Is serving of 90 days notice period mandatory

Below is the agreement: "7. Your appointment has been done after an extensive process for an important position which requires your skills and experience. This appointment may come to an end at the instance of either the othera notice in writing for three months. Your relieving from the services of the Company would be contingent upon successful serving of the full and complete notice period. Failing to do so would entitile the Company to recover damages for all losses caused due to any shortfall in serving of the full and complete notice period. The Companyin addition to its rights to recover damages will not furnish a relieving letter in case of shotfall in the notice period unless such shortfall has been signed off by the appropriate person in the Company. In exceptional situations the Company reserves the right to waive off notice period at its sole discretion. " May I eligible to get relieving and experience latter if I did not serve the notice period of 90 days by law as per above agreement and I am ready to pay the amount for shortfall of notice period.