INDEMNITY BOND
THIS BOND OF INDEMNITY executed at………………………this…………….day
of ………………by…………………………….
(Name of the Party)
Whereas M/s ………………………has entered into agreement with the
Government of Goa represented by the Executive Engineer, Div-VIII (MRT) was supply\
erection/execution/testing /commissioning of ……………………………
27. Liability/ 27.1 The Supplier hereby agrees to indemnify the
Indemnity Purchaser, for all conditions and situations
mentioned in this clause, in a form and manner
acceptable to the Purchaser. The supplier agrees
to indemnify the Purchaser and its officers,
servants, agents (“Purchaser Indemnified
Persons”) from and against any costs, loss,
damages, expense, claims including those from
third parties or liabilities of any kind howsoever
suffered, arising or incurred inter alis during and
after the Contract period out of:
(a) any negligence or wrongful act or
omission by the Supplier or its agents or
employees or any third party associated
with Supplier in connection with or
incidental to this Contract; or
(b) any infringement of patent, trade
mark/copyright or industrial design
rights arising from the use of the supplied
Goods and Related Services or any part
thereof.
27.2. The Supplier shall also indemnify the Purchaser
against any privilege, claim or assertion made
by third party with respect to right or interest in,
ownership, mortgage or disposal of any asset,
property, movable or immovable as mentioned in
any intellectual Property Rights, licenses and
permits.
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27.3. Without limiting the generality of the provisions
of this clause 27.1 and 27.2, the Supplier shall
fully indemnify, hold harmless and defend the
Purchaser Indemnified Persons from and against
any and all suits, proceedings, actions, claims,
demands, liabilities and damages which the
Purchaser Indemnified Persons may hereafter
suffer, or pay by reason of any demands,
claims, suits or proceedings arising out of claims,
of infringement of any domestic or foreign patent
rights, copyrights or other intellectual property,
proprietary or confidentially rights with respect
to any Goods, Related Services, information,
design or process supplied or used by the
supplier in performing the supplier’s obligations
or in any way incorporated inor related to the
Project. If in any such suit, action, claim or
proceedings, a temporary restraint order or
preliminary injunction is granted, the Supplier
shall make every reasonable effort, by giving a
satisfactory bond or otherwise, to secure the
suspension of the injunction or restraint order. If,
in any such suit, action, claim or proceedings, the
Goods or Related Services, or any part thereof or
comprised therein, is held to constitute an
infringement and its use is permanently enjoined,
the Supplier shall promptly make every
reasonable effort to secure for the Purchaser a
license, at no cost to the Purchaser , authorizing
continuous use of the infringing work. If the
Supplier is unable to secure such license within a
reasonable time, the Supplier shall, at its own
expense, and without impairing the
specifications and standards, either replace the
affected work, or part, or process thereof with
non-infringing work or part or process, or
modify the same so that it becomes non-
infringing.
NOW THIS INDEMNITY WITNESSES THAT in pursuance of the said
agreement and in consideration of the Government having agreed and undertakes to pay
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to the Government on demand without demur or protest by way of loss or damages which
the Government may suffer if it is found or established that such loss or damage has been
caused by or directly as a result of the Government waiving and not insisting on
obtaining the said proof.
The M/S…………………..further undertakes to and confirms with the
Government that on the expiry of 7 days from the date of the M/S…………………..
being informed or called upon by the Government in that behalf of the loss suffered by or
damages caused to the Government, M/S ……………………… shall pay the amount of
loss or damages to the Government as may be claimed.
IN WITNESSES WHERE OF M/S …………………………..has
caused these presents to be executed on its behalf in the manner hereinafter mentioned on
the day and year first hereinabove written.
Signed and delivered by
…………………………………. ……………………………………..
On behalf of the ……………….
M/S……………………………………………… in the presence of:
Witnesses:.
(1)
(2)
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REVISED MODEL FORM OF
BANK GUARANTEE BOND
In consideration of the Governor of Goa (hereinafter called “The Government”)
having agreed to exempt …………………………….(hereinafter called” the said
consumer (s)/Contractors (S)”) from the demand, under the terms and conditions of an
Agreement No……………………dated ………………………..made between
…………..and ………………….for…………………………………………..the
work…………………….(hereinafter called” the said Agreement”) of security deposit
for the due fulfillment by the said consumer (s)/ Contrator (s) of the termsd and
conditions contained in the said Agreement, on production of a bank Guarantee for Rs.
……………………………. (Rupees ……………………………………………only)
we……………………………………………(Indicate the name of the Bank) (hereinafter
referred to as” the Bank”) at the request of
…………………………………….consumer(s). Contractor(s) do hereby undertake to
pay to the Government an amount not exceeding Rs.
………………………………………… on demand.
2. We ……………………………………(indicate the name of Bank) do hereby
undertake to pay the amounts due and payable under this quarantee without any demur,
merely on a demand from the Government stating that the amount claimed is required to
meet the recoveries due or likely to be due from the said Consumer(s)/ contractor (s).
Any such demand made on the bank shall be conclusive as regards the amount due and
payable by the Bank under this guarantee. However, our liability under this guarantee
shall be restricted to an amount not exceeding Rs…………………………………………
3. We undertake to pay to the Government any money so demanded notwithstanding
any dispute or disputes raised by the Consumers contractor (s) in any suit or proceeding
pending before any Court or Tribunal relating thereto, our liability under this present
being absolute and unequivocal.
The payment so made by us under this bond shall be a valid discharge of our
liability for payment thereunder and the consumer (s)/ Contractor(s) shall have no claim
against us for making such payment.
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4. We ………………………………………(indicate the name of Bank) further
agree that the guarantee herein contained shall remain in full force and effect during the
period that would be taken for the performance of the said Agreement and that it shall
continue to be enforceable till all the dues of the Government under or by virtue of the
said Agreement have been fully paid and its claims satisfied or discharged or till
Engineer-in-charge on behalf of the Government certifies that the terms and conditions
of the said Agreement have been fully and properly carried out by the said consumer (s)/
Contractor(s) and accordingly discharges this guarantee.
5. We…………………………..(indicates the name of Bank) further agree with the
Government that the Government shall have the fullest liberty without our consent and
without affecting in any manner our obligations hereunder to vary any of the terms and
conditions of the said Agreement or to extend time of performance by the said consumer
(s)/ Contractor (s) from time to time or to postpone for any time or form time to time any
of the powers exercisable by the Government against the said consumer (s)/
Contractors(s) and to forbear or enforce any of the terms and conditions relating to the
said Agreement and we shall not be relieved from our liability by reason of any such
variation, or extension being granted to the said consumer (s)/Contractor(s) or for any
forbearance act or omission on the part of the Government or any indulgence by the
Government to the said Consumer(s)//Contractor(s) or by any such matter or thing
whatsoever which under the law relating to sureties would but for this provision, have
effect of so relieving us.
6. This guarantee will not be discharged due to the change in the constitution of the
Bank or the consumer (s)/ Contractor(s).
7. We……………………………….lastly undertake not to revoke this guarantee
except with the previous consent of the Government in writing.
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2…../-
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8. This guarantee shall be valid up to ………………………unless extended on
demand by Government. Not withstanding anything mentioned above, our liability
against this guarantee is restricted to Rs. …………….........
(Rupees…………………………..Only) and unless a claim in writing is lodged with us
within six months of the date of expiry or the extended date of expiry of this guarantee all
our liabilities under this guarantee shall stand discharged.
Dated the…………………………….day of …………………………..for
……………………………………………………(indicate the name of Bank).
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