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Company asking for bond amount on breach of contract
09-Jun-2023 (In Labour & Service Law)
hello sir, i have this dobt, please help: i was a fresher 9 months back and i joined this company. thy have a 2 years servic level agreement and in case of brech they ask for 3.5 lakhs rupees! i am prsuing a regular MBA in morning and in evening i go to office, i have signed the agreement on joining: please help me understand these things: #is this valid to hold a employee for 2 years on sla/bond #what are the consequence that may happen in case of breach #can i leave the company anytime
Many companies these days ask its employees to sign such bonds at the time of joining. The idea behind it is to try and ensure that the employee works for a minimum period of time as the Companies want to make sure that the time and resources they spend to train you they are able to derive adequate benefit from it. These bonds a valid documents and the implications are just as laid out in the bond. Once the time period for which they lock you in passes the bond will also expire and you will be able to move out of the company without paying the amount mentioned in the bond but according to the severance policy of the Company.
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Adv. Rohan Mittal
Panchkula | 200+ Answers
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Precise reply to your query can be given only after perusal of your contract. If you have signed a contract you have to abide by it. However, the clauses of the contract have to be reasonable to be enforced. It will be better if consult me on phone.
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YOu may need to look deep into your SLA. Ideally SLA's are not enforceable, however in the event you may have signed a document which is training agreement, in name of SLA, then you might need to payback the amount of money to the company, which may have been spent by company for training, So go to the terms of SLA, get it reviewed by some legal expert/LAwyer, to get more insight on your SLA.
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Adv. Vivek Nasa
Gurgaon | 200+ Answers
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Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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