Service Bond Agreement - CiteHR
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I have signed bond with ABC company. Verbally they said I can leave after paying 50k but In stamp paper there is no bond breaking conditions are given, only written that i have to serve for 2 years with company. Now i want to leave the company, company is not accepting my resignation, they are not relieving me and forcing to work till completion of 2 years.
Please help me regards this problem, they are not accepting bond breaking amount.
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Hi,
1. When we will think generally then you need to serve 2 years, if that clause is mentioned in lieu of 2 years will accept the bound break amount, then they should take the amount and relieve you.
2. Employment bond is valid in India as per Section 14 of the Indian Contract Act, 1872 defines free consent. so what clauses mentioned in your agreement that will be considerable.
3. So better make mutual understanding with them and come out smoothly.
As per the Bond for which you have signed, you need to serve 2 years. unless until, the company relieves you with mutual consideration even though there is no terms and conditions of payment.
On the other hand, the agreement should be two way. The agreeement should have following conditions:
a) Notice period
b) In case an employee want to leave the organisation within the agreement period there should be a clause. otherwise the agreement is one sided, and it will not stand in the scruitiny of law.
However, an employee if he/she wants to leave the organisation within the Bond period, the company will not issue any kind of experience and relieving letter. For this, the employee should be prepared, then he/she can leave organisation within the Bond Period.
K.Venkateswar Rao
DGM HR
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