Category Archive Bonds

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Security Bond for grant of Succession Certificate

A succession certificate, under the Indian Succession Act, is a document that gives authority to the person who obtains it, to represent the deceased for the purpose of collecting debts and securities due to him or payable in his name.

The bond is created as a security when a person is granted a succession certificate by district judge.

Draft of Security Bond for Grant of Succession Certificate (Section 375, Indian Succession Act, 1925)
 Know All Men that we,JN, s/o Late GP r/o ………………… and Mr NK, s/o …………………… r/o …………………… (Surety for Mr JN) bind ourselves jointly and severally to Shri JP, Distt. Judge, ……………………. for payment to him or his successor in office of the sum of Rs……………

We have signed this bond on this………day of…………at ………………….

Signature………………….

Administration

Signature………………….

Surety

WHEREAS, the Court of the said District Judge, Mr. JP, has passed the order on the day of………and has granted the succession certificates in favour of the said Mr. JN to the estate of Late JN deceased on the condition that said Mr. JN execute a bond with one surety of Rs………..

AND WHEREAS,the said Mr. JN has agreed to execute the bond for the said Rs………..and the said Mr. NK has agreed to enter into the above bond as surety for said Mr. JN.

NOW, This Bond Witnesses As Under:

NOW, the condition of the above bond is as under:

1.     That the said Mr. JN shall prepare an inventory of the property of the deceased within six months form the date of the execution of the bond.

2.     That the accounts of the debtor and creditor shall also be prepared by the said Mr. JN.

3.     That the said Mr. JN shall indemnify the person who may be entitled to the whole or any part of such debts.

4.     That if the above condition is satisfied then the bond shall remain in force, otherwise the bond shall be void.

We the above mentioned parties have signed this bond on this……….day of ………after fully understanding the contents of this bond in the presence of the following witnesses.

WITNESSES:

1. Name…………..                                                    Signature …………..

    Address…………                                                  Successor

2. Name…………..                                                    Signature ………..

    Address…………                                                  Surety


Disclaimer: The information contained in the sample document is general legal information and should not be construed as legal advice to be applied to any specific factual situation. Any use of the Site or document format DOES NOT create or constitute a solicitor-client relationship between LawRato or any employee of or other person associated with LawRato and a user of the Site. The information or use of documents on the Site is not a substitute for the advice of a lawyer.


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Bond and Bail bond under CrPC 1973 after Arrest under a Warrant

Bail bond is written document signed by an accused person and his friends or familes (known as surety), to ensure that the accused  will appear before the court at the scheduled time and date, as ordered by the court. The bail amount is determined by the court, which is corresponding with the gravity of the alleged  offence, if the accused fails to appear before the court on the trail date. 

The bail bond acts as the security for the appearance of the accused on which he is released pending trial or investigation. 

Draft of Bond and Bail Bond under Criminal Procedure Code, 1973 after Arrest Under a Warrant
 I (name),  ___________ of ___________ being brought before the District Magistrate of ______________ (or as the case may be) under a warrant issued to compel my appearance to answer to the charge of ____________ do hereby bind myself to attend in the court of ____________ on the _____ day of ________,20__ to answer to the said charge, and to continue to attend until otherwise directed by the court, and in case of my making default herein, 1 bind myself to forfeit to Government, the sum of Rs. _________.

Dated this ________ day of __________ 20__

(Signature)

I, do hereby declare myself surety for the above named ______________of ____________ that he shall attend before ________________ in the court of _______________ on the ____ day of __________, 20__, to answer to the charge on which he has been arrested, and shall continue to attend until otherwise directed by the court and in case of his making default therein, I bind myself to forfeit, to Government the sum of Rs. ___________.

Dated this ______ day of ____________, 20__

Signature


Disclaimer: The information contained in the sample document is general legal information and should not be construed as legal advice to be applied to any specific factual situation. Any use of the Site or document format DOES NOT create or constitute a solicitor-client relationship between LawRato or any employee of or other person associated with LawRato and a user of the Site. The information or use of documents on the Site is not a substitute for the advice of a lawyer.

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Employee Bond for Non Compete

Employee Bond for Non-Compete is an agreement between two parties typically an employer and an employee, wherein employee agrees not to enter into or start a similar trade or profession in competition or use information learned during employement, against the employer.

