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Surety Bond for Loan Repayment

This document is a surety bond where the sureties agree to pay the President of Pakistan a specified sum if the borrower fails to repay a loan of Rs. 4,50,000/- taken for purchasing a bicycle. The borrower must repay the loan in 60 monthly installments, and the bond remains in force until the loan is fully paid or the borrower is confirmed in their service. If the borrower becomes insolvent or ceases employment, the outstanding loan amount becomes immediately due and payable by the sureties.

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Abro Fatima
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89 views1 page

Surety Bond for Loan Repayment

This document is a surety bond where the sureties agree to pay the President of Pakistan a specified sum if the borrower fails to repay a loan of Rs. 4,50,000/- taken for purchasing a bicycle. The borrower must repay the loan in 60 monthly installments, and the bond remains in force until the loan is fully paid or the borrower is confirmed in their service. If the borrower becomes insolvent or ceases employment, the outstanding loan amount becomes immediately due and payable by the sureties.

Uploaded by

Abro Fatima
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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SURETY BOND – GFR – 30

Know all men by these present that I _______________________________S/O _________________________


a resident of _________________________________________________ the District _____________________
at present employed as _______________________ in the office of _______________________________
____________________________ (hereinafter called the sureties) are bound upto the president of Pakistan
(here after called) the president of Pakistan in the sum of Rs._____________/- together with interest thereon for
such payment to be well and truly made, we here jointly and severally bind ourselves or heirs executors
administrations and representives by these presents sealed with us this to .
2. WHEREASE Mr. _______________________ S/O Mr. _____________________ at present employed as in
the office of herein after called the Borrower has at his own request been grated by the President of Pakistan a
loan of Rs.4,50,000/- for Cycle for his own use and that the said borrower has under taken to repay the said
amount 60 equal installments of Rs.7,500/- monthly rate from time to time fixed for the purpose by the President
of Pakistan.
3. Now the condition of this obligation is such that if the said borrower shall, while employed in the said
______________________________________________________ office, dult and regularly pay or cases to pay
to the President of Pakistan the amount of aforesaid loan by installment with interest, on the whole or such
amount as shall from time to time remain owing on the first day of until the said amount of Rs.____________/-
together with interest thereof shall be fult paid or until the bicycle purchased with said amount has been
mortgaged to the President of Pakistan until the borrower has been confirmed in this service, then this bond shall
be void otherwise the same shall remain inforce. But nevertheless that if the borrower shall or become insolvent
or at any time cease to be in service of the President of Pakistan the whole or so much of the said principal sum
of Rs._______________/- as such the remains unpaid together with interest which shall have occurred due to
him immediately become due and payable to the President and may be recoverable from the sureties in an
installment or as may be directed by the President of Pakistan by virtue of this bond.

Signatures of Borrower
Name: ___________________
Address: ___________________
___________________________

1. Signature ________________________ 2. Signature ________________________


Name ________________________ Name ________________________
Address ________________________ Address ________________________

Countersigned

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