If you have correctly reproduced the legal language used in your initial appointment letter, then it is quite clear that both the employer as well as the employee (since the words “either party” are used) have the option to terminate the employment by paying one month’s salary in lieu of giving one month’s notice. So, it should be possible for you, under the terms of your appointment, to pay one month’s salary instead of serving one month’s notice to the employer and resign from the job.
Dr. Ashok Dhamija is a New Delhi based Supreme Court Advocate and author of law books. Read more about him by clicking here. List of his Forum Replies. List of his other articles. List of his Quora Answers. List of his YouTube Videos.