The objective behind employers usually  insisting on th Non compete agreements,because there is a  possibility where an employee, upon his termination or resignation may start a business or work for a competitor or gain competitive advantage by abusing the confidential information about their former employers trade secret or sensitive information like market plans or customer details etc. 

  DRAFT OF EMPLOYEE BOND OF NON-COMPETE


By this Bond Mr. A residing at … binds himself to pay to Mr. B the sum of Rs… as liquidated damages.

WHEREAS A is a qualified ………… employed by B in his factory manufacturing some …………. viz. …………….. and in the course of employment Mr. B may come to know the secret……….. adopted by B in the manufacture of such products.

AND WHEREAS as per the terms of employment A has promised to B not to misuse his position by disclosing to any person the knowledge acquired by him in the manufacture of the said products and has agreed to execute this Bond.

 AND WHEREAS however, in the event of A misusing his position as herein stated, he has at the request of B agreed and hereby agrees to make good the loss by paying him the said B a sum of Rs …… as compensation.

NOW the condition of this bond is that if during the course of employment of Mr. A with Mr. B, the said A will work faithfully and honestly and shall not disclose to any person the knowledge he may get regarding the manufacture of the said products and the formulae or manufacturing process thereof and shall not,after he ceases to be the employee of Mr. A due to his resignation or dismissal or removal or for any reason whatsoever, carry on any business similar to the business of manufacturing the said products or medicines or work with any other manufacturer carrying on similar business, either as an employee or on ad hoc basis or partially or otherwise directly or Indirectly within the city of… and for a period of ……years from the time he ceases to be in the service of the said B then this Bond will become void and of no effect but otherwise it will remain in full force and effect.

In WITNESS, WEREOF the said Mr. A has put his hand this day …

Signed and delivered by the

withinnamed Mr.………….

WITNESSES;

1.

Disclaimer: The information contained in the sample document is general legal information and should not be construed as legal advice to be applied to any specific factual situation. Any use of the Site or document format DOES NOT create or constitute a solicitor-client relationship between LawRato or any employee of or other person associated with LawRato and a user of the Site. The information or use of documents on the Site is not a substitute for the advice of a lawyer.


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Bond to Secure the Performance of a Contract

A performance bond, also known as a contract bond, is a written guaranty issued by a third party (usually insurance company or a bank) to ensure a satisfactory completion of a project by a contractor. A job requiring a payment and performance bond will usually require a bid bond, to bid the job. It binds the contractor for rendering appropriate services. 

  DRAFT OF BOND TO SECURE THE PERFORMANCE OF A CONTRACT


By this Bond I Mr. A residing at ………………….. the Obligor acknowledge to be bound to pay to Mr. B the Obligee the sum of Rs… on demand by the said Obligee.

WHEREAS by a Contract entered into between the Obligee and the Obligor, the Obligee has appointed the Obligor as a contractor to construct a building on the plot of land of Obligee situated at … in terms of the said contract.

AND WHEREAS as the said contract provides that the Obligor will execute a bond in the sum of Rs… for the proper performance of the said contract.

NOW The Condition of this Bond is that If the Obligor contractor or his legal representatives or permitted assigns shall and will and truly, perform and fulfill and keep all and every covenant, clause, provision, term or condition in the said contract and on the part of the Obligor (Contractor) to be observed and performed according to the true purport and intent or meaning thereof, then this Bond shall be treated as void but otherwise it shall remain in full force and effect.

In Witness Whereof the Obligor has put his hand this … day of ………….., 20__.

Signed and delivered by the

with in named Mr.………….

WITNESSES;

1.

2.


Disclaimer: The information contained in the sample document is general legal information and should not be construed as legal advice to be applied to any specific factual situation. Any use of the Site or document format DOES NOT create or constitute a solicitor-client relationship between LawRato or any employee of or other person associated with LawRato and a user of the Site. The information or use of documents on the Site is not a substitute for the advice of a lawyer.


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Security Bond by a Surety

A surety bond is a contract between three parties—the principal (you), the surety (us) and the obligee (the entity requiring the bond)—in which the surety financially guarantees to an obligee that the principal will act in accordance with the terms established by the bond.
 
