Hello Everyone . I recently got an offer from a good company in hyderabad ( can\'t mention the name ) and it has asked me to sign a \"Bond\" of 2-years on the day of joining . And that too it would be in front of a guarantor ( in my case my brother ) .
While in our PPT (pre placement talk ) they had told us that we have to work with them for a minimum of 2 years . till now they have\'nt shown us the service aggrement but they have provided me the \"Deed of Guarantee \" which mentions the following points :
-->The pursuant to the said agreement dated 16th april 2013 between the Trainee & the comapny , & at the request of the said Trainee the guarantor hereby guarantee & covenant with the company that in the event of the said Trainee not faithfully perforoming his/her duties as the Trainee Employee & thereby causing to the company any loss , the guarantee shall make good they said loss on demand made by the company provided that the liability of the guarantee shall be limited to
From India, Hyderabad
While in our PPT (pre placement talk ) they had told us that we have to work with them for a minimum of 2 years . till now they have\'nt shown us the service aggrement but they have provided me the \"Deed of Guarantee \" which mentions the following points :
-->The pursuant to the said agreement dated 16th april 2013 between the Trainee & the comapny , & at the request of the said Trainee the guarantor hereby guarantee & covenant with the company that in the event of the said Trainee not faithfully perforoming his/her duties as the Trainee Employee & thereby causing to the company any loss , the guarantee shall make good they said loss on demand made by the company provided that the liability of the guarantee shall be limited to
From India, Hyderabad
Pl give details about the Notice period from your Appointment Letter/Deed of Guarantee. Rgds, TS
From India, Hyderabad
1637From India, Hyderabad
I am sorry i couldn't provide the full details
here you go :
Hello Everyone . I recently got an offer from a good company in hyderabad ( can't mention the name ) and it has asked me to sign a "Bond" of 2-years on the day of joining . And that too it would be in front of a guarantor ( in my case my brother ) .
While in our PPT (pre placement talk ) they had told us that we have to work with them for a minimum of 2 years . till now they have'nt shown us the service aggrement but they have provided me the "Deed of Guarantee " which mentions the following points :
They mentioned me the training as a period of 4 months ( package during this : 1.8 L ) & later package is : 2.16 L
I seriously need to join but then i can't commit them for 2 years . I have browsed this and got more confused .
can Anyone guide through all the 3 points above ?
What if i am not satisfied with the company ?
can i quit after a year or so ? if yes then is there any fear of facing legal actions ?
What if i plan to switch to other comany in a year ? what can be the risks and necesary steps which can be taken ?
Thanks & due Regards :
Ranthom
From India, Hyderabad
here you go :
Hello Everyone . I recently got an offer from a good company in hyderabad ( can't mention the name ) and it has asked me to sign a "Bond" of 2-years on the day of joining . And that too it would be in front of a guarantor ( in my case my brother ) .
While in our PPT (pre placement talk ) they had told us that we have to work with them for a minimum of 2 years . till now they have'nt shown us the service aggrement but they have provided me the "Deed of Guarantee " which mentions the following points :
- The pursuant to the said agreement dated 16th april 2013 between the Trainee & the comapny , & at the request of the said Trainee the guarantor hereby guarantee & covenant with the company that in the event of the said Trainee not faithfully perforoming his/her duties as the Trainee Employee & thereby causing to the company any loss , the guarantee shall make good they said loss on demand made by the company provided that the liability of the guarantee shall be limited to a sum of Rs. 3 lacs towards the expenses incurred by the company during the training period of the Trainee and all the damages caused thereby in the event of breach of the agreement .
- That , the guarantor's covenants that the guarantee hereby given by him/her will continue and be valid and enforcable , even if the services of the said employee is terminated by way of dismisal or removal , , for any such loss siffered by the comapny prior to such dismissal or removal provided further the guarantee hereby given will stand revoked on the termination of the services of the said Trainee employee for any reason whatesover i.e. as per the agreement b/w Trainee & company , wherein the clauses of the employment agreement are violated .
- That , the guarantor's do further covenants that , the liability of the guarantor hereunder will continue notwithstanding any indulgence shown to the said Trainee by the company or compromise made in respect of any of un-faithfulness & the guarantee hereby given will remain in force so long as the said Trainee is working in the company .
They mentioned me the training as a period of 4 months ( package during this : 1.8 L ) & later package is : 2.16 L
I seriously need to join but then i can't commit them for 2 years . I have browsed this and got more confused .
can Anyone guide through all the 3 points above ?
What if i am not satisfied with the company ?
can i quit after a year or so ? if yes then is there any fear of facing legal actions ?
What if i plan to switch to other comany in a year ? what can be the risks and necesary steps which can be taken ?
Thanks & due Regards :
Ranthom
From India, Hyderabad
Hello Ranthom,
You do look 'confused' :-)
Pl explain the basis for your fears vis-a-vis the 2 points you made:
1] What if i am not satisfied with the company ?
2] can i quit after a year or so ?
