AboutJaved Razack Expertise If you have any question on Indian Laws concerning Civil disputes on property, recovery or any other contractual obligation, Criminal disputes on Indian Penal Code, Negotiable Instruments Act, Company matters, Income Tax, Arbitration, Family and matrimonial issues, please ask me.
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Expert: Javed Razack Date: 6/11/2008 Subject: Breaking Service Agreement of 2 yrs
Question Hello Sir,
I am currently working in a Indian based company for past 1 yr . I am having a service agreement of 2 yrs. now i am getting a very good opportunity for my Fursther studies and I wish to pursue it. But the company is saying that I have to pay the bond money.
the service agreement states that they have invested a lot of money in my training (I was a fresher before joining this company) and they are charging only a fraction of the money worth 2 lakhs from me .
Currently i am not in a position to pay this money. the agreement is on a stamp paper whit my father as a guarentor.
Can anything be done regarding this ... please reply ?
Answer Hello Asish,
Since you have decided to leave gainful employment on account of your further studies, you may tender your resignation citing the reason and supported by documentary evidence of your enrollment into the university where you are likely to seek admission. You also request the HR to waive the bond amount since there is no breach on leaving employment on seeking another job opportunity and in all probability, the company may consider for waiver. If the HR and the management decline to accept then on your leaving, the company may approach the court for recovery of the amount against you and the guarantor. If in such event of any civil recovery suit being filed, you need to defend on the aspect of the amount not spent on your training and such defense that you may take based on their claim.
The signing of the bond is a contract and can be enforced at the option of the company and you should be careful on signing documents that cover amount for breach and other liabilities.
I hope this suffice your present query
All the best
Javed Razack
