'Employment Engagement Act' ???? is there such legislation in existance. Is it a 'Act' or Imagination ??? never heard of such legislation!!!
From India, Pune
31From India, Pune
What is the difference between Bond and Agreement? Anybody can flash some light here.
As per my understanding of law-
What is bond?
Written and signed promise to pay a certain sum of money on a certain date, or on fulfillment of a specified condition. All documented contracts and loan agreements are bonds-
more over as per section 2(5) of Indian Stamp Act- Bond means-
(a) any instrument whereby a person obliges himself to pay money to another, on condition that the obligation shall be void if a specified act is performed, or is not performed, as the case many be ;
(b) any instrument attested by a witness and not payable to order or bearer, whereby a person obliges himself to pay money to another; and
(c ) any instrument so attested, whereby a person obliges himself to deliver grain or other agricultural produce to another
Now what is Agreement. it is being defined under Indian Contract Act-
Section 2(h) of the Act defines the term contract as "an agreement enforceable by law".
Section 2(e) defines agreement as "every promise and every set of promises, forming the consideration for each other."
Again Section 2(b) defines promise in these words: "when the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. Proposal when accepted, becomes a promise."
All these are service agreement. In fact Bond is narrow sense and Agreements is a generic terms. All bonds are agreements.
So first of all you all need to know about the meaning of both terms and then give your suggestion the concened.
Now came to the answer to question asked by member whether can break the service agreement or bond whatever, which stipulate to serve the organisation for some considerable time period.
Such kind of agreements are not illegal nor legal it depends on fact & circumstance of each and every case.
if its a simple agreement and the organisation have not spent any penny on your training upliftment etc then they can not recovery thing form you, just can only denied for relieving letter etc. they can not enforce the same in court of law.
But if the organisation has spent some money on your training etc then your are liable to pay only the actual amount incured on sharping your skill or training. the court can only ask to deposit such amount not the whole bond amount. such kind of bond/agreement termed as training agreement or bond. This will also be applicable only for a reasonable period of time.
Regards
As per my understanding of law-
What is bond?
Written and signed promise to pay a certain sum of money on a certain date, or on fulfillment of a specified condition. All documented contracts and loan agreements are bonds-
more over as per section 2(5) of Indian Stamp Act- Bond means-
(a) any instrument whereby a person obliges himself to pay money to another, on condition that the obligation shall be void if a specified act is performed, or is not performed, as the case many be ;
(b) any instrument attested by a witness and not payable to order or bearer, whereby a person obliges himself to pay money to another; and
(c ) any instrument so attested, whereby a person obliges himself to deliver grain or other agricultural produce to another
Now what is Agreement. it is being defined under Indian Contract Act-
Section 2(h) of the Act defines the term contract as "an agreement enforceable by law".
Section 2(e) defines agreement as "every promise and every set of promises, forming the consideration for each other."
Again Section 2(b) defines promise in these words: "when the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. Proposal when accepted, becomes a promise."
All these are service agreement. In fact Bond is narrow sense and Agreements is a generic terms. All bonds are agreements.
So first of all you all need to know about the meaning of both terms and then give your suggestion the concened.
Now came to the answer to question asked by member whether can break the service agreement or bond whatever, which stipulate to serve the organisation for some considerable time period.
Such kind of agreements are not illegal nor legal it depends on fact & circumstance of each and every case.
if its a simple agreement and the organisation have not spent any penny on your training upliftment etc then they can not recovery thing form you, just can only denied for relieving letter etc. they can not enforce the same in court of law.
But if the organisation has spent some money on your training etc then your are liable to pay only the actual amount incured on sharping your skill or training. the court can only ask to deposit such amount not the whole bond amount. such kind of bond/agreement termed as training agreement or bond. This will also be applicable only for a reasonable period of time.
Regards
Very well said essykkr. This is how legal point should be addressed.
I request fellow citehr members to follow the example of 'essykkr' and not to post unless you have full knowledge of subject. I have highlighted below the important facts posted by essykk, which will help all of us to wipe out all wrong advises posted earlier in this thread.
From India, Pune
I request fellow citehr members to follow the example of 'essykkr' and not to post unless you have full knowledge of subject. I have highlighted below the important facts posted by essykk, which will help all of us to wipe out all wrong advises posted earlier in this thread.
From India, Pune
Thanks all for your replies, I really appreciate the seriousness with which people on this forum are ready to help fellow members.
As mentioned by essykkr in the last paragraph, legality of bond is taken on case to case basis but whether company has spent money on training or skill development is of prime concern in view of possible recovery by the company.
Apart from salary the company has not paid anything to me and there was just an induction of 15 days. Also though the company says that there is an on-job training period of one year but I am sitting alone in a remote office with noone to supervise and guide.
So expense on skill development need to be specific or the company can also consider salary as part of skill development?
Secondly if I show that my next employment (actually I am planning to partner with my friend in an education and training institute in my hometown) in which I am going is in no way related to company's business. Will that help me in my case?
I understand that I might be going into too much details but even a small comment will help me.
Thanks again for your help
From India, Ludhiana
As mentioned by essykkr in the last paragraph, legality of bond is taken on case to case basis but whether company has spent money on training or skill development is of prime concern in view of possible recovery by the company.
Apart from salary the company has not paid anything to me and there was just an induction of 15 days. Also though the company says that there is an on-job training period of one year but I am sitting alone in a remote office with noone to supervise and guide.
So expense on skill development need to be specific or the company can also consider salary as part of skill development?
Secondly if I show that my next employment (actually I am planning to partner with my friend in an education and training institute in my hometown) in which I am going is in no way related to company's business. Will that help me in my case?
I understand that I might be going into too much details but even a small comment will help me.
Thanks again for your help
From India, Ludhiana
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