On one hand, you mention it's a 'good company' & 'I seriously need to join', BUT at the same time you also say 'but then i can't commit them for 2 years'--WHY?
A few more queries:
1] How old is the company & what is the employee strength now?
2] What was the basis for you to 'feel' it's a 'good company'?--you haven't answered this so far.
3] All Product companies need not necessarily be good companies--though the scope to learn for persons like you would surely be enormous. It's the stability of the company that you need to look for. What domain does this company make products for--Telecom, Automotive, etc?
Now look @ your switching within a year of joining from a totally different perspective.
Frankly, you would be a, sort of, HALF-BAKED CAKE after one year. It's only from the second year that most persons BEGIN TO APPLY what they learnt @ college & in the Training programs [whatever training is given]. Even though you MAY get another job after 1 year with a higher CTC, you would be in a situation where 'you are ready to fly, but take a step backwards' [since you would surely be needed to re-establish all over again in the new company--for a few months at least]. This is where the stability of the company becomes critical--the reason for my fresh queries above.
Hope you get the point.
Rgds,
TS
From India, Hyderabad
You do look 'confused' :-)
Pl explain the basis for your fears vis-a-vis the 2 points you made:
1] What if i am not satisfied with the company ?
2] can i quit after a year or so ?
On one hand, you mention it's a 'good company' & 'I seriously need to join', BUT at the same time you also say 'but then i can't commit them for 2 years'--WHY?
A few more queries:
1] How old is the company & what is the employee strength now?
2] What was the basis for you to 'feel' it's a 'good company'?--you haven't answered this so far.
3] All Product companies need not necessarily be good companies--though the scope to learn for persons like you would surely be enormous. It's the stability of the company that you need to look for. What domain does this company make products for--Telecom, Automotive, etc?
Now look @ your switching within a year of joining from a totally different perspective.
Frankly, you would be a, sort of, HALF-BAKED CAKE after one year. It's only from the second year that most persons BEGIN TO APPLY what they learnt @ college & in the Training programs [whatever training is given]. Even though you MAY get another job after 1 year with a higher CTC, you would be in a situation where 'you are ready to fly, but take a step backwards' [since you would surely be needed to re-establish all over again in the new company--for a few months at least]. This is where the stability of the company becomes critical--the reason for my fresh queries above.
Hope you get the point.
Rgds,
TS
From India, Hyderabad
@TS
thanks for your kind reply
yes you are correct that i am confused . I am utterly confused cos through all the sources , the info i have gathered says it is a good company and it serves the fortune 100 companies through products they make .
I want to join the company cos i few responsibilities on my shoulders but i fear the fact that as i haven't worked with them yet , hence i don't know what's there for me in the future & henceforth i say What if i am not satisfied with the company
And in case if i get a better package or a "government job" ( which everyone is crazy about me . same for me ) hence i say can i quit after a year or so
Few Details regarding the company and their domain of work
The points that made are true and hence in the same dilemma i have posted the above questions for some seniors like you to guide me up
Thanks again
From India, Hyderabad
thanks for your kind reply
yes you are correct that i am confused . I am utterly confused cos through all the sources , the info i have gathered says it is a good company and it serves the fortune 100 companies through products they make .
I want to join the company cos i few responsibilities on my shoulders but i fear the fact that as i haven't worked with them yet , hence i don't know what's there for me in the future & henceforth i say What if i am not satisfied with the company
And in case if i get a better package or a "government job" ( which everyone is crazy about me . same for me ) hence i say can i quit after a year or so
Few Details regarding the company and their domain of work
- It's a 2005 established company & it deals in tools for Data warehousing & Mining .
- The employee strength is 100 here at Hyderabad office & the same at their US office
- Through the information that i have gathered from the internet & their 1-2 working employees i concluded that it's a good company ( at least for my learning curve - as you too mentioned )
The points that made are true and hence in the same dilemma i have posted the above questions for some seniors like you to guide me up
Thanks again
From India, Hyderabad
Hello Ranthom,
In which case, suggest Go Ahead & Join the company.
The point I mentioned earlier about the consequences of leaving so shortly in the First job itself is still VALID.
Pl note that you will get a BETTER PACKAGE even if you leave after 2 months--thanks to inflation. You need to have some clear-cut ethics & goals for yourself, despite whatever & whoever says anything. At the End-of-Day, it's YOUR career & NOT others'--who can get away saying anything, since they don't have to face the consequences. Like the saying goes: "The only thing that is & can be given FREE of cost anytime is unwanted advice'. It's upto YOU to take it or leave it. Don't blame those who gave you the advice when you end up facing the consequences--since it's YOU who accepted & took them.
Suggest go thru the various earlier Postings in CiteHR reg this topic--you will know what I mean.
Another aspect: 2 years is a small time vis-a-vis a long career spanning decades & it's in the First few years [typically 5-6 yrs] that one learns the MOST. Once you prove yourself, money will automatically follow--this applies to anyone & everyone. If at this stage money is more important than learning & building-up your career, it's upto you.
