Help needed.
I have signed a bond with an IT company on a company letterhead for not joining a client for 2 years after completing my onsite assignment and working for six months once I return to India. However, now the client and my company have some issues, and the client wants me to join them on their payroll. The bond states that I must pay damages of 25000 US dollars if I breach the contract. However, there is no legal agreement between my company and the client at the moment. The bond was signed in India, and I am currently working out of India.
I want to know if such a bond holds any legal value in this scenario. Can I leave by resigning without any notice period? Please let me know what I should do.
From Qatar, Doha
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I have signed a bond with an IT company on a company letterhead for not joining a client for 2 years after completing my onsite assignment and working for six months once I return to India. However, now the client and my company have some issues, and the client wants me to join them on their payroll. The bond states that I must pay damages of 25000 US dollars if I breach the contract. However, there is no legal agreement between my company and the client at the moment. The bond was signed in India, and I am currently working out of India.
I want to know if such a bond holds any legal value in this scenario. Can I leave by resigning without any notice period? Please let me know what I should do.
From Qatar, Doha
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Dear,
Even if the bond signed on letterhead is valid, in case it is to be enforced in a Court of Law, then your employer will have to pay the legal penalty under the Stamp Act and can enforce it. Till then, you have time. But resigning without a solution is not advisable.
With Regards,
E-mail: rajanassociates@eth.net
Mobile: 9025792684
From India, Bangalore
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204Even if the bond signed on letterhead is valid, in case it is to be enforced in a Court of Law, then your employer will have to pay the legal penalty under the Stamp Act and can enforce it. Till then, you have time. But resigning without a solution is not advisable.
With Regards,
E-mail: rajanassociates@eth.net
Mobile: 9025792684
From India, Bangalore
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Bond is completely valid. There is a problem between your company and the client, not with you, am I right? Then why do you want to join the client's place? I feel this is unethical towards your profession. Your employer has given you an opportunity to work in the client's place, and that's where you got your career exposure. And now you want to take a chance. Never ever try to do this. Solve your problem amicably with your company; you are nowhere related to your client. Sorry if my words hurt you; it's my opinion.
From India, Mumbai
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From India, Mumbai
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Enforcement of negative covenants in employment terms.pdf
CTC_SALARY_SLIP _FORM_(legal)(1 ).xls