Indemnity Bond
Comprehensive Indemnity Bond template governed by Indian Contract Act principles for allocating and managing loss, damage and third-party claim risks between indemnifier and indemnified parties.
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What is a Indemnity Bond?
This is a robust Indemnity Bond template structured around Indian contract law principles, enabling businesses, institutions and individuals to allocate and manage transactional risks through enforceable indemnity obligations, including continuing indemnity and third-party claims coverage.
When should you use this?
Common situations where this document is the right choice.
What's included
Key sections and clauses in this document.
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Frequently asked questions
Everything you need to know before creating your document.
Is an Indemnity Bond different from a guarantee under Indian law?+
Yes, an indemnity primarily protects the indemnified party against loss, while a guarantee secures performance of a third party; however, both are recognised under the Indian Contract Act and may coexist in complex transactions.
Does this Indemnity Bond cover third-party claims automatically?+
It does so only if you select that third-party claims are covered; the template then activates extended wording to expressly include suits, actions and demands brought by third parties against the indemnified party.
Is there any legal requirement to cap indemnity liability?+
No, Indian law does not mandate a cap, but commercial parties often negotiate caps and survival periods to balance risk; the template allows you to either leave liability uncapped or specify a monetary cap.
Should this Indemnity Bond be executed on stamp paper?+
Yes, it should be executed on appropriate non-judicial stamp paper or duly e-stamped as per the relevant State stamp legislation because indemnity bonds attract stamp duty.
Can this Indemnity Bond be used alongside a main agreement?+
Yes, this template is designed to be used either as a stand-alone indemnity or in conjunction with a principal agreement, and recitals allow you to cross-reference the underlying contract or transaction.
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Compliant with Indian law
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Indemnity Bond