Needs A Clarrification Guys....

hi guys...
I am naveen.. Working in one of the MNC company... i joined in the company as fresher and trainee...for me they put bond period as 4 years... if i break the bond i have to pay 2lakh..
Really nowadays bond is valid or i can leave the company before 4 years without paying the money...
Pls clarrify guys..

4 years is pretty unheard of actually. But if your company had collected your original certificates then they may refuse to give it back till you complete the bond or pay the penalty for bond breaking.
secondly, they can hold back your experience letter if you have not completed your bond period or paid the bond breaking penalty.
If you leave without completing your bond period or paying the bond breaking penalty then the company will be complete your full & final settlement and in such a case any money that the company owes you will not be paid. You may have to struggle to get your PF amount & all.
And if your employment records are recorded as full and final settlement pending it may also affect reference checks in future.
Kindly consider all these points before your enter into or break an employment bond.

Firstly you should try to know that it is a one sided bond or a two sided bond.
If two sided bond then you have to fulfill the terms & conditions.
but if it is a one sided bond then this is illegal.
Regards,
Taksh

Hi guys...
thanks for your reply's
Hi reshmipillai,
from me they didnt collect any original certificates.... my only doubt if i break the bond... i have to pay money to company or not ....
and
taksh...
pls tell what is one side r two side bond...

One sided Bond :[/[/U]B] If you will leave the co. then you have to pay the Amount mentioned in Terms & conditions of Bond. But if co. wants to terminate you then co. can.
Two sided Bond :[/[/B]B] If you will leave the co. then you have to pay the Amount mentioned in Terms & conditions of Bond & if co. terminates you then co. also have to pay amount mentioned in Terms & Conditions of Bond.