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PRINT ON INR 500 /- STAMP PAPER AND NOTARISE

Indemnity Bond

This indemnity bond (“Bond”) is made and executed on______ day of __________2021
(“Execution Date”) By And Between:

A. [x], an [x] Inhabitant, permanent resident of [x], a company incorporated under the
Companies Act, 2013 in India, having its registered place of business at [x],
(hereinafter referred to as “[x]”, which expression shall, unless repugnant to the
meaning or context hereof, be deemed to include all permitted successors, legal
heirs and assigns) of the FIRST PART;
AND
B. [x], a company incorporated and registered under the laws of [x] having its
registered place of business at [x], through its Authorized Signatory [x], (hereinafter
referred to as the “[x]”, which expression shall, unless repugnant to the meaning or
context hereof, be deemed to include all permitted successors and assigns) of the
SECOND Part.
AND
C. [x], a company incorporated and registered under the laws of [x] having its principal
place of business at [x] and CIN as [x], (hereinafter referred to as the “Authorized
[x]”, which expression shall, unless repugnant to the meaning or context hereof, be
deemed to include all permitted successors and assigns) of the OTHER Part

Each a “Party” and collectively “Parties”

WHEREAS:
I. [x], a director in, and authorised representative to [x] (“[x]”) in consonance with [X],
has agreed to act as a personal guarantor for [x]pursuant to the Settlement
Agreement dated __ day of _____ 2021;
II. [x]has agreed to receive Security (defined below) from [x]as collateral towards
settlement of Debt (defined below) as per the terms and conditions set forth herein
below.
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NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth
below, it is hereby covenanted and agreed by the [x]and [x]as follows:
1. That the Parties have hereby concluded this Bond with a view to record and enable
[x]to establish that he shall act in the capacity of a personal guarantor to [x] for the
debt amount owed by [x]to [x].
2. The Parties agree and acknowledge that for the purpose of this Bond the debt
amount owed by [x]to [x]stands at [x]/- ([x]) (“Debt”).
3. The Parties acknowledge that [x]has authorized [x], on its behalf to accept and
receive all monies which may be payable by [x]as personal guaranty to the Debt.
4. [x]hereby indemnifies and agrees to keep indemnified [x]against all accounts, claims
and demands including claims and demands in respect of the breach whatsoever by
[x] and/ or [x] and/ or each of their failure to repay the Debt to [X], and further
declares and undertakes to bear all expenses costs, charges in respect of such
claim, demand, suit, and/ or other legal proceedings which may be filed by [X] and/ or
its authorised representatives, in order to recover the Debt from [x] and/ or from [x]
himself.
5. That, in addition to the above, [x] shall hand over a duly signed and authentic post-
dated bank cheque of INR. [x]/- (i.e. USD [x]/- exchanged at the rate of USD [x]) in
the name of [x], which shall be dated [x]day of [x]202[x] (“Security”) upon execution
of this Bond.
6. [x] acknowledges that in case [x] does not repay the Debt to [X] as per the Settlement
Agreement dated 31st day December 2021, then VTIPL shall have the right and
authority to cash in the Security and receive the value thereof in favour of [X].
7. That [x] shall maintain appropriate balance in his bank account to facilitate the
cashing in of the Security on account of failure by [x] to repay and conclude the Debt.
8. This Bond shall be construed in accordance with the laws of India. Any disputes
arising Any dispute, controversy, difference, or claim arising out of or relating to this
Agreement between the Parties, including the existence, validity, interpretation,
performance, breach thereof or any dispute regarding non-agreeable obligations
arising out of or relating to it shall be referred to the courts of Mumbai, Maharashtra
having appropriate jurisdiction in the matter.

SIGNED AND DELIVERED by )

“[x]” ) 

In the Presence of ………………… ) 

………………………………………. ) 

SIGNED AND DELIVERED by ) 

“[x]” ) 
Through its Authorised Signatory )
[x] ) 

In the Presence of ………………… ) 

………………………………………. ) 
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SIGNED AND DELIVERED by ) 

“[x]” ) 
Through its Authorised Signatory )
[x] ) 

In the Presence of ………………… ) 

………………………………………. ) 

WITNESSES: 
1. 
2.