All the Best.
Rgds,
TS
From India, Hyderabad
In which case, suggest Go Ahead & Join the company.
The point I mentioned earlier about the consequences of leaving so shortly in the First job itself is still VALID.
Pl note that you will get a BETTER PACKAGE even if you leave after 2 months--thanks to inflation. You need to have some clear-cut ethics & goals for yourself, despite whatever & whoever says anything. At the End-of-Day, it's YOUR career & NOT others'--who can get away saying anything, since they don't have to face the consequences. Like the saying goes: "The only thing that is & can be given FREE of cost anytime is unwanted advice'. It's upto YOU to take it or leave it. Don't blame those who gave you the advice when you end up facing the consequences--since it's YOU who accepted & took them.
Suggest go thru the various earlier Postings in CiteHR reg this topic--you will know what I mean.
Another aspect: 2 years is a small time vis-a-vis a long career spanning decades & it's in the First few years [typically 5-6 yrs] that one learns the MOST. Once you prove yourself, money will automatically follow--this applies to anyone & everyone. If at this stage money is more important than learning & building-up your career, it's upto you.
All the Best.
Rgds,
TS
From India, Hyderabad
@ TS
Thanks for the advice TS at same time i didn't get one of your points Pl note that you will get a BETTER PACKAGE even if you leave after 2 months--thanks to inflation.
were you being sarcastic ? :-)
i do totally agree with your quote : 2 years is a small time vis-a-vis a long career spanning decades & it's in the First few years [typically 5-6 yrs] that one learns the MOST. Once you prove yourself, money will automatically follow--this applies to anyone & everyone.
and i would be obliged if you can provide me the related links for the same topic ( if you are comfortable enough )
Thanks & Regards
Ranthom
From India, Hyderabad
Thanks for the advice TS at same time i didn't get one of your points Pl note that you will get a BETTER PACKAGE even if you leave after 2 months--thanks to inflation.
were you being sarcastic ? :-)
i do totally agree with your quote : 2 years is a small time vis-a-vis a long career spanning decades & it's in the First few years [typically 5-6 yrs] that one learns the MOST. Once you prove yourself, money will automatically follow--this applies to anyone & everyone.
and i would be obliged if you can provide me the related links for the same topic ( if you are comfortable enough )
Thanks & Regards
Ranthom
From India, Hyderabad
Hello Ranthom,
were you being sarcastic ? :-)
Absolutely NO--that's reality.
Reg the links, pl use the 'RESEARCH' facility @ the top of this page--it's meant for such situations.
In general, this topic was was discussed earlier.
All the Best.
Rgds,
TS
From India, Hyderabad
were you being sarcastic ? :-)
Absolutely NO--that's reality.
Reg the links, pl use the 'RESEARCH' facility @ the top of this page--it's meant for such situations.
In general, this topic was was discussed earlier.
All the Best.
Rgds,
TS
From India, Hyderabad
@TS : Thanks for your guidance ... i am very much positive for joining the company .
But just for the sake of knowing i would ask you the following :
1) what are the legal implications that my employer can take against me if in case i go for any government job or other company ( although i am not looking for it ) ? and
2) how it can be resolved in my favor if i do so ?
From India, Hyderabad
But just for the sake of knowing i would ask you the following :
1) what are the legal implications that my employer can take against me if in case i go for any government job or other company ( although i am not looking for it ) ? and
2) how it can be resolved in my favor if i do so ?
From India, Hyderabad
Ranthom
The agreement / bond is pretty much one sided (or at least the part you have posted is)
The problem may not even be if you do not like the company
The problem you need to think about is what happens if the profile they put you to is not to your liking, or suddenly move you to something not of interest, or you have a boss who you can not work with. In that case, you will have to pay them the cost of training. The clause for loss incurred is vague and anything can be added for that amount. In your position, I would worry about that.
On the other hand, the company needs to safeguard interest specially where someone like you gets a better offer from another company after 6 months and quits. So if you want to get into the larger companies like these, which will be your launch pad to better career 2years down the line, you do not have a choice but to hunker down and work under their terms. Suffer if you must, for 2 years, but your reward for the hard work will be greater
From India, Mumbai
The agreement / bond is pretty much one sided (or at least the part you have posted is)
The problem may not even be if you do not like the company
The problem you need to think about is what happens if the profile they put you to is not to your liking, or suddenly move you to something not of interest, or you have a boss who you can not work with. In that case, you will have to pay them the cost of training. The clause for loss incurred is vague and anything can be added for that amount. In your position, I would worry about that.
On the other hand, the company needs to safeguard interest specially where someone like you gets a better offer from another company after 6 months and quits. So if you want to get into the larger companies like these, which will be your launch pad to better career 2years down the line, you do not have a choice but to hunker down and work under their terms. Suffer if you must, for 2 years, but your reward for the hard work will be greater
From India, Mumbai
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