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Obligation for not completing an unpaid contract

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villacorte


Arresto Menor
Good day to you Sirs and Ma'ams:

A contract offered to me states that if I stay with the company for the next five years they will pay me a certain amount when I reach the age 50(I'm 38 now). If I sign this contract and still decided to leave the company in less than five years, do I have any obligation even if I haven't receive a single centavo from the said contract?

Thank you very much for your time and more power.

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attyLLL


moderator
does the contract state anything about a penalty if you leave in less than 5 years?

the bonus at age 50 is just an incentive to stay in the company. it has no relation to what will happen if you leave too soon.


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villacorte


Arresto Menor
Good Morning Sir. Thanks for the very prompt response.

Well it did say that if I ever have the incentive "cash advanced" it will be immediately due and demandable if I resign. Will I be liable for breach of the incentive contract if I did not take any money from the incentive?

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attyLLL


moderator
no, you will not be liable because you did not have it advanced.


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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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villacorte


Arresto Menor
Thank you very much Sir for your advice. Very Happy

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