Hello Seniors, I am currently working in one of the leading corporate companies. I can't specify the sector here as I signed a bond of two years and submitted the original certificates to the company. However, I want to move out of the company. The bond amount is 10 times my monthly salary. Can anybody please help me in this case? I have got a chance for further studies now, but due to the bond, I am not able to pursue that opportunity. I want to come out of this situation now. I am a fresher employee who worked for 4 months under the name of training in my offer letter. It was clearly mentioned that I have to submit the documents, and the documents will be returned to me at the time of exit. The company specified a one-year training period for me, but they only conducted an induction program of one month, and after that, nothing happened. I want to come out of this situation. They had not explicitly mentioned a bond, but they said that I would have to execute an agreement. I had provided an undertaking and guarantee on a 100 Rs stamp paper. Please help me out.
Regards, Prabodh
From India, Thane
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Regards, Prabodh
From India, Thane
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In such a case, going legal would involve a lot of time and cost, even if you win (or lose). You can have a word with HR and draw a conclusion. If the policy states that you need to pay 10 times your salary, you'll have to for collecting your original documents.
Decision to Pursue Higher Studies
It is strange that within 4 months you took the decision to pursue higher studies! What made you join the company with such a clause in the first place? Once agreed, you must follow.
From India, Ahmedabad
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207Decision to Pursue Higher Studies
It is strange that within 4 months you took the decision to pursue higher studies! What made you join the company with such a clause in the first place? Once agreed, you must follow.
From India, Ahmedabad
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I agree with you, sir. Some of the colleagues who joined with me left the company's main office, but the company did not provide them with a relieving letter. The company was creating bonds up to the previous year but was not retaining certificates. Only this year, the company has kept the originals. I also heard that the bond is not legal in India.
Awaiting your reply.
From India, Thane
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Awaiting your reply.
From India, Thane
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Execution of Bond as per Arbitration and Conciliation Act, 1996
The bond will be executed as per the Arbitration and Conciliation Act, 1996. In the terms and conditions of the contract, it is clearly stated that I will receive the documents at the time of exit only, or I will have to pay liquidated damages amounting to 2 lakhs.
Regards
From India, Thane
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The bond will be executed as per the Arbitration and Conciliation Act, 1996. In the terms and conditions of the contract, it is clearly stated that I will receive the documents at the time of exit only, or I will have to pay liquidated damages amounting to 2 lakhs.
Regards
From India, Thane
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Can anyone please help me? Can I request an itemized list of expenses incurred by the company on my behalf, which rarely exceeds two months' salary? Please provide me with any solution that will help me before making any drastic decision.
From India, Thane
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From India, Thane
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Understanding Employee Bonds and Agreements
Agreements or bonds come into the picture based on past experiences with employees or employers. If an employee or employer is ethical and committed to the company, a bond or agreement isn't really required in any company. We are often more focused on a good CTC and other offers, neglecting our responsibilities towards our commitments or projects in the current company.
A bond doesn't imply making an employee work forcibly; it is an understanding between an employer and an employee to work for a specific period for the company. If we are not interested, we should not enter into it from the beginning or consult an adviser before signing it.
Setting that aside, once we commit to an agreement or bond, we should adhere to its Terms & Conditions. First, read the T&C of the agreement or bond, speak to the HR department, and explain your problems, articulating the strong reasons for not being able to continue with the company. Seeking help from legal advisers may lead to legal actions against the company, but the results (win or lose) may take years to materialize. One thing remains true: the employer legally enforces the agreement. Therefore, ensure a smooth resolution internally with the company.
Best regards,
From India, Hyderabad
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Agreements or bonds come into the picture based on past experiences with employees or employers. If an employee or employer is ethical and committed to the company, a bond or agreement isn't really required in any company. We are often more focused on a good CTC and other offers, neglecting our responsibilities towards our commitments or projects in the current company.
A bond doesn't imply making an employee work forcibly; it is an understanding between an employer and an employee to work for a specific period for the company. If we are not interested, we should not enter into it from the beginning or consult an adviser before signing it.
Setting that aside, once we commit to an agreement or bond, we should adhere to its Terms & Conditions. First, read the T&C of the agreement or bond, speak to the HR department, and explain your problems, articulating the strong reasons for not being able to continue with the company. Seeking help from legal advisers may lead to legal actions against the company, but the results (win or lose) may take years to materialize. One thing remains true: the employer legally enforces the agreement. Therefore, ensure a smooth resolution internally with the company.
Best regards,
From India, Hyderabad
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Can Higher Studies Be a Reason for Breaking a Bond?
Can higher studies be a reason for breaking a bond with the payment of the cost suffered by the company on my training? I think it will be better for both me and the company, but I require some guidance before having a word with HR.
From India, Thane
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Can higher studies be a reason for breaking a bond with the payment of the cost suffered by the company on my training? I think it will be better for both me and the company, but I require some guidance before having a word with HR.
From India, Thane
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Let's not get into whether bonds are legal or not; per se, they are legal when they have been mutually agreed upon and executed consciously by both parties. As mentioned earlier, your only option is to speak with your management regarding the maximum relaxation they can grant. Otherwise, you will definitely have to face the consequences.
From India, Ahmedabad
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From India, Ahmedabad
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