Hi all,
Could you please let me know what the legal prerequisites are for a bond? In my case, I was provided with an LOI that included a clause binding me for one year after the completion of training. If I failed to comply, I would be required to pay the cost of training. However, no estimate of the training cost was provided; it was just a clause in the LOI.
Is this legally valid? Or does a bond need to be on a stamp paper of a minimum duration, etc.?
Please share your legal views.
From India, Mumbai
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Could you please let me know what the legal prerequisites are for a bond? In my case, I was provided with an LOI that included a clause binding me for one year after the completion of training. If I failed to comply, I would be required to pay the cost of training. However, no estimate of the training cost was provided; it was just a clause in the LOI.
Is this legally valid? Or does a bond need to be on a stamp paper of a minimum duration, etc.?
Please share your legal views.
From India, Mumbai
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Bond is not legally enforceable. "Right to Work" is a fundamental right of every Indian guaranteed by the Constitution of India, and "Right to Work" also includes "Right not to Work." Hence, no one can force you to work.
However, organizations have the right to recover reasonable training costs as per your offer of employment. If the amount is not mentioned in your Letter of Intent (LoI), please ensure that it is mentioned in the Contract of Employment.
It is not mandatory to have a contract of employment on Stamp Paper.
Hope this clarifies!
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However, organizations have the right to recover reasonable training costs as per your offer of employment. If the amount is not mentioned in your Letter of Intent (LoI), please ensure that it is mentioned in the Contract of Employment.
It is not mandatory to have a contract of employment on Stamp Paper.
Hope this clarifies!
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Dear,
Based on your post, a bond is a promise to pay a certain fixed and determined amount. If the amount is not stated, then it is not a bond. If it is part of a Letter of Intent (LOI) for an unspecified sum, your employer may have problems for adopting an unfair labor practice. Take specialist advice.
With Regards,
V. Sounder Rajan
VS Rajan Associates
Advocates & Notaries
No. 27, 1st Floor, Singapore Plaza
No. 164, Linghi Chetty Street
Chennai - 600 001
E-mail: rajanassociates@eth.net
Office: 044-42620864, 044-65874684
Mobile: 98401 42164.
From India, Madras
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21Based on your post, a bond is a promise to pay a certain fixed and determined amount. If the amount is not stated, then it is not a bond. If it is part of a Letter of Intent (LOI) for an unspecified sum, your employer may have problems for adopting an unfair labor practice. Take specialist advice.
With Regards,
V. Sounder Rajan
VS Rajan Associates
Advocates & Notaries
No. 27, 1st Floor, Singapore Plaza
No. 164, Linghi Chetty Street
Chennai - 600 001
E-mail: rajanassociates@eth.net
Office: 044-42620864, 044-65874684
Mobile: 98401 42164.
From India, Madras
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Mr. Rajan,
I would like to ask you about our company, which is a software company. Our purpose in having employees sign a bond is to make them aware that no official information should be leaked, as we are in software development. The training cost is minimal, but the leakage of information can harm us in various ways.
What should we do? Should I refer to this as an employment bond or a service agreement? Also, could you provide guidance on the format? Please advise.
From India, Chandigarh
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I would like to ask you about our company, which is a software company. Our purpose in having employees sign a bond is to make them aware that no official information should be leaked, as we are in software development. The training cost is minimal, but the leakage of information can harm us in various ways.
What should we do? Should I refer to this as an employment bond or a service agreement? Also, could you provide guidance on the format? Please advise.
From India, Chandigarh
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Bond of Employment.doc
Bond in employment.pdf