employment bond

SUNDEEP (Querist) 17 July 2008 This query is : Resolved
ANY ONE CAN TELL ME THAT IS THE EMPLOYMENT BOND SINGED BY THE EMPLOYEE & EMPLOYER ON STAMP PAPER IS VALID IN LAW. SOME OF THE CONDITIONS ATTACNHED TO TEH BOND ARE AS FOLLOWS: -
1.obliged to serve the Company for a reasonable period with a sense of undying commitment.
2.IN CASE OF BREAKING THE BOND BEFORE ONE YEAR i SHALL PAY COMPANY A SUM equivalent to six months salary.
3.iN CASE COMPANY TERMINATE ME FOR MY WRONG BEHAVIOUR OR OTHER MALPRACTICES THEN ALSO IT shall bear all those effects, impact and incidence as if I had resigned and consequentially shall be liable to fulfill all aforesaid obligations.
4.The above written bond is unconditional and its legal consequences and liabilities have been fully understood by me, and the same has been signed and executed by me out of my own free will and without any undue influence, coercion, mistake, fraud or misrepresentation and after forming a rational judgment as to its effect upon my interest.

PLEASE SOME SOLVE MY PROBLEM. OR IF TEHRE IS ANY THING IN LAW PLEASE TELL ME TEH EXACT LAW / SECTION / CASE LAW IF ANY.

I SHALL BE HIGHLY GRATEFUL

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Guest (Expert) 17 July 2008
It is binding because the parties have entered into contract waiving their rights for a consideration. Hence it is binding. If you are not happy with the terms look else where for the job.

Each employee is a cost for the employer which he has to recvoer from business hence the safeguard.

GOPI KRISHNA (Expert) 17 July 2008

the clauses which are one sided and favour one person will not survive the test of law and certainly you can exploit the same, further by imposing these clauses the employer cannot retain the employee.

Manish Singh (Expert) 18 July 2008
generally no employer can bind you for any period of time to serve since it is considered as restrictions in trade and profession yet there can be other restrictions as such like not to deal with their current clients for a spe ciific period. But it also depend upon several other factors also like the expenditure of the company on you to train you to suit their needs or any other necessary expenses incurred on you.

3rd clause is completely baseless and having no force of law.

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