The bond binds principal to repay the loan , in case of default the entity can recover the money for surety.

  DRAFT OF SECURITY BOND BY  A SURETY


By this Bond Mr………….. residing at ………………………………. hereinafter referred to as the ‘Surety’ acknowledges himself to be bound to Mr. B hereinafter referred to as the ‘Creditor’ in the sum of Rs………………….. lent and advanced by the Creditor to Mr. C residing at … the Debtor, with interest thereon at the rate of Rs… percent per annum from the date hereof till payment.

Whereas the Creditor has lent and advanced to Mr. C the Debtor above named a sum of Rs… repayable by him with interest thereon at the rate of Rs… per cent per annum.

And Whereas the said amount has been advanced against the surety giving a guarantee for repayment of the said amount by the said Debtor and against the said guarantee being secured by a mortgage of the property of the Surety described in the Schedule hereunder written and which the Surety has at the request of the Debtor agreed to do.

Now This Deed Witnesseth that in pursuance of there request made by the Debtor to the Surety the Surety doth hereby guarantor and covenants with the Creditor that in default of payment of the amount of Rs… with interest as aforesaid by the Debtor to the Creditor within the lime stipulated by him in the separate writing executed by the Debtor-for evidencing the said Debt, in favour of the Creditor, the surety shall pay to the Creditor the said amount of Rs… or any part thereof remaining unpaid with Interest at the rate of … aforesaid till payment on demand made to the Creditor in writing

And This Deed Further Witnesseth that pursuant to the said agreement, the Surety as a security for payment of the said amount by the Surety, doth hereby grant and transfer by way of mortgage the said property described in the Schedule hereunder written TO HAVE and TO HOLD the same unto the Creditor subject to the covenant for redemption hereinafter contained And it is agreed and declared that in the event of the Surety being required to pay the said amount on default by the Debtor and on the surety so paying the said amount or any part thereof due and payable to the Creditor the Creditor shall release and recovery the said property to the Surety but at the costs of the Surety And it is further agreed that in the event of the Surety becoming liable and failing to pay the said amount or any part thereof as aforesaid, the Creditor will be entitled to sell the said property through a Court of law and to appropriate or apply the net sale proceeds thereof towards payment of the amount to the Creditor by the Surety and/ or the Debtor including costs of the suit and sale proceedings and to pay the balance if any to the Surety. And the Surety covenants with the Creditor that he has full right to mortgage the said property as aforesaid. And the condition of the Bond is that it will be void if the Debtor pays the said amount to the Creditor with interest as aforesaid, within the time stipulated otherwise, and failing which this Bond will remain in full force and effect.

The Schedule Above Referred To

Signed and delivered by the

withinnamed Surety Mr. A

WITNESSES;

1

2.


Disclaimer: The information contained in the sample document is general legal information and should not be construed as legal advice to be applied to any specific factual situation. Any use of the Site or document format DOES NOT create or constitute a solicitor-client relationship between LawRato or any employee of or other person associated with LawRato and a user of the Site. The information or use of documents on the Site is not a substitute for the advice of a lawyer.


Bydeb

Simple Money Bond

A simply money bond is a document wherein lender advances loan to borrower on certain terms and condition.

The object of the simple money bond  is that it determines the terms and condition between the lenders and the borrowers. The agreement is binding on both the parties and is enforceable by law.

DRAFT OF SIMPLE MONEY BOND
I, X, son of __________ resident of _______________ confirm that I am indebted to Y son of __________ resident of __________________ to the extent of Rs. _________ ( Rupees __________________________ ) on account of the price of __________________ purchased by me from the said Y and I hereby agree and covenant to pay the said sum on demand of Rs. ________________ with interest at the rate of ____ percent per annum to Y.

Date: ____________

WITNESSES

1.

2.

Signature


Disclaimer: The information contained in the sample document is general legal information and should not be construed as legal advice to be applied to any specific factual situation. Any use of the Site or document format DOES NOT create or constitute a solicitor-client relationship between LawRato or any employee of or other person associated with LawRato and a user of the Site. The information or use of documents on the Site is not a substitute for the advice of a lawyer.