Legaljini

Deed of Indemnity from debtor to guarantor

This indemnity bond is required when the debtor guarantees to pay back the guarantor for any loss that he/she suffers due to non-payment of a loan. Indemnity Bond is a contract by which one party [Promisor] promises to save/protect [indemnify] the other party [Promisee] from the loss/harm/damage if any, caused to the Promisee due to the act or conduct of the Promisor himself/herself or any other person on his/her behalf.

₹ 325.00

1

What is Indemnity Bond?

Ans.

An indemnity bond or a surety bond protects the person or company holding the bond from financial loss. In other words, the holder of the bond has the right to receive money from a company that agrees to protect the holder from losing money.

2

What is Double Indemnity?

Ans.

Double indemnity is a clause or provision in an insurance policy in which the company pays the beneficiary approximately double the amount of the standard contract in certain cases of accidental death. Double indemnity does not cover murder or suicide, or deaths by natural causes.

3

What is Letter of Indemnity?

Ans.

The term “letter of indemnity” can appear in two different legal senses. The most common meaning is to refer to a letter that is designed to protect a party to a contract from losses. In the second sense, a letter of indemnity is a documentation of a loss submitted for the purpose of receiving compensation or a replacement.

4

What are the types of indemnity bonds?

Ans.

1. Ordinary Bond.
2.  Security Bond.

5

What is Indemnity Claim?

Ans.

“Indemnity” is a legal term that means, very simply, reimbursement. Making an indemnity claim is common in a tort case dealing with personal injury. If two parties are held to be jointly and severally liable — i.e., each party committed a negligent action that contributed to the injury of the plaintiff one way or another — then the plaintiff will typically be able to recover the entirety of his or her monetary damages from any party.

6

What is the validity for execution of Bond?

Ans.

Bond should be signed and executed in the presence of independent witnesses, who may be acquainted with the person executing the bond.

 

 

STEP 1

Fill in blanks:

Fill in the blank spaces. Delete instructions highlighted in grey.

 

 

 

STEP 2

Alternations: 

Add or delete a clause according to your needs. Re-check the document.

 

 

 

STEP 3

Stamp Paper

The Stamp Duty value will be made available to you at your legaljini account on purchase of the document.

 

Stamp Duty Payment option 1

If you wish to print Agreement on Stamp Paper, you can buy from court/ Stamp office and said Stamp paper will be used as 1st page of Agreement. If you wish to have 2 copies of Agreement you should buy 2 Stamp Papers (one Stamp Paper for each copy)

 

Stamp Duty Payment option 2

If you have facility of franking for Stamp Duty payment at nearest bank, you need to print the Agreement & get franking done. If you wish to have 2 copies of Agreement you should frank 2 copies (one copy for each party)

 

 

 

STEP 4

Printing on Legal Paper:

 

 

On Stamp Paper

Print ONLY on the blank portion of the stamp paper.

 

On Ledger Paper

Print on a SINGLE SIDE of a sheet of Ledger Paper.

 

 

 

STEP 5

Number of Copies Needed:

Generally it is made two copies (one copy for each party)

 

 

 

STEP 6

Photographs & Signatures/ Thumb Impression & Initials:

The concerned parties should sign, or affix their mark and recent passport size photograph against their names on the last page of the document. This document must initialed or marked by the concerned parties at the end of every page. In addition or corrections/ alterations made after printing must be initialed.

 

 

 

STEP 7

Witness Attestation (Both Parties):

This document must be attested by at least two witnesses from both sides.

 

 

 

STEP 8

Registration/ Notary

Registration or Notary is mandatory for some documents. If you need clarification you may contact our Helpline at support@legaljini.com

 

Notarisation Mandatory

Please notarise this document from the Notary Public at your nearest court.

 

 

 

You Need to Know:

Indemnity Bond can be in the form of Affidavit or Letter. 

The said document is to be submitted to the Promisee in original.

 

 

 

Please contact our Helpline if you have any difficulty.