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What to do if I want to quit company before completion of the bond
12-Jul-2023 (In Corporate Law)
I have a bond agreement with one of the companies with whom I am currently working of 1 year for 1.25 lacs. I am really frustrated with the working environment. I want to quit the company.so my question is is it necessary to pay the bond amount. I don't have the capacity to pay the amount so what happens if I don't pay. Thank you
Hi, If a bond is signed then till the completion of term it cannot be breached. In case of breach the company has right to claim recovery of the bond value. If a case is filed then based on merits it can be fought for justice. To be assessed the investment of company on you for training & development. Contact me for help & guidance.
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Adv. Rajesh Kumar K
Bangalore | 400+ Answers
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This is a very common thing that is seen in employment law. Many people do this mistake of not studying their agreement. Thus basically this is a breach of contract.
In most of these bonds, they have a clause which stipulate that worker must give a set amount in case of breach. Check your bond. If there no such clause then you should start substrating the amount on pro rata basis. First basically there is frankly very thin chance of not not paying.
For the second question, what would happen if you will not pay the amount. The company as usual will sue for their money. Contact me before taking any further step.
In most of these bonds, they have a clause which stipulate that worker must give a set amount in case of breach. Check your bond. If there no such clause then you should start substrating the amount on pro rata basis. First basically there is frankly very thin chance of not not paying.
For the second question, what would happen if you will not pay the amount. The company as usual will sue for their money. Contact me before taking any further step.
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Adv. Nachiketh Konapur
Bangalore | 25+ Answers
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