Hello Everyone . I recently got an offer from a good company in hyderabad ( can't mention the name ) and it has asked me to sign a "Bond" of 2-years on the day of joining . And that too it would be in front of a guarantor ( in my case my brother ) .
While in our PPT (pre placement talk ) they had told us that we have to work with them for a minimum of 2 years . till now they have'nt shown us the service aggrement but they have provided me the "Deed of Guarantee " which mentions the following points :
- The pursuant to the said agreement dated 16th april 2013 between the Trainee & the comapny , & at the request of the said Trainee the guarantor hereby guarantee & covenant with the company that in the event of the said Trainee not faithfully perforoming his/her duties as the Trainee Employee & thereby causing to the company any loss , the guarantee shall make good they said loss on demand made by the company provided that the liability of the guarantee shall be limited to a sum of Rs. 3 lacs towards the expenses incurred by the company during the training period of the Trainee and all the damages caused thereby in the event of breach of the agreement .
- That , the guarantor's covenants that the guarantee hereby given by him/her will continue and be valid and enforcable , even if the services of the said employee is terminated by way of dismisal or removal , , for any such loss siffered by the comapny prior to such dismissal or removal provided further the guarantee hereby given will stand revoked on the termination of the services of the said Trainee employee for any reason whatesover i.e. as per the agreement b/w Trainee & company , wherein the clauses of the employment agreement are violated .
- That , the guarantor's do further covenants that , the liability of the guarantor hereunder will continue notwithstanding any indulgence shown to the said Trainee by the company or compromise made in respect of any of un-faithfulness & the guarantee hereby given will remain in force so long as the said Trainee is working in the company .
They mentioned me the training as a period of 4 months ( package during this : 1.8 L ) & later package is : 2.16 L
I seriously need to join but then i can't commit them for 2 years . I have browsed this and got more confused .
can Anyone guide through all the 3 points above ?
What if i am not satisfied with the company ?
can i quit after a year or so ? if yes then is there any fear of facing legal actions ?
What if i plan to switch to other comany in a year ? what can be the risks and necesary steps which can be taken ?
Thanks & due Regards :
Ranthom
