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It is a kind of bond intended to reimburse the holder for any actual or claimed loss caused by the issuers or another person’s conduct during the time of foreclosure for e.g. if the house is sold to pay of the loan and there is negative equity then the indemnity bond pays the difference.
It 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 specific events or has agreed to protect a party from loss or injury occurring out of a specific event.
Various types of indemnity bond are available like simple money bonds, to secure the performance of a contract or a bail bond under Cr.P.C. 1973. Security bond by receiver, instalment bond or any other type of bond.
Generally not required. But the purpose of notary is to attest to both the authenticity of a document as well as the identity of the parties signing it. Document under seal of a notary are presumed by law to be valid and have been sing by the people identified in the document in front of the notary.
Bond in law is a formal written agreement by which a person undertakes to perform a certain act or to restrain from doing something, failure to perform the act obligates the person to pay a sum of money or to forfeit money and deposit.
A court bond is a Rupee amount set by a judge that must be paid by the defendant charged with a crime to ensure that the defendants return to trial the bond holder has to undergo an obligation. Bond also can be denied in case of a homicide.
The most common court bonds are Appeal Bonds, which are required from a litigant who appeals a court. A court judgment and fiduciary bonds also known as probate bond which are necessary when a fiduciary is appointed by a probate court.
When a defendant uses a bail bond agent. They pay the agent a fees and the agent acts as a surety, telling the court that they will pay the full bond amount, if the defendant fails to appear in the court for proceedings. Basic bond agents makes money by collecting fees from those who want to be bailed out.
The bond is a writing of an obligation to pay a some of or perform a contract. A simple bond is distinguished from a promissory note in as much as no money is payable under a bond to the order of the obligee or to the bearer of an instrument. A simple bond is also distinguishable from the mere acknowledgement of indebtedness in as much as in an acknowledge there is usually no undertaking to pay in expressed terms.
A conditional bond contains explanatory recitals which follow the obligation and precedes the condition.
The person who binds himself to pay a money or to perform a particular Act is called the obligor, and the person in whose favour a bond is executed is called the obligee.
A bond must be signed or a mark made on it, by the executants at the end on the right side of the instrument, in the presence of the witness or witnesses who should singed on the opposite left side in the presence of the executants. The registration for any kind of bond is not necessary but if a bond by itself creates an interest in immovable property of the value of Rs. 100 and above, its registration is compulsory.