Should I Quit My Job - Check Financial Tips for Quitting Your Job
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Whether you are looking for greater possibilities, pursuing a passion project, or just looking for a shift in your career path, quitting a job can be exciting and liberating. But to guarantee a seamless and secure transfer, it is essential to approach this change with cautious financial planning—especially if you are still figuring out whether you should quit your job.

But do not worry; even if you do not know if you should quit your job right now or later, there are financial tips that you must know. These monetary pointers will assist you in navigating the difficulties of leaving your work and positioning yourself for success when walking into the unknown with a robust backup plan.

Answer your whys

Can I just quit my job? Yes, you can, but it is necessary to understand why you are leaving. Your reasons to quit can be anything from taking time off to study, travel, or even switching careers. But the reason will make estimating the amount you need as a cushion easier before you take the leap.

To be financially independent during your transition from one job to another, be prepared with substantial savings. With no job, your everyday expenses will consume your savings, leaving your account dry. To reach your goal, start preparing for your exit at least a few months in advance.

Make a budget

It is easy to quit a job when moving to another one, provided your account for the transition period in your budget. Based on your plan after quitting, you need to create a budget that includes monthly expenses. Consider estimating the number of months of unemployment and multiplying it by the amount required before leaving.

If you plan to relocate to a new city, it is only natural to consider moving costs. The longer the distance, the higher the costs. Create an expense checklist and make arrangements for additional costs in your budget.

Try to fix an alternate income option

Whether you think I should resign from my job or not, you must find an alternative income source to support yourself during the transition. It can entail consultancy work, freelancing, or launching a side business based on your hobbies and talents. Many online websites can help you find these side jobs or gigs. Use online channels to sell your services and reach a more extensive clientele. You will have more financial stability and flexibility if you diversify your income sources while deciding whether to leave your job.

Reduce your expenses

Grab a highlighter, print out all your bank statements from the previous six months, and analyse your spending patterns. Make it visceral by recording each transaction in writing or entering it into a spreadsheet. Then, begin slicing. Your social life, which included travel and purchasing rounds of tequila shots for random bar patrons, accounted for a sizable portion of the money you could save. Also, you could eliminate shopping, which wasn't a priority. Of course, everyone's spending is different, so there are no judgements here. It could be taking weekly manicures, going to the gym, or tossing away food you don't eat. It makes no difference; begin slicing.

Make sure to cancel any subscriptions that aren't helping you. We recommend removing them all if you are actively saving money. Monthly cash is spent on music streaming, movies, audibles, magazines, newspapers, and software subscriptions. Instead, focus all your attention on what to do next and look for job postings if you want a change.

Review your mortgage payments

You have a few choices to lessen the financial strain of your mortgage between jobs if leaving your work would impair your capacity to pay it, including tapping into your equity and refinancing into a lower interest rate.

A cash-out could cut your interest rate (and monthly payment) and offer you access to cash for emergencies if you have equity. Ensure the advantage surpasses the cost because you will also have to pay closing charges, ranging between 2% and 5% of the loan amount. Lower payments may result from refinancing into a mortgage with a longer term, but in the long run, you'll pay more in interest.

Consider applying while still employed since it is difficult to qualify for any form of refinancing without one. People with a long-term or permanent decrease in income may be eligible for a loan modification. Before quitting your work, discuss your options with your lender so you know all the support available. Find out how many additional payments you must make towards your private mortgage insurance if you are currently paying for it. Even though you may not have plans to purchase a home while on a career hiatus, it is unlikely that you will be granted a mortgage if you are unemployed. When determining whether to approve you for a mortgage, lenders look at your credit score, job documentation, and bank statements to see whether you have the resources and willingness to repay the loan.

Read more: Can You Afford To Quit Your Job? Here's How Much Money You Need To Have Saved Up

Make saving a priority

Saving money is essential, especially if the question "Should I quit my job or not?" consumes your thoughts. You may believe that saving is something you can put off, but you would need to be corrected. The foundation of a sound financial plan is setting up an emergency fund. We recommend that households with a single earner have at least six months' worth of expenses saved.

