Common use of INDEMNITY BOND Clause in Contracts

INDEMNITY BOND. Contractor shall sign an Indemnity Bond in an approved format as per attached Annexure before starting the work, indemnifying the SBI from any damages, prosecution, other legal suits and claims arising out of any mishaps occurring at the work place due to non- adherence to safety codes, no following the standard work procedures and for violating rules and regulations for which the contractor shall be solely responsible. • In case of any damage to property by the contractor, SBI shall have the right to recover the cost of such damages from payments due to the contractor and decision of the SBI shall be binding on the Contractor. • In the event of any damage to the loose furniture, interiors, computers and such other equipment or to the existing building structure etc., during carrying out the contract works, the cost of repairing the same including the cost of replacement if any will be recovered from the contractor. • If the contractor fails to improve the standards of safety in its operation to the satisfaction of SBI after being given a reasonable opportunity to do so, and/or if the contractor fails to take appropriate safety precautions or to provide necessary safety devices and equipment or to carry out instructions regarding safety issued by the authorized SBI official, the SBI shall have the right to take corrective steps at the risk and cost of the contractor after giving a notice of not less than seven days indicating the steps that would be taken by State Bank of India. • Before commencing the work, the contractor shall appoint/nominate a responsible officer to supervise implementation of all safety measures and liaison with his counterpart of State Bank of India.

INDEMNITY BOND. Contractor shall sign an Indemnity Bond in an approved format as per attached Annexure before starting the work, indemnifying the SBI from any damages, prosecution, other legal suits and claims arising out of any mishaps occurring at the work place workplace due to non- non-adherence to safety codes, no following the standard work procedures and for violating rules and regulations for which the contractor shall be solely responsible. • In case of any damage to property by the contractor, SBI shall have the right to recover the cost of such damages from payments due to the contractor and decision of the SBI shall be binding on the Contractor. • In the event of any damage to the loose furniture, interiors, computers computers, and such other equipment or to the existing building structure etc., during carrying out the contract works, the cost of repairing the same including the cost of replacement if any will be recovered from the contractor. • If the contractor fails to improve the standards of safety in its operation to the satisfaction of SBI after being given a reasonable opportunity to do so, and/or if the contractor fails to take appropriate safety precautions or to provide necessary safety devices and equipment or to carry out instructions regarding safety issued by the authorized SBI official, the SBI shall have the right to take corrective steps at the risk and cost of the contractor after giving a notice of not less than seven days indicating the steps that would be taken by State Bank of India. • Before commencing the work, the contractor shall appoint/nominate a responsible officer to supervise implementation of all safety measures and liaison with his counterpart of State Bank of India.

INDEMNITY BOND.  Contractor shall sign an Indemnity Bond in an approved format as per attached Annexure before starting the work, indemnifying the SBI from any damages, prosecution, other legal suits and claims arising out of any mishaps occurring at the work place due to non- adherence to safety codes, no following the standard work procedures and for violating rules and regulations for which the contractor shall be solely responsible. •  In case of any damage to property by the contractor, SBI shall have the right to recover the cost of such damages from payments due to the contractor and decision of the SBI shall be binding on the Contractor. •  In the event of any damage to the loose furniture, interiors, computers and such other equipment or to the existing building structure etc., during carrying out the contract works, the cost of repairing the same including the cost of replacement if any will be recovered from the contractor. •  If the contractor fails to improve the standards of safety in its operation to the satisfaction of SBI after being given a reasonable opportunity to do so, and/or if the contractor fails to take appropriate safety precautions or to provide necessary safety devices and equipment or to carry out instructions regarding safety issued by the authorized SBI official, the SBI shall have the right to take corrective steps at the risk and cost of the contractor after giving a notice of not less than seven days indicating the steps that would be taken by State Bank of India. •  Before commencing the work, the contractor shall appoint/nominate a responsible officer to supervise implementation of all safety measures and liaison with his counterpart of State Bank of India.

