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Author Topic: Stipend based agreement dilemma  (Read 646 times)

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Offline abhishek046

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Stipend based agreement dilemma
« on: November 28, 2014, 08:32:58 AM »
I'm a student in a private college & have been offered employment by a private company. I'm yet to complete my degree & the company is ready to offer a stipend of Rs.3000pm during the remainder of my course(6 months). However, the company's offer letter states that I'll have to return the entire amount + 15% interest p.a in case I refuse to join the company after the completion of my education.
I'm also required to sign an employment agreement which would come into effect from the date of joining. The training would commence only after that.
Now, my dilemma is to whether the agreement to pay 15% over the total stipend is valid considering that the company is bearing no expenses in the form of training,etc during my education? Recovery of the stipend is reasonable but 15% p.a over it?
Does this not become a one sided agreement? Doesn't this violate Sec.27 of the Indian Contract Act, especially considering that the company is trying to restrict me of a chance towards better employment?
How can they impose such a thing on a student, i.e. one who hasn't even agreed to employment at the company?
Should I or should I not sign the offer letter and service agreement which I'm required to take a photocopy of and email the company?
Thanks in advance for all inputs/feedbacks/suggestions.
« Last Edit: November 28, 2014, 08:35:11 AM by abhishek046 »

 

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