It is best to keep this in a high-yield savings account or leave it alone once you have established your emergency fund. Remember that you must have access to your emergency savings. Avoid putting your emergency fund in investments or Fixed Deposits, as they can make it harder to access your money quickly.

Additionally, you ought to prioritise retirement savings. According to experts, saving 10% to 15% of your income is the most significant way to ensure you have enough money for retirement. But rather than waiting until you feel comfortable saving more, save 10% annually. Start small, and over time, see your retirement fund expand. It is crucial even when you are thinking about quitting your job.

Examine your available Health Insurance options

Healthcare coverage is a crucial factor to consider while leaving your employment. Consider options like family or individual Health Insurance plans to ensure you keep coverage if your current company offers Health Insurance. Analyse the expenses and advantages of each choice and include them in your budget. Consider joining their plan if your spouse or partner has coverage their employer provides.

Ensure you have all the necessary information to make an informed choice regarding your Health Insurance during this transition by examining each plan's coverage specifics, deductibles, and co-payments.

Evaluate severance and benefits

Examine the severance package and any benefits offered if you leave your employment under specific circumstances, such as a layoff or downsizing. Recognise the events, such as continued healthcare coverage or job placement assistance. Fully utilise the benefits to maintain your financial stability throughout the transition.

Read more: How to Secure Yourself Financially Against Job Loss?

Seek counsel from others who have done it

Building and maintaining your professional network is crucial during this period of uncertainty. Inform your co-workers, friends, and mentors about your choice, and ask for their counsel or leads on potential job opportunities. Participate in professional organisations, industry events, and internet forums related to your field. By utilising your network, you can more quickly locate your next professional step and gain access to new prospects.

Maintain a contingency fund

Should I quit my job without an emergency fund? Never. Even the best financial planners can only anticipate some expenses. It is always advisable to have a contingency fund whether or not you decide to quit your job. Unexpected medical emergencies can severely damage your savings. You will cut corners on basic necessities if you suddenly need to relocate to a new city without a contingency fund. So, start an emergency pool from the day you receive your first paycheck.

Work on your credit score

If you have at least a few months remaining, you should also focus on your credit score. This precautionary measure will ensure that you are eligible for a loan like a Personal Loan if the need arises. Consider options such as paying your Credit Card bills on time, closing your current loans and using credit only when required to improve your score.

Lenders now lay significant emphasis on the credit score of the borrowers to minimise the default risk. If an emergency arises after you quit, you should be eligible for a loan to take care of the emergency, preferably from lenders who offer online loan options, as it saves a lot of time in such situations.

Always leave on good terms

Have you ever heard what goes around comes around? Well, if you decide to quit your job and remain in the same industry, it is important to always leave on good terms with your ex-colleagues. They can help put in a good word for you when the time comes.

Should you quit your job?

The question of quitting or not is only relevant when you consider the financial implications of leaving your current income stream. Can you afford to quit your job? This is a more important question. Here's what you need to know before taking the plunge:

  • Make sure to do adequate research for new jobs in the market before quitting the one you have.
  • Shifting careers across industries can also mean a lesser salary.
  • You need to invest in industry-specific skills when shifting jobs. Brushing up your skills or acquiring new ones will be an added expense.
  • Adjusting to a new work culture can affect your mental health.
  • The location of your new job can involve more travelling, consuming both time and money. It can also require you to relocate to a new city.

You can quit your job when you have honed the art of staying afloat without a steady income. Before you decide to quit your job, evaluate the consequences and if you're ready - take the leap confidently.

Also read: How to Set Financial Goals? Pro Tips That Actually Help

The Bottom Line

Leaving work can be exciting and challenging, but you can make the change smoothly with careful financial planning. Make informed judgements about your healthcare coverage and retirement savings after evaluating your financial status, developing a budget, and investigating other sources of income. Utilise your professional network, assess your benefits and severance package, and seek assistance.

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FAQs – Frequently Asked Questions


  • Should I consider quitting my job ?

