Indemnity Bond / Agreement are between 2 parties, that is by way of one party might protect or compensate for losses arising out to an event. Indemnity Bond / Agreement must be executed on e stamp paper and duly signed by both the parties. There are advantages in customizing the indemnity agreement to who is providing and who is allowed to receive and also equally certain the losses and/or damages that are likely to be covered in the form on indemnification. It is not same as providing guarantee, which is an obligation that will arise in case the contractor who is not able to meet the requirement or complete the order / contract within the predetermined time and ultimately the first party has to suffer loss due to this.
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