22 August 2009
Hi all Can some one please suggest about the validity of the bond which is signed at the time of appointment in any company becuase it is unilateral bond containing the clause that the appontee has to pay 1.5 lakhs in case he leaves the co. withing 2 years but it doesn't say that what will happen if the co. terminates within 2 years. Is the bond valid even if signed by the appointee? Also I think as per the contract Act the bond is not valid for professionals like CAS. Please guide me. I am in big problem. I want to leave but have already signed the bond.
01 September 2009
No dear the bond you have signed is legally valid. It is a contract between two able parties and the terms are valid if not proved to be made under coercion or otherwise.
19 December 2009
there is a supremecourt judgement.( no details with me)that service bonds r one sided as employee cannot leave at his will and asked to serve for a minimum period but employer does not undertake to retain him for the bond period.this is clearly onesided and s. court observed such onesided bonds r invalid. r.v.rao
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