Hi, my employer has taken an undated cheque of Rs. Five Lakh to ensure I serve the company for three years. Is this legal? Can I make a stop payment on the cheque?
I have signed a bond with the employer. Below is the signed bond:
First Bond:
Bond 478820
Know all men by these presents that I, My Name s/o Father's Name, resident of my address (Employee), have joined my service as Project Lead with XYZ (India) Pvt. Ltd., address in India (hereinafter referred to as the Employer) in pursuance of the Appointment Letter dated 4th April 2012.
I have to serve the Company for a minimum period of three years with effect from the date of joining. I can give notice in writing to the Employer at least forty-five days prior to leaving the job, but only after completing a minimum of three years of service at the Company or Client premises.
I shall be bound to work for my employer on onsite (client-side) projects, which have been assigned to me during the course of my employment.
During my employment with this company, I cannot work/serve other employers or clients directly as an employee/consultant.
If I do not fulfill the above conditions from the date of joining, I shall be liable to pay a sum of Rs. 5,00,000/- (Rs. Five lakh only) to my employer.
This bond is applicable in case your H1B petition gets approved.
In case of non-approval of the H1B petition, the terms and conditions as per your appointment letter will be applicable.
Sign:
Date: 9/4/2013
Second Bond:
This is in reference to the bond number 478820 attached, which was signed with XYZ (India) Pvt. Ltd. on 4 April 2013.
I, My Name s/o Father Name, resident of my address, am currently working as Project Lead with XYZ (India) Pvt. Ltd.
XYZ (India) Pvt. Ltd. is a 100% subsidiary company of XYZ LLC USA (hereinafter referred to as the Employer).
I am being transferred to XYZ LLC, USA via visa number xxx and petition number xxxx.
I have to serve XYZ LLC, USA for a minimum period of three years with effect from 14-Oct-2013.
I shall be bound to work for XYZ LLC, USA/its subsidiaries/clients as per the work requirements.
During my service with XYZ LLC, USA, I will not engage directly or indirectly in any business or service other than the company's business and service.
In lieu of the bond, I am submitting a cheque of Rs. 5 Lakh, number 999999 drawn on ICICI Bank in favor of XYZ (India) Pvt. Ltd.
If I do not fulfill the above terms and conditions from 14-Oct-2013 for whatever reason, the Company reserves the right to encash the cheque of Rs. 5,00,000/- (Rs. Five lakh only).
Signature:
Date: 9/10/2013
Regards,
From United States, Rochester
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I have signed a bond with the employer. Below is the signed bond:
First Bond:
Bond 478820
Know all men by these presents that I, My Name s/o Father's Name, resident of my address (Employee), have joined my service as Project Lead with XYZ (India) Pvt. Ltd., address in India (hereinafter referred to as the Employer) in pursuance of the Appointment Letter dated 4th April 2012.
I have to serve the Company for a minimum period of three years with effect from the date of joining. I can give notice in writing to the Employer at least forty-five days prior to leaving the job, but only after completing a minimum of three years of service at the Company or Client premises.
I shall be bound to work for my employer on onsite (client-side) projects, which have been assigned to me during the course of my employment.
During my employment with this company, I cannot work/serve other employers or clients directly as an employee/consultant.
If I do not fulfill the above conditions from the date of joining, I shall be liable to pay a sum of Rs. 5,00,000/- (Rs. Five lakh only) to my employer.
This bond is applicable in case your H1B petition gets approved.
In case of non-approval of the H1B petition, the terms and conditions as per your appointment letter will be applicable.
Sign:
Date: 9/4/2013
Second Bond:
This is in reference to the bond number 478820 attached, which was signed with XYZ (India) Pvt. Ltd. on 4 April 2013.
I, My Name s/o Father Name, resident of my address, am currently working as Project Lead with XYZ (India) Pvt. Ltd.
XYZ (India) Pvt. Ltd. is a 100% subsidiary company of XYZ LLC USA (hereinafter referred to as the Employer).
I am being transferred to XYZ LLC, USA via visa number xxx and petition number xxxx.
I have to serve XYZ LLC, USA for a minimum period of three years with effect from 14-Oct-2013.
I shall be bound to work for XYZ LLC, USA/its subsidiaries/clients as per the work requirements.
During my service with XYZ LLC, USA, I will not engage directly or indirectly in any business or service other than the company's business and service.
In lieu of the bond, I am submitting a cheque of Rs. 5 Lakh, number 999999 drawn on ICICI Bank in favor of XYZ (India) Pvt. Ltd.
If I do not fulfill the above terms and conditions from 14-Oct-2013 for whatever reason, the Company reserves the right to encash the cheque of Rs. 5,00,000/- (Rs. Five lakh only).
Signature:
Date: 9/10/2013
Regards,
From United States, Rochester
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One-Sided Bonds and Legal Implications
One-sided bonds are illegal. Having said that, the company can't take a blank cheque; it's the applicant that gives.
Please click on the links at the sidebar on the right. This topic has been adequately covered in those threads.
From United Kingdom
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1639One-sided bonds are illegal. Having said that, the company can't take a blank cheque; it's the applicant that gives.
Please click on the links at the sidebar on the right. This topic has been adequately covered in those threads.
From United Kingdom
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This is a unilateral contract (one-sided) given under 'influence' to fulfill the need for employment where the employer has not contributed anything towards achieving the skills, knowledge, and experience; hence void ab initio. Do not worry. For safeguard, instruct your bank not to honor the check if presented.
Regards,
RV
From India, Bangalore
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Regards,
RV
From India, Bangalore
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