What is the legality of "Service Bond" in India, whereby company signs the one sided contract that if employee leaves the organization before the stipulated time certain sum will be recoverd from him.
What is the procedure to recover that sum.
Tapan Amoria (Manager H.R.) 20 August 2009
What is the legality of "Service Bond" in India, whereby company signs the one sided contract that if employee leaves the organization before the stipulated time certain sum will be recoverd from him.
What is the procedure to recover that sum.
R.R. KRISHNAA (Legal Manager) 20 August 2009
Service bonds are legal and can be enforced. Companies can file civil suit for recovery of money (stated in the service bond) in case if an employee breaches the terms of the service bond.
Pradeep Saluja (Service) 22 August 2009
service bond does not have much validity in t he eyes of law being of its one sided. as such it only has a salutary effect on the mind of an employee. but it is advisable to tie up with the boss in an amicable manner and only then leave the organisation
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