Are employment bond's legal in India
07-May-2023 (In Labour & Service Law)
I need your help to know "are employment bond legal ?" For example.g. say Axis bank has a leadership program for which they spnosor your MBA for a fee for which they give you loan , later you are employed with the bank , now they have bond for 3 years and 20 lacs . A frn has served them for 1.5 years but now have to go home for family troubles. Company is pushing or not releasing him for bond and all !! Can you kindly help with this to understand ???
This is my response to you:
1. Yes, the bond is a legal document;
2. The Bond may have certain clauses which create a legal obligation;
3. If you break the terms and conditions of the bond, the bank can sue for it and take any kind of legal action as it fits them;
4. So it is better to show this bond to a local lawyer and find any loopholes if there are any;
5. It is advisable to consult properly and read the terms and conditions to the point.
1. Yes, the bond is a legal document;
2. The Bond may have certain clauses which create a legal obligation;
3. If you break the terms and conditions of the bond, the bank can sue for it and take any kind of legal action as it fits them;
4. So it is better to show this bond to a local lawyer and find any loopholes if there are any;
5. It is advisable to consult properly and read the terms and conditions to the point.
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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