Bond / Promissory Note

C

chint001

New Member
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. :eek: 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?:confused:

What is my way out of this?

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

Regards
Chint001
 
There is a constitutional liberty to contract in the US. States can only limit that right in very few instances. Labor-related contracts are often regulated. Consulting agreements almost never. So in general if you sign a bad contract, well then you signed a bad contract and you will pay for it dearly. Read contracts before you sign them.
 
I have been seeing the types of Bonds recorded in the public records. Each and every bond contains a reference number to a USPS registered tracking number and a note number. The terms of a note usually include the principle amount, the interest rate and maturity date. In the United State a promissory note that meets certain condition is a negotiable instrument regulated by article of the uniform commercial code.
 
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