Indemnity Bond 1

INDEMNITY BOND WITH SURETY
This Indemnity is made and executed at________ on this ________ day of

________ 20__ by Shri/Smt/Ms ______________________________
son/daughter/wife of Shri __________________________ a permanent resident
of
________________________________________________________
hereinafter called Employee, the party of the first part,
AND
Shri/Smt/Ms ________________________ son/daughter/wife of Shri

_____________
a permanent resident of _____________________________________________
_____________________________ hereinafter called Surety, the party of the
second part, IN FAVOUR OF India Post Payments Bank, a company within the
meaning of the Companies Act, 2013, having its Head Office at Speed Post
Centre, Bhai Veer Singh Marg, New Delhi-110001(Presently operating through
corporate office located at Post Office,Malcha Marg,New Delhi under interim
arrangement) hereinafter called Employer Bank.
The terms Employee, Surety and the Employer Bank unless repugnant to
the context shall mean and include their heirs, legal representatives, successors,
executors and administrators.
WHEREAS the Employee has been selected for appointment as

___________________________ in ____________ in the service of the
Employer Bank.
WHEREAS an Offer of Appointment containing the terms and conditions

of the appointment has already been issued to the Employee vide letter
No. ____________________ dated _____ of the Employer Bank.
WHEREAS the acceptance of the terms and conditions of the
appointment has already been communicated to the Employer Bank on
________________ by the Employee.
WHEREAS one of the terms and conditions of the appointment is that

Employee has to serve the Employer Bank viz. India Post Payments Bank
for a minimum period of three years after appointment and has to execute
an Indemnity Bond with surety in favor of Employer Bank.
NOW THIS INDENTURE WITNESSETH asunder:
1. In compliance of the aforesaid condition in Offer of Appointment subject to

which the Employer Bank has agreed to give appointment to the
Employee, the Employee hereby undertakes to serve the Employer Bank
for a minimum period of three years.
2. The party of the second part agrees to stand as Surety for the due
performance of the obligation of the Employee under this agreement of
indemnity. In case of breach of the terms of this indemnity by the
Employee and failure to indemnify the Bank, the Surety shall be jointly
and severally liable to pay Rs. 2,00,000/-(Rupees Two lacs only) to
Employer-Bank with interest at 12% per annum, immediately on demand.
3. The Employee further agrees and undertakes that in case he/she

commits breach of the above condition and resigns from or
leaves/ abandons the service and /or neglects in performance of the duty
assigned to him/her leading to termination of his/her service as per
rules/regulations of the Employer-Bank, he/she will indemnify the bank for
all losses, costs, charges and expenses upto the extent of Rs. Two lacs
and pay an amount of Rs. 2,00,000/-(Rupees Two lacs only) with the
interest thereon @ 12% per annum from the date of breach of the above
terms & conditions till payment as liquidated damages/cost of training
including on the job training, the expenses which the bank has
incurred/may have to incur in recruiting another employee at his/her
place, and also on account of business loss suffered/to be suffered by
Employer-Bank during intervening period. The employee and surety
agree that assessment of liquidated damages as assessed as Rs.
2,00,000/- are reasonable, which they both agree to pay jointly and
severally in case demand is made by the employer bank.
4. Notwithstanding anything contained herein above, furnishing of this

indemnity will not create any right in favour of the Employee to continue in
the service of Employer Bank for the aforesaid term of three years, and
the Employer-Bank shall always have the right to take appropriate action
against the Employee as per terms of the appointment letter and/or the
rules and regulations of the employer bank as applicable, in case of
commission of any misconduct by the Employee.
5. The amount specified above shall constitute a debt owing to the

Employer-Bank and shall be recoverable from the Employee and the
Surety jointly and severally with interest thereon at the rate specified
above till payment.
6. Breach of any rights or obligations of whatsoever nature, arising out of

this Indemnity Bond or Employment shall be deemed to have arisen within
the territorial jurisdiction of the Delhi Courts only.
IN WITNESS whereof, the EMPLOYEE & the SURETY have put their signatures
in the presence of the witnesses.
Signed and delivered by the Party of the first part i.e. the Employee having read
and understood the contents hereof and terms of this
Agreement___________________________________
Signed and delivered by the Party of the second part i.e. the Surety having read
and understood the contents/terms of the Agreement _____________________
1. WITNESS: (Signature of the Employee)

NAME & ADDRESS: NAME & ADDRESS
2. WITNESS: (Signature of the Surety)

NAME & ADDRESS NAME & ADDRESS

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INDEMNITY BOND WITH SURETY

This Indemnity is made and executed at on this day of

Shri/Smt/Ms ________________________ son/daughter/wife of Shri

WHEREAS the Employee has been selected for appointment as

WHEREAS an Offer of Appointment containing the terms and conditions

WHEREAS one of the terms and conditions of the appointment is that

NOW THIS INDENTURE WITNESSETH asunder:

1. In compliance of the aforesaid condition in Offer of Appointment subject to

3. The Employee further agrees and undertakes that in case he/she

4. Notwithstanding anything contained herein above, furnishing of this

5. The amount specified above shall constitute a debt owing to the

6. Breach of any rights or obligations of whatsoever nature, arising out of

1. WITNESS: (Signature of the Employee)

2. WITNESS: (Signature of the Surety)

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