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What to do if company is making me sign a bond of 3 years
10-Apr-2023 (In Corporate Law)
I got selected in a pharma company. However the company has an employee contract of 3 years and if the employee fails to complete 3 years he or she has to pay 15 lakhs to the company. I really want to join the company but i am hesitant because of the huge sum.Also is this a way to maintain pressure on the employee so that they don't leave before 3 years or can companies make one sided contract.I would be really grateful if u can help me in this.
These bonds are not essentially binding under any law in India. So even if you sign the Bond, it wont be enforceable against you. This is also subject to the training period and the actual time that you have spent in the job. For further consultation, you can always contact me.
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Adv. Raisa Contractor
Mumbai | 25+ Answers
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These days it is quiet common for Companies to ask employees to sign a bond with them.
The practice is questionable if the terms on Bond are unreasonable.
If, the Company is asking you to sign bond on unreasonable terms, the enforcement of Bond can be questioned in Court of law.
Generally, Companies' do not pursue litigation/ arbitration to protect corporate image.
The practice is questionable if the terms on Bond are unreasonable.
If, the Company is asking you to sign bond on unreasonable terms, the enforcement of Bond can be questioned in Court of law.
Generally, Companies' do not pursue litigation/ arbitration to protect corporate image.
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Adv. Samrat Chaudhari
Mumbai | 25+ Answers
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