    The decision to leave your job is very personal. It is influenced by many things, such as your overall job happiness, professional objectives, financial stability, and the chances that are accessible. Before choosing, consider calculating the benefits and drawbacks, evaluating your long-term goals, and considering your options. To get new viewpoints and insights, asking trusted mentors or career experts for advice may be beneficial.

  • What are good reasons for leaving a job ?

    Some of the best reasons for leaving a job may include:

    - Lack of growth opportunities: Looking for a new position with more room for growth can be a good option if your current situation doesn't provide opportunities for skill improvement or career advancement.

    - Unhealthy workplace conditions: A toxic or unfriendly workplace that hurts your well-being and mental health is a strong justification for seeking alternative job opportunities.

    - Inadequate compensation and benefits: Leaving for a job with higher pay and benefits can be a sensible option if you feel underpaid or your employer's benefits do not meet industry standards.

    - Work-life balance: Finding a job that respects and supports a good work-life balance may be necessary if work obligations routinely conflict with your personal life.

    - Relocation: Giving up your current position is a sensible option if you need to relocate for personal or family reasons.

    - Pursuing a passion or interest: Leaving a job to pursue a passion, launch a business, or change careers to work in a field more aligned with your interests can result in a more meaningful career.

    - Company instability: Looking for a more stable workplace may make sense if your company is experiencing financial issues or frequent reorganisation.

  • Should I just quit the job I hate ?

    It is up to you to decide whether to leave a job you despise, but it's usually a good idea to have a strategy beforehand. To guarantee a smooth transition, consider looking into alternative work options, improving the circumstances at your current position, or getting career advice from experts.

  • What should you consider before leaving your job ?

    There are several crucial things to take into account before quitting your work, including:

    • Financial stability: To be sure you can survive without a regular paycheck, evaluate your financial condition, considering savings, costs, and any prospective income sources during the transition phase.
    • Career goals: Consider your long-term professional objectives and how leaving your current position fits within those objectives. Consider whether other options exist for professional advancement, skill improvement, or a better fit.
    • Backup plan: Whether it is getting a new job offer, establishing a business, or having a clear plan for pursuing your ideal career path, it's imperative to have a backup plan in place. You will feel more in control and less uncertain if you have a strategy.

  • Do I have enough money to quit ?

    Your financial circumstances, including savings, monthly expenses, and possible income streams, will determine if you have enough money to leave your employment. Carefully analyse your financial situation, ensuring you have an emergency fund and a workable budget to support yourself during the change.

 

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.

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Postings and monitoring

The Facilities Provider or ABCL or ABC Companies does not routinely monitor your postings to the Website but reserves the right to do so if deemed necessary if it is related to the facilities offered on the web site and to comply with law. However, in our efforts to promote good citizenship within the internet community, if the Facilities Provider or ABCL or ABC Companies becomes aware of inappropriate use of the Website or any of its facilities, any information, opinions, advice or offers posted by any person or entity logged in to the Website or any of its associated sites is to be construed as public conversation only, and the Facilities Provider or ABC Companies shall not be liable or responsible for such public conversation. You agree that in such cases, we will respond in any way that, in our sole discretion, as deemed appropriate. You acknowledge that Facilities Provider or ABC Companies will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any information it receives of such illegal conduct. When requested, ABC Companies/Facilities Provider will co-operate fully with law enforcement agencies in any investigation of alleged illegal activity on the internet.

Submissions and unauthorized use of any Materials contained on this Website may violate copyright laws, trademark laws, the laws of privacy and publicity, certain communications statutes and regulations and other applicable laws and regulations. You alone are responsible for your actions or the actions of any person using your user name and/or password. As such, you shall indemnify and hold Facilities Provider, ABCL / ABC Companies and its officers, directors, employees, affiliates, agents, licensors, and business partners harmless from and against any and all loss, costs, damages, liabilities, and expenses (including attorneys' fees) incurred in relation to, arising from, or for the purpose of avoiding, any claim or demand from a third party that your use of the Website or the use of the Website by any person using your user name and/or password (including without limitation your participation in the posting areas or your submissions) violates any applicable law or regulation, or the rights of any third party.

