Indemnity Bond definition

Indemnity Bond means a written undertaking of a financial institution on behalf of a Customer to cover any losses suffered by EEA arising from non-payment by the Customer of money the Customer owes to EEA.

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Indemnity Bond. A bond in the amount of the deposit requested will be accepted in lieu of a cash deposit upon its receipt from a surety company. The selection of the surety company shall be the responsibility of the customer. However, the Bond Forms must be secured from and approved by Memphis Light, Gas and Water Division. The Bond will be held for two (2) years. CERTIFICATE OF DEPOSIT: We will accept this type of instrument purchased through a bank for a two (2) year period at standard interest rates. The Certificate of Deposit (Time Receipt) will be held in safekeeping by the Division in lieu of the deposit. Certificate must be made jointly to the customer and Memphis Light, Gas and Water. BANK LETTER OF CREDIT: Irrevocable letter of credit must be furnished to the Division by a bank approved by Memphis Light, Gas and Water Division, which guarantees full payment of deposit if utility ▇▇▇▇ is delinquent. Letter must state for a two (2) year liability period.

Indemnity Bond means an undertaking conditioned that the asserted owner of an instrument, as principal, will protect the issuer and the paying officer against loss or liability resulting from any demand or payment of the principal of or interest on an instrument and that such asserted owner will surrender such instrument to the paying officer if it comes into the possession of the asserted owner.

Examples of Indemnity Bond in a sentence

• 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 the unfortunate event of Your death, We will pay the nominee (as named in the Policy Schedule) and in case of no nominee to the Legal Heir who holds a succession certificate or Indemnity Bond to that effect, whichever is available and whose discharge shall be treated as full and final discharge of its liability under the Policy.

• We, the Contractor further agree that this indemnity shall remain in full force and effect till This Indemnity Bond shall be governed by Indian laws and the Courts at Mumbai, shall have the exclusive jurisdiction.

• Indemnity Bond: Prior to entering upon a Sabbatical Leave, the employee would file with the Board of Education a suitable bond indemnifying the school district for all salary paid said employee during leave in the event the employee fails to carry out satisfactorily the program of study filed with the Board, or in the event the employee fails to return and render two (2) full years of service following termination of Sabbatical Leave.

• The purchase of an Indemnity Bond will be required before any official check of this Credit Union will be replaced or refunded in the event it is lost, misplaced or stolen.

• Central Public Sector Undertakings [PSUs]/Public Sector Enterprises [PSEs]/Autonomous Bodies are exempted from payment of Security Deposit [SD], and instead, an Indemnity Bond shall be executed in lieu of SD.

• Submission of SD is exempted for Indian PSUs. In lieu, Indemnity Bond in favour of MDL is required to be submitted (Format of the same would be forwarded with the Order).

• Supply of other items at (ii) and (iii) above will be made free of cost F.O.R. contractor’s siding if one exists failing which F.O.R. nearest rail head station open for booking on submission of a Indemnity Bond as per Annexure-IV.

• The following items will be supplied free of cost to the wagon builders F.O.R. contractor’s siding if any or the nearest Railway Station open for booking, on submission of Indemnity Bond and Bank Guarantee as per Annexure-III & IV respectively.

• The contractor shall have to furnish Indemnity Bond (as per format enclosed as Annexure-X) for value of Rs............................................towards the material being sent for repair (This Clause shall be applicable for repair of materials).

More Definitions of Indemnity Bond

Indemnity Bond means a bond posted by the provider to ensure that the provider is able to fulfill any financial obligations to the Department upon sale of the facility.]

Indemnity Bond. An agreement to hold a carrier harmless with regard to a liability. Inland Carrier : A transportation line that hauls export or import traffic between ports and inland points.

Indemnity Bond means an obligation in writing under seal which the ship owner and his bonding company as (Principals) agree to pay the obligee (Claimants) the agreed amount if the stipulated event, in this case a deposit of waste, occurs. The ship owner and the bonding company are jointly and severally liable to pay;

Indemnity Bond has the meaning set forth in Section 2.02(e). “Intellectual Property” has the meaning set forth in Section 3.26(h). “Investigation Period” has the meaning set forth in Section 5.12(a). “knowledge” with respect to CedarStone or its Subsidiaries, has the meaning set forth in the Preamble to Article III. “knowledge” with respect to FFC or its Subsidiaries, has the meaning set forth in the Preamble to Article IV. “Law” has the meaning set forth in Section 3.05(a). “Leased Real Property” has the meaning set forth in Section 3.10(a). “Loan” has the meaning set forth in Section 5.03(iv). “Malicious Code” has the meaning set forth in Section 3.26(g). “Marijuana Business” has the meaning set forth in Section 3.05(e). “Material Adverse Effect” has the meaning set forth in the Preamble to Article III.

Indemnity Bond. THE SECOND PARTY agrees to indemnify the first party against all or any loss suffered or that may be suffered (including all or any damages, costs, charges, expenses, actions, causes, suits, proceedings, claims, demands, vicarious liabilities devolving on the second party from the first party, and liabilities incurred by the first party on account of default in due performance of obligations or observance of the terms and conditions of the aforementioned agreement by the second party), that may arise in consequence of any act of commission or omission of the second party, and in consideration whereof the first party has engaged the second party as an employee of the first party. THE SECOND PARTY, accordingly, shall execute an indemnity bond in the form prescribed by THE FIRST PARTY, failing which payment of emoluments, if any, may be withheld.

Indemnity Bond. The Contractor shall indemnify PRL on a Rs.200/- non-judicial stamp paper against any action, claims or proceedings relating to infringement of all or any of the prevailing laws like Workmen’s Compensation Act, 1923, Contract labour (R&A) Act, EPF Act, ESI Act, Industrial Dispute Act and any other Acts relevant to labour or industrial workers during the currency of the Contract.