Hello, I have a bond with my current company and I have an offer with another company, and I want to leave my current employer. However, my new employer requires a relieving and experience letter. I am unsure whether I have signed a bond. I have only been given my appointment letter, in which they have stated that I have to serve for 2 years or else pay 100,000. As far as I know, I have not yet signed any bond. Can you help me with this query of what I have to do in this situation?
From India, Bengaluru
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From India, Bengaluru
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Understanding Employment Bonds
The bond is a form of contract and is governed by The Indian Contract Act. If you have signed a bond, any violation of its terms will constitute a breach of contract. Although the bond may specify damages of Rs 100,000, the court will award reasonable damages, which are at the court's discretion. However, if you have not signed a contract, you are under no liability.
For more information, please visit http://www.shramsamadhan.com/.
Regards
From India, Kolkata
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180The bond is a form of contract and is governed by The Indian Contract Act. If you have signed a bond, any violation of its terms will constitute a breach of contract. Although the bond may specify damages of Rs 100,000, the court will award reasonable damages, which are at the court's discretion. However, if you have not signed a contract, you are under no liability.
For more information, please visit http://www.shramsamadhan.com/.
Regards
From India, Kolkata
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Dear Anonymous,
A bond is not legally binding unless your employer has utilized the bond money for your training. However, they may not be willing to provide you with a relieving certificate if there is such a clause in your appointment letter or if you have signed any bond.
Col. Rathi
From India, Delhi
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A bond is not legally binding unless your employer has utilized the bond money for your training. However, they may not be willing to provide you with a relieving certificate if there is such a clause in your appointment letter or if you have signed any bond.
Col. Rathi
From India, Delhi
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Bond of Employment.doc
Bond in employment.pdf