We reserve the right to terminate access to this Website at any time and without notice. Further this limited license terminates automatically, without notice to you, if you breach any of these Terms of Use. Upon termination, you must immediately destroy any downloaded and printed Materials.

If you come across any breaches/violation or offensive material you must report to us at abc.secretarial@adityabirla.com

Use of Cookies

You agree and understand that the Website will automatically receive and collect certain anonymous information in standard usage logs through the Web server, including computer/computer resource-identification information obtained from "cookies" sent to your browser from a web server or other means as explained in the Privacy Policy.  

Facilities Changes and Discontinuation

The Website reserves the right to discontinue or suspend, temporarily or permanently, the facilities. You agree that the Facilities Provider/ ABC Companies will not be liable to you in any manner whatsoever for any modification or discontinuance of the facilities. The format and content of this Website may change at any time. We may suspend the operation of this Website for support or maintenance work, in order to update the content or for any other reason.

ABCL, ABC Companies, and its directors, employees, associates, or other representatives shall not be liable for any damages or injury, arising out of or in connection with the use, or non-use including non-availability of the Website and also for any consequential loss or any damages caused because of non-performance of the system due to a computer virus, system failure, corruption of data, delay in operation or transmission, communication line failure, or any other reason whatsoever. The Website will not be responsible for any liability arising out of delay in providing any information on the Website.

Compliance with the Law

You agree that you will not:

  • Use any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, programme, algorithm or methodology to access, acquire, copy or monitor the Website, or any portion of the Website.
  • Use or attempt to use any engine, software, tool, agent, or other device or mechanism (including without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Website, other than the search engines generally available by third party web browsers
  • Post or transmit any file which contains viruses, worms, Trojan horses or any other contaminating or destructive features, or that otherwise interferes with the proper working of the Website or the facilities.
  • Attempt to decipher, decompile, disassemble, or reverse engineer any of the software, comprising or in any way making up a part of the Website or the facilities.
  • You agree not to use the facilities for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (untrue and damaging to others), invasive of another's privacy, abusive, threatening, or obscene, or that infringes the rights of others.

Restrictions on Commercial Use or Resale

Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities. In addition, the Website welcomes your feedback as a user of the facilities. Any feedback you provide will become the confidential and proprietary information of the Website, and you agree that the Website may use in any manner and without limitation, all comments, suggestions, complaints, and other feedback you provide relating to the Website. The Website shall have a worldwide, royalty-free, non-exclusive, perpetual, and irrevocable right to use feedback for any purpose, including but not limited to incorporation of such feedback into the Website or other Website software or facilities.

No Endorsements

All product and facilities marks contained on or associated with the facilities that are not the Website marks are the trademarks of their respective owners. The Website would require you to respect the same. References to any such names, marks, products or facilities of third parties or hypertext links to third party sites or information does not imply the Website’s endorsement, sponsorship or recommendation of the third party, information, product or facilities.

Promotional Offers

You may receive from time to time, announcement about offers with intent to promote this Website and/or facilities/products of ABC Companies (“Promotional Offers”). The Promotional Offer(s) would always be governed by these Terms of Use plus certain additional terms and conditions, if any prescribed. The said additional terms and conditions, if prescribed, would be specific to the corresponding Promotional Offer only and shall prevail over these Terms of Use, to the extent they may be in conflict with these Terms of Use. The Website reserves the right to withdraw, discontinue, modify, extend and suspend the Promotional Offer(s) and the terms governing it, at its sole discretion.

Charges for use of Website

There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).

No Endorsement

You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.

In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.

Electronic Communications

These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.

Assignment

You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.

Legal Disclaimers

The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.

The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.

Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.

No Solicitation

No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.

The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an  amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.

Statutory Disclosure

ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF.  Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.

Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.

Force Majeure

The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.

Indemnification

You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.

No Waiver

The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.

Exclusive Agreement

You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.

Termination

Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.

Governing Law and Jurisdiction

The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.

These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.

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