How much legal it is:Employment Service contract

Dear sir , I am sharing a legal contract which i have signed with my employer i dont want to disclose the name of my company. My employer is a engineering college and i am a faculty. Please suggest if i want to leave the job without paying them Rs. 50k what is the possibility of a legal action against me ??? **************************************************************************** Faculty Contract Agreement THIS EMPLOYEES TRAINING AGREEMENT, (hereinafter being referred to as “The Agreement”), is made and entered into by and between ENGINEERING COLLEGE, a private institution of higher education in the State of Uttar Pradesh (hereinafter “COLLEGE”), in U.P and ………………………. acting in his / her individual capacity (hereinafter referred to as “THE EMPLOYEE”). The Effective Date of this Agreement shall be XXX 2013, and this Agreement shall therein continue in full force and effect through XXX 2015 That the employee agrees that his/her employment is subject to a probation period of one year from the date of joining; however, his/her services can be terminated at one month’s notice period at the discretion of the employer. That the services of the employee can be terminated without any notice in case the employee is found to be indulging in indiscipline or activities detrimental to the interests of the Institute, its constituents and members. That the COLLEGE is sponsoring a training of the employee at INDUSTRIAL COMPANY at its Mumbai center at a substantial cost with a view to enhance the professional capabilities of the employee, with the inherent consent of the employee to serve the COLLEGE or any of its constituents for a minimum period of 2 (Two) years after the training. In case the employee decides to leave the organization due to any reasons before the expiry of 2 years, the employee agrees to partially reimburse the COLLEGE for Rs.50000.00 and has given his personal undertaking to pay this amount to COLLEGE in case the employee leaves the employment of COLLEGE before the expiry of 2 years for any reason whatsoever including termination due to, but not limited to the reasons stated in this agreement for such termination of services. The employee takes full responsibility for payment of this compensation, without demure or protest. In case the employee refuses to pay this amount the COLLEGE will have the right to recover this amount from the employee under the Negotiable Instrument Act and all expenses made by COLLEGE for such recovery will be borne by the employee as expenses attributable to employee During this 2 year period of this bond, the employee can leave the services of COLLEGE on written prior approval of the Director and the employee further agrees to serve a 90 days notice period prior to leaving or repay salary in lieu of this notice period. That the employee emoluments will be governed by COLLEGE norms prevailing as on date and any norms, rules, statutes that the state government of Central Government may enact from time to time. All information related to the institute which may reach employee during the course of this training, employee’s employment by way of employee duties or otherwise shall be treated as confidential by employee and employee will not divulge any information to any person, which may be used against the interest of the Institute. This clause shall be applicable to employee during employee employment with the Institute and thereafter. During the course of employment, the employee shall be in possession of notes / teaching material / books which may be copyrighted by COLLEGE or its associates. Such material shall remain confidential and the employee shall refrain from divulging or sharing such material or indulge in any activity related to teaching, consultancy, administration etc. for any organization, other than COLLEGE, without an express written consent of the employer. The sole interest and responsibility of the parties is to ensure that the services covered by this Agreement shall be performed and rendered in a competent, efficient, and satisfactory manner. Neither party shall have the right to assign or transfer their rights to any third parties under this Agreement without prior written consent of the non transferring party. This Agreement may be amended in writing to include such provision(s) upon which the Parties may agree. Any waiver of any provision of this contract must be in writing signed by the person against whom the waiver is asserted; the waiver of enforcement of any provision of this contract shall not constitute waiver of any other provision of this contract. Either party can refer the matter for arbitration before an arbitrator in case of any dispute and both parties mutually agree to appoint the then Director / Principal of the COLLEGE as the sole arbitrator. The decision of the arbitrator shall be final and binding on both parties. Signed on XXth day of XXX 2013 between the COLLEGE and the employee XYZ Mr. Director, COLLEGE Employee ************************************************************************