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Want to break bond with company how to proceed without paying money
26-Oct-2023 (In Labour & Service Law)
I sigh a bound in IT company that i will work for 18 months but i want to break it due to higher studies. In bound it is mention that if i leave company for any reason i have to play 1 lakhs to company. Is thier any way to come out of this without paying 1lakh
You can't. Bond is created just for that purpose. It's a legally enforceable document and to violate its terms and conditions is illegal. The company can take legal action against you. Also, only in exceptional cases where the matter goes up to senior levels like president or something, only then the document is amended, allowing you to leave. See if you could approach such higher authorities. Else, its not possible.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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What happens if bond amount is not paid?
If you break the bond of a company and do not pay the bond amount, it may have financial and legal implications depending on the contract and the bond terms. You could be liable for damages if you break the bond.
How do I resign if I have a bond?
In the contract you signed when you started your employment, there should be a clause that outlines what to do in this situation. If you wish to leave an organization during the period of the bond you must have written approval from your employer. This can be in the form of a resignation or waiver of the bonds.
Is it illegal to break a bond?
A bond-breaking charge is the company's way of compensating you for all the time and money spent on your employment. A bond is legal tender. If done correctly, breaking a bond after signing for a certain amount of time can be fine. 19-Oct-2022
Is it possible to negotiate bond amount?
You cannot skip the bond payment. You may be able to negotiate with HR a reduction in the bond amount, but you cannot skip. I would suggest that you submit your resignation 3 months prior to your 1-year anniversary. You can finish your notice period as well as 1 year anniversary in the same time.
The employee can break the bond if the employer breaches the bond agreement, such as by not paying the employees wages or failing to provide a safe work environment.
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Adv. Chikirsha Mohanty
Delhi | 200+ AnswersCONTACT NOW
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