Notice pay or period
Myself Dixitgiri Goswami, working as assistant Manager in one of the leading Agro Chemical Industry based at bhuj. The corporate/Head Office of My company based at Mumbai.
I have appointment letter as per that there is following clause which i need to clarify. Pleae help me to clear out the clause:
"Either Party Can Terminate the contract of service by giving three months notice in writing or payment of equivalent amount of salary, to the other party"
Here Party Refer for me and the other party is refer for management.
I have question that if i have got good opportunity in other industry so if i am ready to pay notice pay of three months so management will relieve me as per my requirement ?
If management will not allow me to relieve as per my requirement and even my readiness to submit notice pay so as per Labour law it is appropriate or not.
Is there any legal stand as per standing order act, labour laws in favour of me. Or any specific period has to complete in notice period as per rule ?