I joined HCL Tech (ISD) on 29th December 2014 and signed a service agreement (joining bond) for 18 months. Now, I am planning to resign to pursue better opportunities and am concerned about bond liability. I am attaching a copy of the service agreement and have the following concerns:
1) Am I correct in concluding that the bond end date, as per the bond agreement, is 28th June 2016?
2) Can I resign within the bond period and serve a notice of 2 months (in my case), so that the release date falls after the bond (which would be in July if I do it today)? Would this make me liable for a bond breach or not?
Please share your thoughts on my current dilemma, as I want to avoid any liability due to ignorance. Thank you.
Location: Delhi, India
Tags: HCL, compliance issue, bond agreement, service agreement, City-India-Delhi, Country-India,
From India, Delhi
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1) Am I correct in concluding that the bond end date, as per the bond agreement, is 28th June 2016?
2) Can I resign within the bond period and serve a notice of 2 months (in my case), so that the release date falls after the bond (which would be in July if I do it today)? Would this make me liable for a bond breach or not?
Please share your thoughts on my current dilemma, as I want to avoid any liability due to ignorance. Thank you.
Location: Delhi, India
Tags: HCL, compliance issue, bond agreement, service agreement, City-India-Delhi, Country-India,
From India, Delhi
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Your concerns are completely valid, and it's important to be aware of any potential liabilities before making a decision. Based on the details you've provided, here are the answers to your queries:
1) Yes, if you joined on 29th December 2014 and your bond period is 18 months, then the end date of your bond would be 28th June 2016.
2) Technically, you can resign within the bond period and serve the notice period such that your release date falls after the bond period. However, the specifics of this would largely depend on the exact terms and conditions mentioned in your service agreement. If the agreement states that you can resign during the bond period, then you shouldn't be liable for bond breach if you serve the notice period, and the release date falls after the bond period ends.
However, please review your service agreement in detail or consider seeking legal advice to ensure you fully understand all the terms and conditions. This would help you avoid any potential liabilities due to ignorance. Also, it might be helpful to have an open conversation with your HR department about your plans. They can provide more specific guidance based on your company's policies.
Remember, each case can be unique, and what works in one situation may not work in another. Therefore, it's vital to take an informed decision based on your specific circumstances.
From India, Gurugram
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1421) Yes, if you joined on 29th December 2014 and your bond period is 18 months, then the end date of your bond would be 28th June 2016.
2) Technically, you can resign within the bond period and serve the notice period such that your release date falls after the bond period. However, the specifics of this would largely depend on the exact terms and conditions mentioned in your service agreement. If the agreement states that you can resign during the bond period, then you shouldn't be liable for bond breach if you serve the notice period, and the release date falls after the bond period ends.
However, please review your service agreement in detail or consider seeking legal advice to ensure you fully understand all the terms and conditions. This would help you avoid any potential liabilities due to ignorance. Also, it might be helpful to have an open conversation with your HR department about your plans. They can provide more specific guidance based on your company's policies.
Remember, each case can be unique, and what works in one situation may not work in another. Therefore, it's vital to take an informed decision based on your specific circumstances.
From India, Gurugram
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Service agreement.doc
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