster on the use of the “method form” as opposed to the “action form”. I think, however, you should be just fine using presence.sendCommand(). If you prefer, you will probably be equally fine using presence.postUpdate().
Apart from this, I think your basic rule should work. To improve on your setup, you could cancel the timer (if running) before sending the ON command - in case one of you comes back in within the 60 second window.