I have signed a bond with ABC company. Verbally, they said I can leave after paying 50k. However, on the stamp paper, there are no bond-breaking conditions given; it is only written that I have to serve for 2 years with the company. Now, I want to leave the company, but the company is not accepting my resignation. They are not relieving me and are forcing me to work until the completion of 2 years.
Please help me regarding this problem; they are not accepting the bond-breaking amount.
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Please help me regarding this problem; they are not accepting the bond-breaking amount.
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When we think generally, you are required to serve 2 years. If that clause is mentioned in lieu of 2 years, the agreed break amount will be accepted, and they should pay the amount and release you.
Validity of Employment Bonds in India
Employment bonds are valid in India as per Section 14 of the Indian Contract Act, 1872, which defines free consent. Therefore, any clauses mentioned in your agreement will be considered.
Ensuring a Smooth Exit Process
It is advisable to establish mutual understanding with them to ensure a smooth exit process.
From India, Mumbai
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429Validity of Employment Bonds in India
Employment bonds are valid in India as per Section 14 of the Indian Contract Act, 1872, which defines free consent. Therefore, any clauses mentioned in your agreement will be considered.
Ensuring a Smooth Exit Process
It is advisable to establish mutual understanding with them to ensure a smooth exit process.
From India, Mumbai
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Bond Agreement Conditions
As per the bond you have signed, you need to serve for 2 years unless the company relieves you with mutual consideration, even though there are no terms and conditions of payment.
Agreement Requirements
The agreement should be two-way and include the following conditions:
- Notice period
- In case an employee wants to leave the organization within the agreement period, there should be a clause. Otherwise, the agreement is one-sided and will not stand up to legal scrutiny.
However, if an employee wants to leave the organization 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 the organization within the bond period.
Regards,
K. Venkateswar Rao
DGM HR
From India, Hyderabad
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As per the bond you have signed, you need to serve for 2 years unless the company relieves you with mutual consideration, even though there are no terms and conditions of payment.
Agreement Requirements
The agreement should be two-way and include the following conditions:
- Notice period
- In case an employee wants to leave the organization within the agreement period, there should be a clause. Otherwise, the agreement is one-sided and will not stand up to legal scrutiny.
However, if an employee wants to leave the organization 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 the organization within the bond period.
Regards,
K. Venkateswar Rao
DGM HR
From India, Hyderabad
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