An indemnity bond provides coverage for the loss of an Obligee in the event that the Principal fails to perform according to standards agreed upon between the Obligee and the Principal. A surety is a person obligated by a contract under which one person agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so. Usually, the party receiving the surety's performance will first try to collect or obtain performance from the debtor before trying to collect from the surety. A surety is often found, for example, when someone is required to post a bond to secure a promise.
Indiana General Form of Indemnity Bond
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Multi-State
Control #:
US-03111BG
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How to fill out General Form Of Indemnity Bond?
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FAQ
The Indemnifying Party hereby agrees to indemnify and hold harmless the Indemnified Party, including its directors, officers, agents, employees, affiliates, independent contractors and subcontractors from and against any and all liability, loss, costs, damages and expenses (including any legal fees), causes of action, ...
Letters of indemnity should include the names and addresses of both parties involved, plus the name and affiliation of the third party. Detailed descriptions of the items and intentions are also required, as are the signatures of the parties and the date of the contract's execution.
WHEREAS this Indemnity bond is executed by the party of the First part being the nominee or beneficiary or trustee and competent to execute this bond with free consent and without any coercion or pressure from any counter and deliver the present bond to the party of the Second part in presence of the following ...
An indemnity bond is sold by an insurance company to a bank to protect against misconduct by officers and staff.
The Indemnity bond should be signed by two witnesses and two sureties (name, address and signature). 12. Affidavit should be verified in presence of a First Class Magistrate or a Notary Public. In the event of verification in the presence of Notary Public, the Affidavit should contain the notarial stamp.
How to Write an Indemnity Agreement Consider the Indemnity Laws in Your Area. ... Draft the Indemnification Clause. ... Outline the Indemnification Period and Scope of Coverage. ... State the Indemnification Exceptions. ... Specify How the Indemnitee Notifies the Indemnitor About Claims. ... Write the Settlement and Consent Clause.
- (a) Full name of the claimant referred to as the 'Obligor'. (b) State relationship of the Obligor to the deceased. (c) Name of the deceased Government Officer. (d) Full name or names of the Sureties with name or names of the father(s)/husband(s) and place of residence.
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. These bonds guarantee financial reimbursement for any harm caused due to illegal activity.
