1. #1
    Unregistered

    Are there any penalties for non-payment of Bond Money?

    I am working in a B.P.O company named Genpact in Jaipur.I signed a bond of three years in which I was asked to go U.S and work from there. While working in U.S I got a very good opportunity in India. But they want joining in coming two months and the bond in my current company still pending to get completed by 6 months. What shall I do so that my current company do not charge me anything if I resign before the bond completion?

  2. #2
    abrocks Array
    Join Date
    Oct 2012
    Posts
    156

    Re: Are there any penalties for non-payment of Bond Money?

    Hi friend

    I will not advise you to break the bond of your previous company in the first place..If you break the bond you will certainly have to face the consequences for the same and i dont think there's any way you can get out of this situation without having to face the punishment for the breaking of bond ..

    Also breaking the bond will leave a negative mark on your reputation and you would find difficulty in getting good jobs in the future just because of this mistake..So dont play with your future and try to do everything legally so that you come out of it unharmed..

    But as you say that the opportunity you have received now in India is good and i think if this oportunity will help you in future you should certainly not miss it..So what you can do is talk to your current employers about this situation you are facing as your bond period is not over yet but you are very interested in joining the other job for the betterment of your future, i am sure they will help you out in some way or the other..Also tell them that you are ready to pay the fine if they wish but they should leave you properly with a experience letter so that no harm comes to your reputation..

    I think this is the best way to come out of this situation..Solve this amicably..Good luck..God Bless

  3. #3
    Chittaranjan Array
    Join Date
    Jul 2012
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    658

    Re: Are there any penalties for non-payment of Bond Money?

    Yes 100% there are penalties for non-payment of bond money.bond means agreement and this agreement is valid till death.

    A company can not restrict your promotion always they will pray for your better future but due to bond as far as you compensate the bond you will not get release order from the company and thereby you can not change your us oriented job.so by hook or crook you are to pay the compensation against your notice.

    Whenever you the fresher or newly joiner before doing such bond must know the merits and demerits then sign the bond, you are an engineer you know everything so you are legally bound to compensate.

    Thank you.

  4. #4
    Boss Array
    Join Date
    Jul 2012
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    1,649

    Re: Are there any penalties for non-payment of Bond Money?

    I will not advise you to interrupt the bond of your previous company within the initial place..If you break the bond you'll definitely need to face the results for identical and that i dont assume there is any means you'll be able to get out of this example while not having to face the penalization for the breaking of bond ..
    Conjointly breaking the bond can leave a negative mark on your name and you'd notice problem in obtaining sensible jobs within the future simply because of this error..So dont play along with your future and check out to try to to everything in order that you initiate of it unscathed..

    however as you say that the chance you've got received currently in Republic of India is nice and that i assume if this opportunity can assist you in future you ought to never miss it..So what you'll be able to do is refer to your current employers regarding this example you're facing as your bond amount isn't over however however you're terribly curious about change of integrity the opposite job for the betterment of your future, i'm positive they'll assist you get into a way or the opposite..Also tell them that you just ar able to pay the fine if they need however they ought to leave you properly with a expertise letter in order that no hurt involves your name..

    There are penalties for non-payment of bond cash.bond suggests that agreement and this agreement is valid until death.

    a corporation cannot limit your promotion forever they'll pray for your higher future however owing to bond as so much as you compensate the bond you'll not get unleash order from the corporate and thereby you'll be able to not amendment your U.S.A. familiarized job.so by hook or crook you're to pay the compensation against your notice.

    Whenever you the freshman or freshly joiner before doing such bond should apprehend the deserves and demerits then sign the bond, you're Associate in Nursing engineer you recognize everything thus you're de jure sure to compensate.

  5. #5
    mehar Array
    Join Date
    Nov 2012
    Posts
    25

    Re: Are there any penalties for non-payment of Bond Money?

    The bond is an agreement between an employer and the employee with regard to the work the employee is doing and with regard to how much year the said employees has t work in a company. The bond money has to be paid to the employee according to the terms and conditions. If you have to leave the present company with out fulfilling the bond then you has to pay the certain amount mentioned in the bond agree and you are bond to pay. You you don't want to pay the bond amount then what it is left is that you have to see your boss and request him to relieve you from your job without demanding the bond money. If your boss did not give such concession the you have no other way either to stay in the same company or pay the bond amount and resign from the present company.

  6. #6
    shayasmk Array
    Join Date
    Nov 2012
    Posts
    38

    Re: Are there any penalties for non-payment of Bond Money?

    Basically, the bond works as per you had signed it with the company. You can only break the bond, once the conditions put forward by the company is satisfied. I expect you got it. As the bond procedure is illegal as per law, you may get a loophole through it.

  7. #7
    manas.career Array
    Join Date
    Oct 2012
    Posts
    89

    Re: Are there any penalties for non-payment of Bond Money?

    Hello,
    Bond Money repayment depends on few conditions . If you are resigning from the company before the bond period , then the bond money repayment depends on whether you need the work experience certificate or not .

    If you feel that your work experience certificate would be necessary to bring a gud hike in your salary , then pay your bond money and take the certificate . Else you can leave the job without it .

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