I have come across a typical situation wherein a person employed as manager having about 13-14 years of working experience was appointed without formal appointment letter, but instead he was offered a Bond under service contract for joining.
The Bond has only one major clause that the manager will work for a period of x years & under any circumstances if the manager decides to have a change or quits the employment before the said period, the manager has to pay Twice the CTC as damages along with 15% interest for delay in payment.
The manager has not been sent on any special training, nor any extra expenditure has been incurred by the company on Manager's grooving.
I would like to know the legalities involved in the subject matter, as my gutt feeling says that he should simply resign for better prospects and move out giving 30 days notice to the employer.
Please give appropriate advice alongwith case reference if any.
Regards,
From India, Mumbai
7The Bond has only one major clause that the manager will work for a period of x years & under any circumstances if the manager decides to have a change or quits the employment before the said period, the manager has to pay Twice the CTC as damages along with 15% interest for delay in payment.
The manager has not been sent on any special training, nor any extra expenditure has been incurred by the company on Manager's grooving.
I would like to know the legalities involved in the subject matter, as my gutt feeling says that he should simply resign for better prospects and move out giving 30 days notice to the employer.
Please give appropriate advice alongwith case reference if any.
Regards,
From India, Mumbai
Dear Friend,
Kindly click on the following link, it will give you some required information,
https://www.citehr.com/download-list.php?query=Bond
Pls let me know was this information useful,,
If not let me try out more & give information,,,,
Regards
Mohamed Sardhar
91 93831 93832
From India, Coimbatore
Kindly click on the following link, it will give you some required information,
https://www.citehr.com/download-list.php?query=Bond
Pls let me know was this information useful,,
If not let me try out more & give information,,,,
Regards
Mohamed Sardhar
91 93831 93832
From India, Coimbatore
Hi
Executing bond for employment is void and cannot be enforceable.
Only if special training is imparted to an employee, the cost of training, which includes the training fees, the salary paid to the employee on training days, travelling and boarding expenses of employees etc can be recovered from the employee. Otherwise the bond is not enforceable.
The service conditions of employees are governed by two documents:
a) Appointment Order
b) Rules and Regulations applicable to the supervisory personnel (Which has to be read and acknowledged by the employee)/Standing Orders in case of workmen.
In this case the employee was also not issued with any Appointment Order. Hence there should not be any problem in giving the resignation and getting relieved. If the resignation is not accepted, the same may please be mentioned in writing and it can be sent to the employer along with the resignation letter by registered post.
Thanks & Regards
Kalyan R
98409 42232
From India, Madras
Executing bond for employment is void and cannot be enforceable.
Only if special training is imparted to an employee, the cost of training, which includes the training fees, the salary paid to the employee on training days, travelling and boarding expenses of employees etc can be recovered from the employee. Otherwise the bond is not enforceable.
The service conditions of employees are governed by two documents:
a) Appointment Order
b) Rules and Regulations applicable to the supervisory personnel (Which has to be read and acknowledged by the employee)/Standing Orders in case of workmen.
In this case the employee was also not issued with any Appointment Order. Hence there should not be any problem in giving the resignation and getting relieved. If the resignation is not accepted, the same may please be mentioned in writing and it can be sent to the employer along with the resignation letter by registered post.
Thanks & Regards
Kalyan R
98409 42232
From India, Madras
HI,
THE BOND CANNOT BE EXECUTED, AS THERE IS CONDIGENCY IN THE BOND, WITH NOW SPECFIC EVENT OR DATE, IT IS INDIFINITE CLAUSE TO THE BOND, ALSO THE FOR PERFORMANCE OF CONTRACT, THERE SHOULD BE SOME BENEFIT TO THE EMPLOYEE FROM THE COMPANY IF HE IS THROWN OUT OF THE COMPANY, FROM THE OVER ALL VIEW THE CONTRACT IS ONE SIDED AND IS NOT LIABLE TO BE APPLICABLE,
SO GO AHEAD SIGN THE BOND, IF YOU WANT THE JOB, IF PROBLEM ARISE THEN CHALLENGE THE SAME IN COURT,
THANK YOU
OCTAVIOUS
From India, Mumbai
THE BOND CANNOT BE EXECUTED, AS THERE IS CONDIGENCY IN THE BOND, WITH NOW SPECFIC EVENT OR DATE, IT IS INDIFINITE CLAUSE TO THE BOND, ALSO THE FOR PERFORMANCE OF CONTRACT, THERE SHOULD BE SOME BENEFIT TO THE EMPLOYEE FROM THE COMPANY IF HE IS THROWN OUT OF THE COMPANY, FROM THE OVER ALL VIEW THE CONTRACT IS ONE SIDED AND IS NOT LIABLE TO BE APPLICABLE,
SO GO AHEAD SIGN THE BOND, IF YOU WANT THE JOB, IF PROBLEM ARISE THEN CHALLENGE THE SAME IN COURT,
THANK YOU
OCTAVIOUS
From India, Mumbai
Hi,
If my offer letter says if I leave the company before 1year I need to pay part of my salary and 2months notice pay eitherside...and they have taken singature from me...If they send final settlement paper with part of my old salary and notice pay ...is it legally I need to pay?..Please reply
Thanks
From India, Hyderabad
If my offer letter says if I leave the company before 1year I need to pay part of my salary and 2months notice pay eitherside...and they have taken singature from me...If they send final settlement paper with part of my old salary and notice pay ...is it legally I need to pay?..Please reply
Thanks
From India, Hyderabad
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Bond letter.doc