Indemnity bond format in PDF and Docs forms have provided here. We have also discussed what is Indemnity bond and its significance. An Indemnity bond is an undertaking provided by the party entering into a contract. The party promises to bear the losses in any occurrence of a contract breach.
Indemnity bond examples
The most common example of an indemnity bond is general insurance policy because the authority who provides the Insurance Policy undertakes that they will indemnify the party buying the policy in the events as specified.
Read Also – Filing a PIL in Supreme Court of India
Here are some common types of Indemnity Bond used in General Corporate Transactions
Indemnity Bond between the employer and the employee – As an employee, you undertakes that you will serve the company for a particular time period. Otherwise, monetary compensation will be charged against you if you leave the company in between. Like a probation period for me when I was working in Infosys.
See Also – Employee Settlement Agreement
An Indemnity Bond also applies when a person loses a Share Certificate where he states that the Share Certificate lost genuinely. So, the request for issuing of a new Share Certificate is processed with the undertaking of the applicant where the applicant indemnity that he will pay all costs and expenses regarding the issue of new Share Certificate without any objection.
The Indemnity Bond is also drawn to Company/Educational institutions when they need alterations in the basic details of an individual. Here they undertake to indemnify any loss, arises as a consequence of the changes in the basic details of the applicant/individual.
Similarly, Indemnity Bond may be executed between independent contractors and government authorities.
Suggested Indemnity Bond Format for PAN card Surrender or Deactivation
I, ________________., S/o ______________. Residing _______________ Contact No +91–______________ do hereby solemnly affirm and declare as under:
1) My PAN is: _____________.
2) I am regularly assessed in your ward/jurisdiction with PAN: _______________.
3) I have only one PAN i.e. ___________ which is used for last many years for filing my income tax returns.
4) I do not have any other PAN (___________________) with me, if any allotted in your records, kindly deactivate the same.
5) I undertake to indemnify the Income Tax Department for any loss that may be caused in the future.
6) Kindly activate my PAN: _________________. & Kindly deactivate my PAN: ___________________.
That the above statements are true and correct to the best of my knowledge and belief.
Verified at _____________________, Mumbai, on this ________day of ___________, 20_____. That the contents of the above affidavit are true and correct to the best of my knowledge and belief. No part of it is false and nothing material has been concealed therefrom.
Download Indemnity Bond Here –
- INDEMNITY BOND format for PAN card Surrender or Deactivation PDF
- INDEMNITY BOND format for PAN card Surrender or Deactivation Docs
Suggested Indemnity Bond Format for Guaranteed Performance
This deed of Indemnity executed on [DATE] at [PLACE] by ___________ having its registered office at ___________, through Mr. ___________ as the authorized representative, hereinafter referred to as the ‘Indemnifier’, the expression which shall, unless repugnant to the context or meaning thereof, include its administrators, successors, representative and assignees in favour ___________ having its registered office at ___________, through Mr. ___________ as the authorized representative, hereinafter referred to as the ‘Indemnified’, the expression which shall, unless repugnant to the context or meaning thereof, include its administrators, successors, representative, and assignees.
WHEREAS the indemnified herein has awarded to the Indemnifier herein a Purchase Order No. ___________ valued at Rs ___________ (Rupees ___________only) for the supply of ___________ on terms and conditions as mutually agreed by the parties.
WHEREAS, a clause of the above mentioned Purchase Order provides for the guarantee (i.e.) for the products supplied by the Indemnifier to the Indemnified, to be free from any defect subject to faulty material or workmanship for a period of twelve (12) calendar months from the date of commissioning of the Purchase Order.
The Indemnifier hereby irrevocably agrees to indemnify the indemnified in the event of any defect subject to faulty material, workmanship or any defect which may arise in the delivered due to the shortcomings of the Indemnifier for the said period of twelve (12) calendar months from the date of commissioning of the Purchase Order.
The indemnifier shall as may be deemed necessary repair the defective products at the site, free of cost, within a reasonable time specified by the indemnified or shall reimburse the pro-rata cost of the products to the extent as per the Purchase Order, or shall deliver spares for the defective portion only free of cost at site with respect of the Purchase Order.
(Signature with Name and Designation)
Download this Deed of Indemnity
- Indemnity Bond Format for Guaranteed Performance PDF
- Indemnity Bond Format for Guaranteed Performance Docs
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