Hi Everyone, I have joined one MNC in September 2018 and signed a bond of 3.5 years, now I have completed 2.5 years and willing to leave that company. The bond breakage conditions were mentioned as 50% of total payment and few other small amounts. They have mentioned that I will be in training period but actually I did not get through any training directly started working at client location in 2 months, can anyone please help as the amount which I need to pay as per calculation will be around 10 lakhs, how to negotiate or any other option which I can take? I have attached the bond breakage details here
From India, Bengaluru
From India, Bengaluru
The clarity can be drawn from your letter of appointment to read with the bond, to suggest the remedy. please share the copy of appointment letter.
From India, Mumbai
589From India, Mumbai
As you have unconditionally accepted the terms and conditions of appointment you are bound by it. The extracted portion cannot be said to be against public policy or the general law.
The section 73 of the Contract Act 1872 states that “When a contract has been broken, the party who suffers by such breach is entitled to receive, from the party who has broken the contract, compensation for any loss or damage caused to him thereby, which naturally arose in the usual course of things from such breach, or which the or which the parties knew, when they made the contract, to be likely to result from the breach of it. When the contract has been broken, the party who suffers by such breach is entitled to receive, from the party who has broken the contract, compensation for any loss or damage caused to him thereby, which naturally arose in the usual course of things from such breach, or which the parties knew, when they made the contract, to be likely to result from the breach of it." So here, since the compensation has already been defined and accepted by the parties you cannot escape the same in the long run, if the management really pursues the legal option available to them.
Many organisations pay joining bonus to get rid of such liabilities. You can negotiate with the new employer for getting you the release money.
From India, Mumbai
The section 73 of the Contract Act 1872 states that “When a contract has been broken, the party who suffers by such breach is entitled to receive, from the party who has broken the contract, compensation for any loss or damage caused to him thereby, which naturally arose in the usual course of things from such breach, or which the or which the parties knew, when they made the contract, to be likely to result from the breach of it. When the contract has been broken, the party who suffers by such breach is entitled to receive, from the party who has broken the contract, compensation for any loss or damage caused to him thereby, which naturally arose in the usual course of things from such breach, or which the parties knew, when they made the contract, to be likely to result from the breach of it." So here, since the compensation has already been defined and accepted by the parties you cannot escape the same in the long run, if the management really pursues the legal option available to them.
Many organisations pay joining bonus to get rid of such liabilities. You can negotiate with the new employer for getting you the release money.
From India, Mumbai
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.
Indemnity Bond - Format.doc
Bond in employment.pdf