hi.
i need to know about service level agreement which i have signed with a IT firm on stamp paper 1 lakh rupee and work for company for 2 year.now i break this bond and i dont need any exit letter ,reliving letter, my pf money and my experince certificate. so In this sistuation i need to pay bond amount. or any path that i can get over this and not to pay any money to them.please suggest
From India, Thane
i need to know about service level agreement which i have signed with a IT firm on stamp paper 1 lakh rupee and work for company for 2 year.now i break this bond and i dont need any exit letter ,reliving letter, my pf money and my experince certificate. so In this sistuation i need to pay bond amount. or any path that i can get over this and not to pay any money to them.please suggest
From India, Thane
If you do not want any certificate and dues from your employer, you can simply abscond. But legally, the Company can still sue you in a court of law. They can even obtain an interim stay. They can legally collect the money from you.
From India, Chennai
368From India, Chennai
Employers always look for methods to keep the employee working in their company, for as long as possible time or for a reasonable time like 1 year and thus check attrition costs and fresh recruitment overheads. From purely business point of view the employee under service agreement/bond shall be economical, easier to handle etc.
Has your company incurred any special or training expenditure-like sending you abroad for course/training etc?
My opinion on this issue:
Execution of service-bond to restrain the employee from changing over to better job opportunity is clearly a violation of Section 27 of the Contract Act1872.It is equally a violation of Article 19 of the Constitution,which guarantees right to work.I may also mention that , some courts have ordered recovery of actual reasonable loss(quantifiable) from the employee e.g. recovery of specific training cost.
Depending on facts of your specific case only answers can be given by learned members.
From India, Pune
Has your company incurred any special or training expenditure-like sending you abroad for course/training etc?
My opinion on this issue:
Execution of service-bond to restrain the employee from changing over to better job opportunity is clearly a violation of Section 27 of the Contract Act1872.It is equally a violation of Article 19 of the Constitution,which guarantees right to work.I may also mention that , some courts have ordered recovery of actual reasonable loss(quantifiable) from the employee e.g. recovery of specific training cost.
Depending on facts of your specific case only answers can be given by learned members.
From India, Pune
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Indemnity Bond - Format.doc
Bond in employment.pdf