indemnity bond

Business Development

Hello Member,

My wife is currently Employed in one small organization in lucknow since 7 years, and every year she signed an indemnity bond regarding business sales, this year in March she signed an Bond of 5 crore and stating she will achieve company target of 5 crore, every year this bond amount gets increased by the company and this year it was 5 year, post our marriage she wanted to switch and wanted to stay with my family in Bangalore, when she resigned company sent a legal notice of 83 Lakh stating if she leaves not completing the target amount she has to pay 83 Lakhs to the company as breach of contract. Is there any way to resolve this issue, as my wife is fed up which the behavior of her company.


Any advise will be of great help


Has any loss occurred because of your wife during her job in the said company and her performance record whether monthly or quarterly target was fulfilled by her,,,,, Please go through the bond terms and conditions mentioned in it how she will be liable for the same it will speak a lot and with help of a local lawyer send a reply notice as soon as you could with all relevant documents in hand it will be advisable to try and resolve the issue amicably if not then proceed as mentioned above




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