Financial employement bond

N.J. MISHRA (Querist) 16 September 2011 This query is : Resolved
Dear Member Kindly Suggest: -

Our company has incurred large sum of amount towards the training, airfare, accomodation of the freshers. After their training completetd they joined our company as an officer. At the time of their joining they executed Financial Employment Bond for amount of RS. 5,00,000/-. Now some of the officer has left the company, then as per the terms and conditions they have to pay RS. 5,00,000/- as a liquidated damages. My query is that we have already deducted ceratin amount from their salary as a reimbursement towards Subsidy of training during their services and we have acknowledge the same to them. Can we claim the entire bond amount or part which is still required to recover from them. There is no such clauses in the bond that if the company has received part of the bond amount then in that situation balance amount is required to recovered when they leave the company, still we can claim balance amount form our employee. Can we rectify our bonds for future cases.

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Raj Kumar Makkad (Expert) 16 September 2011
I advise to amend your bond for future purpose but for present matters, it shall add to the credit and good will of the company if the amount already deducted is shown as recovery made and litigation for only balance amount is made.