Greetings sir, I have signed an employment Bond in my company stating that the training will be provided to me for one year with a stipend of 17500 and after the training period I have to work for a year. So basically it is a 2 years Bond. If I disobey the contract I have to pay a sum of 2 lakhs. I have worked in the company for just one month and 20 days. I am really unsatisfied with the company. If I leave will I face any problems such as paying a huge sum of 2 lakhs? Anyone, please help me. Also, what is a one-sided Bond?
From India, Chennai
From India, Chennai
You have executed an employment Bond with your company and thereby you gave an undertaking to the company that after training you shall serve the company for a minimum stipulated period of one year. If you intend to leave the company merely after 2 months of your joining the company, you are not adhering to the employment condition and violating the Bond agreement and this will lead to breach of agreement between you and the company. Thus you shall be liable to pay Rs.2 lacs, as per the Bond executed between you and the company.
From India, Aizawl
625From India, Aizawl
Dear friend,
Your inputs give the impression that the employment bond is strictly enforceable in a Court of Law, if there is breach on your part to serve the Company for a period of one year after completion of the training . The amount of the liquidated damages certainly correspond to the amount, time and efforts invested by the Company in your training and the bond period is also very reasonable by all standards.
Therefore, it is advisable that you serve the entire bond period sincerely. If you are unsatisfied with the Company, that's a different thing about which outsiders cannot comment. If your dissatisfaction is genuine and costlier than the bond amount, better remit it and resign simultaneously. On the contrary, if you indulge in tactics like absconding, the repurcusions can be very serious to the extent of affecting your employability apart from recovery of the bond amount through Court process.
In case you are in the middle of the training, well, you may pay back the stipend received so far and resign.
From India, Salem
Your inputs give the impression that the employment bond is strictly enforceable in a Court of Law, if there is breach on your part to serve the Company for a period of one year after completion of the training . The amount of the liquidated damages certainly correspond to the amount, time and efforts invested by the Company in your training and the bond period is also very reasonable by all standards.
Therefore, it is advisable that you serve the entire bond period sincerely. If you are unsatisfied with the Company, that's a different thing about which outsiders cannot comment. If your dissatisfaction is genuine and costlier than the bond amount, better remit it and resign simultaneously. On the contrary, if you indulge in tactics like absconding, the repurcusions can be very serious to the extent of affecting your employability apart from recovery of the bond amount through Court process.
In case you are in the middle of the training, well, you may pay back the stipend received so far and resign.
From India, Salem
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Bond of Employment.doc
Bond in employment.pdf