You bagged your dream job last Friday. The HR had told you to collect your offer letter on Monday. Today morning you were there at the office, now you are sitting at home sulking. You have just called them up to say you are not interested. Why!!!
You were told to sign a bond for one year and this was just not acceptable to you. It would be something similar to nodding for slavery. Did you take the right decision? NO.
Want to give you some good news – bonds have little or no legal sanctity of India. Section 27 of the Indian Contract Act says any agreement which in any manner puts a restraint on trade is void. As such no organisation is in a position to bind a person to work for it for a certain time frame.
An employee is free to join the even the competitor organisation also but he is not supposed to spill out the confidential information of his present organisation in the new one. He can be sued for this. But this is in his hands, he can surely keep a check on his tongue.
Also, in case the company has spent a certain amount on training the employee, the employee can be directed to pay back that amount to the company in case he wants to leave before the specified period mentioned in the bond. This again is up to the employee, in case he doesn’t the past organisation sends him a couple of reminders and the matter rests at peace after that.
Next time you are told to sign a bond, go ahead and do that. No need to worry…