Bond / Promissory Note

What is the name of your state (only U.S. law)? Ohio

Hi,

My employer "ABC" (Consultancy) based in Ohio made me sign a Cognovit Promissory Note for 'X' amount ( where 'X' is a pretty large amount) on my arrival to US on H1-B visa earlier this year. I've been associated with him for less than an year now.

Question:
Does this note have any significance according to US law, esp. Ohio?
If I plan to move from this consultancy, can this note be held as a Legal Document and any legal action taken against me based on this note?

What is my way out of this?

I would be highly obliged if anyone can provide any help on this matter.

Regards
Chint001

Take the document to a lawyer in your area for a consultation/opinion. Expect to pay for it. No one can give an opinion on a document they have not read.

ecmst12 said:

Take the document to a lawyer in your area for a consultation/opinion. Expect to pay for it. No one can give an opinion on a document they have not read.

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Thank you for your response, ecmst12 !
I agree with you completely and am looking for a Labor lawyer in my area.
But before doing that, I want to understand whether is it valid document in the court of law?
Is it legal for a firm to employ me, with a sword of such a large amount hanging over me all the time. Is this legal? How can any Section/Amendment of Law of restrict an employee from leaving his employer?
As the employer has the power to end the employee - employer relationship at any point, so that freedom should be available with the employee as well. It has to be mutual. Isn't it?

Please correct me if I'm wrong or may be I'm not looking at it correctly?

How long is the contract term? How much money does this promissory note state you must pay the employer if you leave before the contract term has expired? Does "leave" include involuntary termination? Are there notice provisions in the contract? What are they?

(And no, don't reproduce the entire contract here, just answer the questions.)

eerelations said:

How long is the contract term? How much money does this promissory note state you must pay the employer if you leave before the contract term has expired? Does "leave" include involuntary termination? Are there notice provisions in the contract? What are they?

(And no, don't reproduce the entire contract here, just answer the questions.)

Click to expand...

I'm really sorry for the late reply.
COntract Term: 24 months.
Money: $15000
Involuntary Termination is not included. It only talks about termination on Voluntary Basis.
I'm not sure, what you mean by Notice Provisions?
Could you tell me more about it, so that i can tell you about this in more detail.

Looking forward to your reply.

Looks like you're on the hook to your employer for $15K if you voluntarily leave his employ before the 24-month contract term has expired.

However, this might be negated if the contract says that you're not on the hook if you provide some sort of notice that you're leaving. Does it say that?

I am presuming the employer paid for your expenses to come here under the H1-B visa or paid for some of your expenses to establish your living arrangements and as such he is simply expecting you to pay him back. Nothing wrong with that.

If somethine else, post what the money was for as there could be situations where it is not legal to do what he has done and as such would be an unenforcable contract.


Now, you do realize that to stay in country you HAVE to be employed in the specialty that your H1-B was issued for and to change employers you must have a new employer file the appropriate paperwork with the government BEFORE you change employers, right?