Hi,
I have several questions regarding
bonding agreement. Recently, I was
asked to sign a bonding agreement.
I have to admit, that I made a big
mistake by signing the agreement
without reading the agreement
properly.
I was expecting that the terms and conditions in the agreement should be in line with the company policy as in the employee handbook.
When I got my copy of
the agreement, I was shocked to
find out that I was bonded for 2
years starting from the end of my
training program.
I plan to resign next year but since I am under the bonding agreement, I have some doubts.
My questions are as bellow :-
1) The company policy (on Training Bonding Policy) clearly
stated that, based on the training
cost, my bonding period should be
1.5 years only. But since they put
2 years in the agreement, is the
agreement is valid since it did
not follow the company policy? If the agreement is valid, can I ask them to change the particular clause
on the bonding period to follow the company policy?
2) Is there any rules &
regulations regarding bonding
agreement? For example, is it
legal to impose a penalty amount w
hich is twice the actual training
cost (the cost incurred by the
company)?
3) Usually when I signed loan
agreements (for car, house, study
loan), I need to initialled every
pages except the last page where I put my signature. But for the
bonding agreement, I only signed on the last page of the agreement, without having my initialled on the other pages, so is the agreement valid? I read somewhere that
initialled on every pages was needed to acknowledged that both parties agreed to the same terms and conditions of the agreement.
4) If I resign after 1 year (out of 2 years bonding period), do I need to pay the full penalty amount or pro-rate amount, which is based on the remaining bonding period.
5) Last but not least, may I know, bonding agreement between employer and employee is covered under what Act?
Thank you.
Your reply is highly aprreciated.
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