idemnity bond
PRACHI
(Querist) 02 December 2008
This query is : Resolved
my client is purchasing leasehold land. The seller has not executed one deed of Assignment. now idemnity bond is to be executed by which seller takes the responsibility of future claims which may arise. kindly suggest me the format
Prakash Yedhula
(Expert) 06 December 2008
You can modify the following indemnity bond to suit your needs:
THIS DEED OF INDEMNITY is made at ........ this ........ day of. ... between Mr. A of ........ hereinafter referred to as 'the Vendor- of the One Part and Mr. B of ....... hereinafter referred to as 'The Purchaser' of the Other Part:
WHEREAS by a Deed of Conveyance bearing even date with these Presents but executed before this deed and made between the Vendor of the One Part and the Purchaser of the Other Part, the Vendor has granted and transferred by way of sale the land and premises at ........ more particularly described In the Schedule by the said Deed of Conveyance. being the same as described In the Schedule hereunder written.
AND WHEREAS the title of the Vendor to the said land and premises described in the Schedule hereunder written is based on the Vendor being in possession thereof for the last more than twelve years as of right and without any Interruption from anybody else and which possession has now become adverse and there Is no document of title in respect thereof in favour of the Vendor.
AND WHEREAS at the treaty of the sale of the said land and premises it was agreed between the Vendor and the Purchaser that the Vendor shall execute a separate deed indemnifying the Purchaser against any claim made and established by any of the owners of the said land described An the Schedule of the said Deed of Conveyance being the same as described in the Schedule hereunder written and which the Vendor now proposes to do,
NOW THIS DEED WITNESSETH THAT pursuant to the said agreement, the Vendor doth hereby covenant with the Purchaser that the Vendor will indemnify and will keep indemnified the Purchaser against any loss, costs, charges and expenses the Purchaser may Incur or suffer on account of any claim being made and established by any person or persons found interested In the said land and premises described in the Schedule hereunder written or any part thereof.
IN WITNESS WHEREOF the Vendor has put his hand the day and the year first hereinabove written.
THE SCHEDULE ABOVE REFERRED TO
Signed and delivered by the
withinnamed Vendor ... Mr A ..... in the presence of ..........
