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Indemnity

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Taiyaba
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22 views2 pages

Indemnity

Uploaded by

Taiyaba
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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INDEMNITY BOND

INDEMNITY BOND (To be executed on a non-judicial stamp paper of Rs. 100/-) THIS
INDEMNITY executed this 20th day of Msy,2021 in favour of Mahanadi Coalfields Limited, a
Govt. of India Enterprise having its registered office at P.O. Jagruti Vihar, MCL Complex, Burla,
Sambalpur, Odisha– 768020, hereinafter referred to as ‘MCL/Indemnified’ which expression
unless excluded by or repugnant to the context shall mean and include its successors, assigns of
the ONE PART; By M/S_______________________________, a sole Proprietorship
Firm/Partnership Firm/Company registered under the Companies Act,1956 having its Registered
Office at_____________________________________________________ hereinafter referred
to as the ‘Indemnifier’ which expression unless excluded by or repugnant to the context shall
mean and include his/their/its heirs, representatives, administrators, assigns of the OTHER
PART. WHEREAS MCL/Indemnified is supplying coal to its willing customers by mode of
Linkage Auction; AND WHEREAS the Indemnifier being willing had authorized
MCL/Indemnified in writing to suspend the supplies of coal to our unit(s) in case of default at
Indemnifier’s end. AND WHEREAS at such request of the Indemnifier, MCL/Indemnified has
agreed to supply mutually agreed quantity of coal to the Indemnifier subject to Indemnity
provided herein by the Indemnifier in favour of MCL, the Indemnified herein on terms hereunder
stated :- 1 The Indemnifier hereby agrees to indemnify and keep indemnified and harmless
MCL/Indemnified herein from time to time, at all times hereafter against all losses, claims,
demands, proceedings, expenses, costs and consequences whatsoever on full Indemnity basis
which MCL may sustain, incur or suffer or be exposed to in connection with MCL executing the
instructions of the Indemnifier for supplying Coal as aforestated or in consequence of any act,
deed, matter or thing whatsoever in any manner arising out of and/or relating to lifting of Coal
from time to time. 2 The Indemnity being these presents in favour of MCL shall remain valid and
in full force and effect from the date hereof and shall accrue to MCL, its officials, employees and
Agents for all acts lawfully done or caused to be done by MCL in supplying of Coal to the
Indemnifier . 3 Disputes, if any arising out of this Indemnity shall be subject to the exclusive
jurisdiction of the competent Court in Sambalpur/Cuttack only, to the exclusion of all other
concurrent courts. The Indemnifier agrees, accepts and confirms in the premises aforesaid that: 1.
That apart from the above, the purchaser shall indemnify the Indemnified party against all
liabilities, costs, expenses, damages and losses (including but not limited to any interest,
penalties and legal costs (calculate on a full indemnity basis) and all other professional costs and
expenses) (collectively the ‘Losses’) suffered or incurred by the Indemnified party arising out of
or in connection with: a) Any breach of the representations, warranties, covenants and/or
undertakings of the Purchaser contained herein or in the Scheme Document; b) Any information
or documentation submitted by the Purchaser to the Seller pursuant to this Agreement and/or the
Scheme Document, being untrue, incorrect or false; c) The Purchaser’s Breach or negligent
performance or non-performance of this agreement; d) any claim made against the Indemnified
Party for actual or alleged infringement of a Third Party’s rights or damage caused to a third
party arising out of or in connection the performance or non-performance of any of the
Purchaser’s obligations under this agreement to the extent that such claim arises out of the
breach, negligent performance or failure or delay in performance of this Agreement by the
Purchaser, its employees, agents or contractors; e) any Loss or Damages caused on account of
breach of any Applicable law by the purchaser, including without limitation any costs incurred
by the Seller in rectifying any damages caused by the purchaser on account of breach, negligent
performance or failure or delay in performance of this Agreement or non-compliance with
Applicable law. 2. Any indemnifiable Claim under this Agreement must, be asserted by the
Indemnified party by prompt delivery of written notice thereof to the Purchaser, delivered within
60 (sixty) calendar days of discovery by the Indemnified party of the Breach of the pertinent
covenant or obligation of this agreement, or of any misrepresentation or breach of any
representation or warranty made by the Purchaser or of occurrence of the event specified in
clause 19.2 (FSA). However, any delay on the part of an Indemnified Party in providing or
failure to provide such notice will not relieve the purchaser of its indemnification obligations
hereunder. 3. The remedies set forth in Clause 19 (FSA) shall be without prejudice to all the
rights and remedies that the parties may have under the Applicable Law and shall not be the sole
and exclusive remedies of the parties for any breach of this agreement or any matter relating to
any representation, warranty, covenant or undertaking contained in this Agreement. IN
WITNESS WHEREOF the Indemnifier herein has set his/their/its hands and seal on the date,
month and year above first written. Delivered to the MCL/ Indemnified at Sambalpur. IN
PRESENCE OF WITNESSES: (INDEMNIFIER)

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