consequences is definitely not good. try to discuss and negotiate with the employer.

lucky enough, everything is settled and no action brought forward. worst, a bad record is left for the employee, case brought forward to some employer protection act. it depends how far the company want to bring it on, they have the right since you have agreed to what is written black and white.

to be fair, think that you are the employer / on the employer side, if every of the employee is handling big projects, (multi-thousands projects), and they leave whenever they like, who are going to foot the lost, to take-over their project etc.