INDEMNITY BOND.  Contractor shall sign an Indemnity Bond in an approved format as per attached Annexure Appendix-6 before starting the work, indemnifying the SBI SBIIMS from any damages, prosecution, other legal suits and claims arising out of any mishaps occurring at the work place due to non- non-adherence to safety codes, no following the standard work procedures and for violating rules and regulations for which the contractor shall be solely responsible. •  In case of any damage to property by the contractor, SBI SBIIMS shall have the right to recover the cost of such damages from payments due to the contractor and decision of the SBI SBIIMS shall be binding on the Contractor. •  In the event of any damage to the loose furniture, interiors, computers and such other equipment or to the existing building structure etc., during carrying out the contract works, the cost of repairing the same including the cost of replacement if any will be recovered from the contractor. •  If the contractor fails to improve the standards of safety in its operation to the satisfaction of SBI SBI/SBIIMS after being given a reasonable opportunity to do so, and/or if the contractor fails to take appropriate safety precautions or to provide necessary safety devices and equipment or to carry out instructions regarding safety issued by the authorized SBI SBI/SBIIMS official, the SBI SBIIMS shall have the right to take corrective steps at the risk and cost of the contractor after giving a notice of not less than seven days indicating the steps that would be taken by State Bank of India. •  Before commencing the work, the contractor shall appoint/nominate a responsible officer to supervise implementation of all safety measures and liaison with his counterpart of State Bank of India.

INDEMNITY BOND. Contractor shall sign an Indemnity Bond in an approved format as per attached Annexure Appendix-6 before starting the work, indemnifying the SBI SBIIMS from any damages, prosecution, other legal suits and claims arising out of any mishaps occurring at the work place due to non- non-adherence to safety codes, no following the standard work procedures and for violating rules and regulations for which the contractor shall be solely responsible. • In case of any damage to property by the contractor, SBI SBIIMS shall have the right to recover the cost of such damages from payments due to the contractor and decision of the SBI SBIIMS shall be binding on the Contractor. • In the event of any damage to the loose furniture, interiors, computers and such other equipment or to the existing building structure etc., during carrying out the contract works, the cost of repairing the same including the cost of replacement if any will be recovered from the contractor. • If the contractor fails to improve the standards of safety in its operation to the satisfaction of SBI SBI/SBIIMS after being given a reasonable opportunity to do so, and/or if the contractor fails to take appropriate safety precautions or to provide necessary safety devices and equipment or to carry out instructions regarding safety issued by the authorized SBI SBI/SBIIMS official, the SBI SBIIMS shall have the right to take corrective steps at the risk and cost of the contractor after giving a notice of not less than seven days indicating the steps that would be taken by State Bank of India. • Before commencing the work, the contractor shall appoint/nominate a responsible officer to supervise implementation of all safety measures and liaison with his counterpart of State Bank of India.

INDEMNITY BOND. Contractor shall sign an Indemnity Bond in an approved format as per attached Annexure before starting the work, indemnifying the SBI from any damages, prosecution, other legal suits and claims arising out of any mishaps occurring at the work place due to non- non-adherence to safety codes, no following the standard work procedures and for violating rules and regulations for which the contractor shall be solely responsible. • In case of any damage to property by the contractor, SBI shall have the right to recover the cost of such damages from payments due to the contractor and decision of the SBI shall be binding on the Contractor. • In the event of any damage to the loose furniture, interiors, computers and such other equipment or to the existing building structure etc., during carrying out the contract works, the cost of repairing the same including the cost of replacement if any will be recovered from the contractor. • If the contractor fails to improve the standards of safety in its operation to the satisfaction of SBI after being given a reasonable opportunity to do so, and/or if the contractor fails to take appropriate safety precautions or to provide necessary safety devices and equipment or to carry out instructions regarding safety issued by the authorized SBI official, the SBI shall have the right to take corrective steps at the risk and cost of the contractor after giving a notice of not less than seven days indicating the steps that would be taken by State Bank of India. • Before commencing the work, the contractor shall appoint/nominate a responsible officer to supervise implementation of all safety measures and liaison with his counterpart of State Bank of India.