Intrepretation of statutes

Vivek Gujarani (Querist) 26 November 2012 This query is : Resolved
My job offer letter has the following clause: "Notice Period: During the probationary period, either party can terminate the employment by giving one month's notice or one month's salary in lieu of notice, to the other party."

Please guide in the interpretation of the above statement. My query is:

Do I have the option to pay one month's salary at my own discretion and leave the company. Or do I compulsory need to serve one month's notice.

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ajay sethi (Expert) 26 November 2012
as per the wordings in the appointment letter by giving one month notice or paying one month salary you can leave the organisation .