Table of Contents
- 1 What is indemnity bond in railway?
- 2 How can I resign from railway service?
- 3 What is indemnity bond?
- 4 Is there any bond in railways?
- 5 Is indemnity bond legal in India?
- 6 Can indemnity bond be revoked?
- 7 What are some of the losses that cannot be indemnified?
- 8 When to ask for an indemnity from the other party?
What is indemnity bond in railway?
Indemnity Bond is a kind of contract between you and the Railway regarding your tendering of your service to the organisation for a fixed period of time as decided by the Board and in the event of breach of the contract, following amount is to be paid-
How can I resign from railway service?
Resignation of a Group C & D Railway servant may be accepted by the authority competent to fill the post held by him at the time of resignation. The lien of a permanent Railway servant appointed under another Central /State Government or office may be retained on the Railway for a period of two years.
Is there any bond in RRB JE Quora?
Yes, for SSE/JE you have to sign the bond before joining. If you leave it before 5 years, you have to repay all the salary (you have got upto when you file a resign) plus interest.
How do you fill out a bond of indemnity?
The Indemnity bond should be signed by two witnesses and two sureties (name, address and signature). 12. Affidavit should be verified in presence of a First Class Magistrate or a Notary Public. In the event of verification in the presence of Notary Public, the Affidavit should contain the notarial stamp.
What is indemnity bond?
An indemnity bond is a bond that is intended to reimburse the holder for any actual or claimed loss caused by the issuer’s conduct or another person’s conduct. During the time of foreclosure, if the house is sold to pay off the loan and there is negative equity, then the indemnity bond pays the difference.
Is there any bond in railways?
The Railway will pay you Basic Pay and Dearness Allowance (DA) during the training period. As you will undergo training and will receive the salary, you have to sign a bond that you will serve the Railway for at least five years after completion of training.
What is the stamp duty for indemnity bond?
Stamp Duty On Indemnity Bond Statewise In India
| State | Rate of Stamp Duty |
|---|---|
| Karnataka | The same duty as a Security Bond (No. 47) for the same amount. |
| Kerala | The same duty as a Security Bond (No. 50) for the amount. |
| Madhya Pradesh | The same duty as a Bond (No. 14) for the same amount. |
| Maharashtra | Rs. 500 (Rupees Five Hundred Only) |
How do you notarize an indemnity bond?
Is indemnity bond legal in India?
According to the law, Section 124 of the Indian Contract Act, 1872 states an agreement of indemnity between two parties wherein one party promises to pay for the damages of another party if caused by him or by another person.
Can indemnity bond be revoked?
(12) This Indemnity Bond will not be revoked by any change of circumstances. (13) The above named applicant lastly undertakes not to revoke this Indemnity Bond during its currency except with the previous consent of the Government in writing.
Can the indemnifying party afford an uncapped indemnity?
In certain cases, the risk of loss caused by a breach of contract may exceed the contract price, and the indemnifying party may not afford an uncapped indemnity. That is why the parties will often negotiate to limit the liability of the indemnifying party, by capping it to a certain amount or restricting it to certain circumstances.
What is a bond of indemnity agreement?
Completing and Indemnity Agreement The bond of indemnity definition is an obligation in writing in which a party has agreed to reimburse the holder of the bond for an injury or loss due to a specific event or has agreed to protect a party from injury or loss related to a specific event.
What are some of the losses that cannot be indemnified?
Some loss cannot be indemnified, including: 1 loss caused by the receiving party’s deliberate acts: eg in an insurance contract, the insured should not be indemnified… 2 loss caused by the receiving party’s own fraud or crimes: indemnities do not cover the consequences of the receiving… More
When to ask for an indemnity from the other party?
A party who is in a stronger negotiating position is more likely to ask for an indemnity from the other party, whereas a party in a weaker position is less likely able to ask for an indemnity. It may be useful to seek an indemnity when: