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interpretation

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1 interpretation on Mon Aug 05, 2013 2:43 pm

gonnom


Arresto Menor
Code:
if for any reason, you voluntarily terminate your employment with the Company, or are terminated for just cause before you complete this two-year period of service from your commencement date, you agree to indemnify the Company without need of notice or demand the amount of 100,000 as liquidated damages, expenses incurred in providing relocation assistance and allowances, without prejudice to such other liabilities or damages, to which the Company may be entitled under the law and other applicable terms of this employment contract. Said liquidated damages shall be payable immediately upon violation of said condition, or maybe deducted against your receivables from the Company, if any, at the Company’s option. The Company may, at its sole discretion, require you to post a bond equivalent to said amount upon the commencement of your employment or during the course thereof.

can you help me interpret what liquidated damages are?

*update
what do they mean by liquidated damages? per my understanding liquidated damages are expenses incurred in providing relocation assistance and allowances. if they did not spend for my relocation i haven't done any damages



Last edited by gonnom on Wed Aug 07, 2013 1:23 pm; edited 1 time in total

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2 Re: interpretation on Tue Aug 06, 2013 7:07 pm

attyLLL


moderator
liquidated damages refer to a specific amount, meaning there should be no more argument what is the amount because they were already specified. in this clause, there is none


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3 Re: interpretation on Fri Sep 06, 2013 10:23 am

gonnom


Arresto Menor
Code:
if for any reason, you voluntarily terminate your employment with the Company, or are terminated for just cause before you complete this two-year period of service from your commencement date, you agree to indemnify the Company without need of notice or demand the amount of[b] 100,000[/b] as liquidated damages, expenses incurred in providing relocation assistance and allowances, without prejudice to such other liabilities or damages, to which the Company may be entitled under the law and other applicable terms of this employment contract. Said liquidated damages shall be payable immediately upon violation of said condition, or maybe deducted against your receivables from the Company, if any, at the Company’s option. The Company may, at its sole discretion, require you to post a bond equivalent to said amount upon the commencement of your employment or during the course thereof.
*update
what do they mean by liquidated damages? per my understanding liquidated damages are expenses incurred in providing relocation assistance and allowances. if they did not spend for my relocation i haven't done any damages

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4 Re: interpretation on Sat Sep 07, 2013 9:06 pm

attyLLL


moderator
the specified amount of P100k is considered the liquidated damages. read up on 'employment bond' in the forum


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Warning and Disclaimer: I am not your lawyer; and you are not my client. With the limitations of an  Internet forum, a thorough review of your concern is not possible. View my comments at YOUR OWN RISK. It is best to actually retain a lawyer for your individual concerns.
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5 Re: interpretation on Mon Sep 09, 2013 1:29 pm

gonnom


Arresto Menor
i have another question
can the liquidated damages be only : expenses incurred in providing relocation assistance and allowances?

thanks

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6 Re: interpretation Today at 4:16 pm

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