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.
Rhode Island General Form of Indemnity Bond
Category:
State:
Multi-State
Control #:
US-03111BG
Format:
Word;
Rich Text
Instant download
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How to fill out General Form Of Indemnity Bond?
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FAQ
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.
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.
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.
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 ...
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, ...
