• Notice period buyout

Hi,

I have resigned from my current company.I am ready to Pay the bond amount and ready to buy the notice period.But current employer not ready for my notice period buyout.
In the agreement that I have signed said the following clause:

"The parties agree that employment with the company commence on the date of joining and shall continue till such time that either party terminates the employment in accordance with clauses below 1:
1.Either party may terminate this agreement by giving 3 months prior notice to the other party. The same notice period for termination of this agreement by the employee should neither be adjustable against privileged leave nor forfeiture of the salary of such employee and the same shall be subject to the discretion of the company."

So is it possible for me to buyout notice period Please reply.
Asked 4 years ago in Business Law

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12 Answers

Waiver of notice period has been left to the final discretion of the Company.

You may press your demand, that the notice period be waived off in your case since you are ready to buyout the same.

Vibhanshu Srivastava
Advocate, New Delhi
9426 Answers
245 Consultations

5.0 on 5.0

As it is clearly mentioned in the agreement that it would be the descretion of the company whether to relieve you after payment of the salary in lieu of the notice period.

So, you can only request them, if they do not agree, you do not have any legal recourse.

Siddharth Jain
Advocate, New Delhi
5930 Answers
101 Consultations

5.0 on 5.0

See the buyout is possible on discretion of the company you cannot force company to adjust you have to serve the notice period if you fail the company can claim the damages from you. The agreement clearly states the above condition.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

1)it is at discretion of company to waive the notice period

2) you cannot force company to accept salary in lieu of notice period

Ajay Sethi
Advocate, Mumbai
87947 Answers
6207 Consultations

5.0 on 5.0

As per this clause you are not entitled to get relieve order. As fas as notice is concerned 3 months notice is required as per the clause.

Mohammed Mujeeb
Advocate, Hyderabad
19031 Answers
32 Consultations

4.5 on 5.0

This is my response to you:

1. To buy out the notice period is the sole discretion of the company;

2. If they allow or not is upto them;

3. Though you can always send them a legal notice stating that for your interest the company should allow you to buy out the notice period;

4. Try negotiation by yourself or appoint a lawyer to do the same on your behalf.

Gowaal Padavi
Advocate, Mumbai
1920 Answers
5 Consultations

5.0 on 5.0

Dear Client,

Buyout is subject to discretion of the company. Not possible until company agree to it.

Yogendra Singh Rajawat
Advocate, Jaipur
21481 Answers
31 Consultations

4.4 on 5.0

If you're terms of appointment provides this kind of conditions of course you can do so and if your employer is not ready to relieve you and the buy out of leave and payment for the pound you can move and petition to High Court in this regard for breach of your constitutional right.

You can provide documentation regarding your resignation and your willingness to buy the leave and payment for the bond in your petition to the High Court.

Vimlesh Prasad Mishra
Advocate, Lucknow
6848 Answers
23 Consultations

4.9 on 5.0

Hi,

As per the input by you, the company is at higher footing and you may not buyout the notice period.

Ganesh Singh
Advocate, New Delhi
6646 Answers
16 Consultations

4.5 on 5.0

As per the clause you may not be able to buy out the notice period.

However you send the communication containing your decision to resign the job by registered post and make your intentions clear to buyout the notice period

Let the company give a reply refs=using to accept your request after which you can plan suitable legal action on this.

T Kalaiselvan
Advocate, Vellore
78104 Answers
1543 Consultations

5.0 on 5.0

Hello,

the clause mentions the "discretion of the company" and hence it is upon the company to accept or reject your buy out request.

regards

Anilesh Tewari
Advocate, New Delhi
17940 Answers
377 Consultations

5.0 on 5.0

Section 27 of Contract protects you. Consult experienced lawyer

Kishan Dutt Kalaskar
Advocate, Bangalore
6050 Answers
381 Consultations

4.8 on 5.0

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