An indemnity bond is a form of surety that if the event for which indemnity bond is registered doesn’t occur, then all losses for the event will bear by the executant. It simply means that it is an undertaking provided by a party entering into a contract promising to bear the loss in event of breach of contract or breach of obligation.
Affidavit is a statement-on-oath stating that all the statements made are true and correct to the knowledge and no material information has been concealed. The person who signs the Affidavit is called Deponent. Whereas an Indemnity Bond is a registered undertaking providing a surety that the party shall be compensated monetarily in event of the breach of the contract and breach of obligation. The person who signs the Affidavit is called executant.
Indemnity Bond is enforceable. The Indemnity bond is enforceable in court of law. The condition for the enforcement of the Indemnity bond is the infringement of contract or breach of obligation. The liability arises upon the breach of contract and the defaulting party will pay the compensation to the other party.
2. Aadhar Card
4. Stamp Papers
5. Appointment Letter