Dear Mr Jaikumar Ranganathan,
I completely agree with u. Request u to have a look at this scenario also.
Below is the agreement in detail i have signed with my company. Now i wanna leave this company because of poor work environment, very low appraisals, and no direction in career for which i have made to signed this bond. I am not being utilized so far (20 months) after the training & company is not interested to take any step where skill can be used. I have no future here. What do i do in this case? I have no option except LEAVING the company.
-what if i leave, without resignation?
- or take a break for unlimited period.
What are the legal implications.
Please suggest sir?
Thanks & regards
TRAINING BOND
THIS AGREEMENT is entered into between Xyz Xyz Limited (the "Company") and the undersigned Employee Mr. Abc Abc, S/o Whereby employee agrees to undergo technical training for application of proprietary software with Abc, us training which will enhance the employee's knowledge and skills for the assignment
The Terms and conditions of the agreement is as follows
q Employer will bear the cost of training including registration fee, travel, lodging and any other incidental cost.
q The employee agrees to continue employment for a minimum of 3 years following completion of the training. If employee decides to leave before 3 years, the employee agrees to repay the cost of travel including registration fees, travel, lodging and any other incidental expense and a nominal amount of Rs. 75,000/- (seventy five thousand only) as an opportunity cost.
q Employee will signs the attached Non-Disclosure And Non-Competition Agreement confidentiality agreement.
If the employee leaves employment due to circumstances beyond the employees control it will be evaluated on a case-by-case basis to determine if the repayment agreement should be enforced. Examples such as a permanent disability, job elimination, or other serious displacement.
Accepted
Non-Disclosure And Non-Competition Agreement
THIS AGREEMENT is entered into between Xyz Xyz Limited (the "Company") and the undersigned Employee. In consideration of Employee's employment with the Company and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Employee covenants and agrees as follows:
I. Non-Disclosure - Employee covenants and agrees so long as this Agreement is in effect, and after the termination of this Agreement, that:
A. Without the prior written consent of Company, Employee shall not at any time, directly or indirectly, use for Employee's own benefit or purposes or for the benefit or purposes of any other person, firm, partnership, association, corporation or business organization, or disclose to any person, firm, partnership, association, corporation or business organization, any trade secrets, information, data, know-how or knowledge (including, but not limited to, trade secrets, information, data, know-how or knowledge relating to customers, clients, products, technical services, business methods and techniques, print outs, reports, market development programs, revenues, costs, pricing structures, management practices, manuals, contracts, documents, designs, computer programs, computer operating systems, computer applications, software designs, inventions, processes, plans or employees) belonging to, or relating to the affairs of the Company except where required in good faith to transact the business of the Company.
B. Employee shall return to the Company, at its request, and in any event within three (3) days after termination of Employee's services, in good condition, reasonable wear and tear excepted, all documentation and records which are the property of Company and any and all copies thereof, including, but not limited to, all manuals, promotional and instructional materials, and similar aids and equipment, all correspondence, customer lists, files, plans, contracts, cost and pricing structures, accounting records, memoranda and reports as well as all of Company's equipment and other property in Employee's hands or under Employee's control at the time of the termination of Employee's employment.
C. Employee shall keep in strict confidence all trade information, product data, technical services, management practices, business and pricing methods and techniques, customer and prospect lists, trade secrets and other confidential information concerning Company's business and its methods of doing business.
II.Non-Competition
Employee acknowledges that Employee will be dealing with confidential information, trade secrets and business methods, which are the Company's property. Employee further acknowledges that the training, materials, customer lists and other confidential information and trade secrets, all provided to Employee by Company, are of value to the Company and that it is reasonable and necessary for the protection of Company that the Employee not compete with Company within the area and for the duration hereinafter set forth.
CONFIDENTIALITYAGREEMENT
In consideration of the mutual promises and covenants contained in this Agreement and for other good and valuable consideration, including, but not limited to, the employment of Employee by employer on an at-will basis, the Parties agree as follows:
Acknowledgments. Employer is engaged in the business of Public Xyz Consultancy that:
(1) Employer has a proprietary interest in the identity of its customers and customer lists; (2)Employee's contacts with employer's customers constitute a major portion of the Employer's goodwill and customer xyzhips; and (3)documents and information regarding Employer's methods of training, sales, pricing, and costs are highly confidential and constitute trade
secrets. Employee further acknowledges that these trade secrets and confidential information have been developed by the Employer through substantial expenditures of time, effort, and money, and constitute valuable and unique property of the Employer. Employee also acknowledges that the foregoing makes it reasonably necessary for the protection of Employer and Employer's business interest that Employee not compete with Employer during the period of his association with Employer and for a period of time thereafter as set forth herein.
2. Employment. The Employer employs Employee in a position of trust on an at-will basis. Employee shall devote substantially all of his business time and effort to performing services for Employer's benefit.
3. Trade Secrets and Confidential Information. While employed by Employer, Employee has received training and has access to and become familiar with various trade secrets and confidential information of Employer, including, but not limited to, the Employer's products and production methods, financial
information, personnel records and handbooks, promotional and instructional materials, customer lists, and information regarding Employer's sales, pricing, and costs. Employee acknowledges that such confidential information and trade secrets are owned and shall continue to be owned solely by Employer. During the term of his employment, and at all times thereafter, Employee shall keep and
hold in strictest confidence all such information, and will not disclose, reveal, furnish, make available, or use such confidential information and trade secrets, other than for the benefit of employer as necessary to carry out his job duties with Employer.
Executed & Accepted on this day of -------------------of -------------2005.