As per my agreement can I terminate my notice period by pay back
I am working in a IT firm on contract basis, I want to know whether as per my contract agreement can I terminate my notice period by paying to the company or I need to server full notice period.
As per my HR there should be mutual consent between the organisation & employee whereas nowhere in y agreement it is written.
Termination point is mentioned below from my agreement letter:
i. 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 hereunder.
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 Agreement.
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 competitors.
f. Should the Retainer fail to achieve the targets assigned to him by the Company.
iii. 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 Agreement.""