Consumer Protection
4 months ago
I have signed a ISA in which if I get 41666 in a month then I have to pay the amount. The contract/agreement is on a normal white paper not on a stamp. Is it still genuie and authentic. I am getting 32300 in hand salary and going to get bonus of 10,000 which is not fixed and not getting (bonus) till data. They are bounding me to pay the ISA amount. What should I do?
A.Dear Client,
It's important to carefully review the terms of the Income Share Agreement (ISA) you've signed, even if it's on regular white paper rather than a stamped document. Check for any clauses regarding variable income, such as bonuses. If the agreement specifies a fixed amount triggering repayment, discuss the variable nature of your bonus with the party involved in the ISA. Transparency is key; communicate your concerns about the potential discrepancy between your base salary and the ISA threshold. If possible, seek clarification or an amendment to the agreement to accommodate the unpredictable nature of your bonus. Understanding the terms thoroughly and open communication can help navigate this situation effectively.
It's important to carefully review the terms of the Income Share Agreement (ISA) you've signed, even if it's on regular white paper rather than a stamped document. Check for any clauses regarding variable income, such as bonuses. If the agreement specifies a fixed amount triggering repayment, discuss the variable nature of your bonus with the party involved in the ISA. Transparency is key; communicate your concerns about the potential discrepancy between your base salary and the ISA threshold. If possible, seek clarification or an amendment to the agreement to accommodate the unpredictable nature of your bonus. Understanding the terms thoroughly and open communication can help navigate this situation effectively.
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A.Dear Client,
A contract or agreement even signed on plain papers other than stamp papers that prove your acceptance of an offer is a valid contract and is admissible as a piece of evidence under the Evidence Act. Both the parties in a contract are obliged to discharge their contractual obligation to each other in terms of the said contract. So, go through the contents of ISA carefully and take suitable action after taking an expert's opinion on the subject.
A contract or agreement even signed on plain papers other than stamp papers that prove your acceptance of an offer is a valid contract and is admissible as a piece of evidence under the Evidence Act. Both the parties in a contract are obliged to discharge their contractual obligation to each other in terms of the said contract. So, go through the contents of ISA carefully and take suitable action after taking an expert's opinion on the subject.
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