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Rishab (personal)     17 May 2012

Need help regarding a bond

Hi,

There is a situation for me, I am working in a company from last 5 years. Now my company is trying to signed me a bound stating that:

During my working years in the company and after 1 year of leaving it if they found me guilty that I am persoanlly intrecting their clients I have to pay them 6 months salary and if I failed to that I have to pay them with a intrest rate of 18% p.a.

Secondly after leaving this company, I couldn't open the same competitive firm. (But if i have to opne a own business of mine i would defintely choose the same finedl as I have a good experience on the same field).

Third point was I cannot open business with identical or similar name (can anyone explain me in detail).

Also I had read a word waiver on thsi document, what exactly it means leaglly?

Please reply asap, as I have day to sign this bond and please tell me shoudl i sign this bond or not or is there any law associated with it?

Awaiting replies.

 

 

 



Learning

 5 Replies

Kumar Doab (FIN)     17 May 2012

If you are experienced professional move to another company with good HR practices at a better position with better remuneration and where you do not have to sign any bond of any nature.

It is not mandatory to sign the bond. Hope it is not mentioned (in the bond or verbally) that if the employee does not affix signature accepting the bond the services shall be terminated. 

Is the bond open for dialogue and chnages in some condition.

The waiver may be at the discretion of the company.

Avoid acceptance.

Rishab (personal)     18 May 2012

Thanks for your reply.

The first problem is that I can be terminated if i do not sign this bond. Its not confimed but can be a possibilty.

Second the owner is not providing me a copy of this bond before i signed it and it tough for me to sign this document before i understand it fully, buit he is trying to sentence it with his own wards which is not satisfactory as there is huge diffrence between noral and legal language.

Is any one thse to porivde me the free consulation through phone..as today I will have a bond in my hand and i want to undertsand it fully.

Please let me know.

 

Kumar Doab (FIN)     18 May 2012

You can consult lawyer in your neighborhood or known to you or your family. It shall be appropriate to consult a competent and experienced service lawyer.

LCI lawyers can be contacted. The contact details are given in their profile. You may click on their name and you can enter their profile. You can chat and you can talk.

Related lawyers list is given on the bottom this web page.

Employer must grant reasonable time to sign on any time say 7 days.

Alternatively you can put it on email ( with cc/bcc to your personal email for record) that you have been provided a copy of bond or whatever is the title of the document, which is dated...............on today i.e. dated............and you need .............days time to revert.

It is a possibility that your employer may become vindictive if you do not sign on the spot as per his inner wishes.

Or if you are made to sign on the spot denying time you may send an email or letter that you were not granted any time to go thru the bond (or whatever is the title of the document, which is dated...............supplied to you on dated....................by hand in office premises) and were made to sign on the spot, while you requested to provide you time so that you can go thru it and submit it in ........days time or a soft copy be provided to you for going thru it in ......days time. You do not agree to following conditions expressed in the bond............This shall come handy to you in future.

In case of any issues you can tender notice of resignation under acknowledgement, with effective date of resignation clearly expressed in it, citing your above mentioned communication. Employee can withdraw notice before effective date of resignation. You can utilize your notice period to look for another opportunity and in case you are not well you can apply for sick leave. Termination order your sick leave can be termed as bad order.

Bond is bond. It shall certainly impose some restriction/restraint on you.

Kindly consult elders in the family, competent and experienced well wishers, competent and experienced service lawyer, and proceed as deemed fit.

 

 

 

 

Related 'Legal Documents' Lawyers

S Jadhav 98336 98330 (Jadhav & Associates)     18 May 2012

The employment situation being what it is today no one wants to leave a job if there are minor problems.

But a company which has unfair practices such as this is not a minor issue.

If you can leave and search or get another job please do so.

If you have to stay in this unhappy marriage you will have to sign the bond but remember if you go against the terms of the bond, the employer wil have to go to the court and then when you mention the facts of the case in the Court, the employer is likely to lose the case, especially if you have witnesses or circumstantial evidence in your favour.

Also, assuming you do work in the same field after leaving your job, if he goes for legal process (which he is unlikely to succeed if the facts you mentioned are correct), the you can start your work and become successful anyway. So do not worry and sign the bond if forced.

S Jadhav

Kumar Doab (FIN)     18 May 2012

You may submit the representations in writing under acknowledgment either from your personal email id or by letter thru redg/speed post it shall come handy in future and hlep you to succeed in litigation if the situation arises.Do mention  full name address of company, appointing authority, address your emp. code, designation, address, in your email , letter.


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