Issue with termination policy with my current employee
I am working in IT company named wipro infotech as a retainer. I am in retainership agreement between two parties i.e wipro and I. Now i want to resign from wipro but they are asking for 60 days notice period. I am not able to provide the notice period to the current employer. I am ready to pay 2 month salary on behalf of notice period but they are forcing me to give only notice period. the
As i read the agreement and found below points for termination process .Please suggest accordingly.
This Agreement if not renewed shall stand terminated on the expiry of the aforesaid period of
currency of this Agreement unless the term has been extended for further period(s) by mutual
consent of the parties hereto by giving Two month’s notice in writing prior to the expiry hereof or
earlier termination hereof as hereinafter provided. During the currency of the Agreement, the
assignment hereunder may be terminated at any time by the Company by giving to the Retainer 2
months notice in writing without assigning any reasons therefor.ii.
The Company may also terminate the Agreement immediately at any time hereafter on the
happening of any one or more of the following events:
a. Should the Retainer become incapable of carrying out the terms of the Agreement or his duties
b. Should his position at any time be such that in the opinion of the Company it is inexpedient for
the Retainer to continue to act as its Retainer.
c. Should the Retainer commit a breach of any of the terms and conditions stipulated in this
d. Should the Retainer misrepresent the Company or do any such act or deed which is detrimental
to the interest of the Company.
e. Should it come to the notice of the Company that the Retainer is rendering services to any of its
f. Should the Retainer fail to achieve the targets assigned to him by the Company.
The Retainer may terminate the Agreement without assigning any reasons by
a. Providing the Company with prior written notice of atleast 60 (sixty) days; or
b. Paying to the Company an equivalent of 2 (two) months retainer fees as per the terms of this