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.
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 xxxx 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

  • The advance will be paid only on submission of Indemnity Bond in the prescribed pro-forma.

  • In this connection the contractor will be required to execute an Indemnity Bond (as per specimen enclosed as Annexure – 1) after placement of Letter of Intent / Order.

  • Execute the agreement, Indemnity Bond, Sub order may be issue after complete the above official tender formalities.

  • Bidder will also submit Project Execution Plan, Contract Agreement, Indemnity Bond and Performance Security within two weeks from the date of LOA, which will constitute formation of the Contract.

  • In such cases, the competent Authority may sanction advances up to an amount not exceeding 75% of the value (invoiced/assessed value) of such materials, provided that they are of a durable / non – failure nature and that an Indemnity Bond is required on the materials and is a safeguard against losses due to the contractor postponing the execution of the work or to the shortage or misuse or the materials, and against the expense entitled, if any, for their proper watch and safe custody.

  • In order to safeguard the interest of IITM, the supplier should submit Indemnity Bond as given in Chapter-8 (Annexure-J) on Rs.500/- non judicial stamp paper within 14 days of placing of the order for Purchase Order having value above Rs. 25 lakh or equivalent amount in Foreign Currency.

  • Further the Contractor agrees to acknowledge receipt of the subsequent installments of the Equipment as required by DHBVN the form of Schedules consecutively numbered which shall be attached to this Indemnity Bond so as to form integral part of this Bond.

  • In order to safeguard the interest of CCMB, the supplier should submit Indemnity Bond as given in Chapter-8 (Annexure-J) on Rs.500/- non judicial stamp paper within 21 days of placing of the order for Purchase Order having value above Rs. 25 Lakh or equivalent amount in Foreign Currency.

  • The advance will be paid only on submission of Indemnity Bond in the prescribed pro- forma.

  • It is clearly understood by the Contractor that non-observance of the obligations under this Indemnity Bond by the Contractor shall inter-alia constitute a criminal breach of trust on the part of Contractor for all intents and purpose including legal / penal consequences.


More Definitions of Indemnity Bond

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.
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. 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. 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.

Related to Indemnity Bond

  • Indemnity Payment shall have the meaning set forth in Section 4.4(a).

  • Fidelity Bond A fidelity bond to be maintained by the Servicer pursuant to Section 4.12.

  • Indemnity Amount means the amount of any indemnification obligation payable under the Basic Documents.

  • Surety Bond means a bond from a Bond company with a credit rating by AMBEST better than a “B”. The bonding company shall be certified to issue bonds in a state in which this Agreement is approved.

  • Indemnity means the payment of an amount to offset all or part of an insured loss.

  • Indemnity, Subrogation and Contribution Agreement means the Indemnity, Subrogation and Contribution Agreement among Xxxxx 0, the Borrower, the Subsidiary Loan Parties and the Collateral Agent, substantially in the form of Exhibit C-3.

  • Blanket insurance policy means a group policy covering a defined class of

  • Indemnity Cap has the meaning set forth in Section 9.2(b).

  • protection and indemnity risks means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/11/95) or clause 8 of the Institute Time Clauses (Hulls) (1/10/83) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision;

  • Funding Indemnity Letter means a funding indemnity letter, substantially in the form of Exhibit N.

  • Indemnity Matters means any and all actions, suits, proceedings (including any investigations, litigation or inquiries), claims, demands and causes of action made or threatened against a Person and, in connection therewith, all losses, liabilities, damages (including, without limitation, consequential damages) or reasonable costs and expenses of any kind or nature whatsoever incurred by such Person whether caused by the sole or concurrent negligence of such Person seeking indemnification.

  • Indemnification Escrow Fund has the meaning set forth in Section 2.12(a).

  • Indemnity Period means the period during which the results of the business are affected resulting from the occurrence beginning with the date of the accident causing injury but not exceeding the maximum indemnity period

  • Indemnification Escrow Amount has the meaning set forth in Section 2.2(b).

  • Special Primary Insurance Policy Any Primary Insurance Policy covering a Mortgage Loan the premium of which is payable by the Trustee pursuant to Section 4.04(a), if so identified in the Mortgage Loan Schedule. There are no Special Primary Insurance Policies with respect to any of the Mortgage Loans.

  • Insurance Policy With respect to any Mortgage Loan included in the Trust Fund, any insurance policy, including all riders and endorsements thereto in effect, including any replacement policy or policies for any Insurance Policies.

  • R&W Insurance Policy has the meaning set forth in Section 6.15.

  • Errors and Omissions Insurance Policy means an errors and omissions insurance policy maintained by the Master Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator, as the case may be, in accordance with Section 8.2, Section 9.2 and Section 7.17, respectively.

  • Indemnity Claim has the meaning set forth in Section 8.3.

  • Indemnification Cap has the meaning set forth in Section 9.4(a).

  • Tax Indemnity Agreement means that certain Tax Indemnity Agreement [NW ____ _], dated as of the date hereof, between the Owner Participant and Lessee, as originally executed or as modified, amended or supplemented pursuant to the applicable provisions thereof.

  • Indemnity Escrow Fund means the Indemnity Escrow Amount deposited with the Escrow Agent, as such sum may be increased or decreased as provided in this Agreement and the Escrow Agreement, including any remaining interest or other amounts earned thereon.

  • Reimbursement insurance policy means a policy of insurance

  • Indemnity Agreement means that certain Indemnity Agreement dated as of the Closing Date by Borrower and Indemnitor in favor of Lender.

  • Limit of Indemnity means the amount stated in the Schedule pursuant to Clause 5 of this Policy.

  • Environmental Insurance Policy means, with respect to any Mortgage Loan or the related Mortgaged Property or REO Property, any insurance policy covering pollution conditions and/or other environmental conditions that is maintained from time to time in respect of such Mortgage Loan, Mortgaged Property or REO Property, as the case may be, for the benefit of, among others, the Trustee on behalf of the Certificateholders.