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MVR92A (Rev. 09/12)REQUIREMENTS/INSTRUCTIONS FOR OBTAINING TITLE BY FILING AN INDEMNITY BOND THE DIVISION HAS THE RIGHT TO REJECT ANY BOND AND REFUSE ISSUANCE OF TITLE. (G.S. 2076) BONDS ARE NOT ACCEPTABLE: 1.

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An Indemnity bond is a surety given by a person signing a contract undertaking assuring to incur the losses in case the contract is breached.

Bond of Indemnity Overview The bond of indemnity definition is an obligation in writing in which a party has agreed to reimburse the holder of the bond for an injury or loss due to a specific event or has agreed to protect a party from injury or loss related to a specific event.

In ance with the Indian Stamp Act 1899 read with the laws for stamp duty of respective States and Union Territories - stamp duty is required to be paid in case of indemnity bond. Three per centum of the value of the security subject to a maximum of rupees one hundred.

Indemnity bonds are one of the main types of surety bonds. They guarantee that anyone who suffers financial losses as the result of illegal actions by the principal will be reimbursed.

An indemnity bond is a type of insurance policy. It ensures that you—not the bank—will be liable for any losses if the lost check is found and presented for payment. Otherwise, the bank could be liable for both checks.

The bond protects the first party from losses if the principal fails to abide by the agreed-upon obligations. Indemnity bonds are surety bonds. Commerce or transactions do not occur if no mechanism assures payment. It is a promise by the guarantor to pay the obligation if he fails to fulfil the contract terms.

Thus, when a party liable to perform the obligations as per the contract refuses to oblige, the defaulting party has the right to recover the damages and losses incurred by the defaulting party. The most common example of an Indemnity Bond is the General Insurance policy.

An indemnity bond is a bond indemnifying an obligee against loss that arises as a result of a failure on the part of a principal to perform as required.

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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232