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Bond to pay decreed amount in installments.

Format of Bond Agreement to pay decreed amount in installments.

Bond between debtor and creditor to pay the decreed amount of rent arrear in installments. The purpose of a bond is to provide an incentive for the fulfillment of an obligation. It also provides reassurance that the obligation will be fulfilled and that compensation is available if it is not fulfilled. Bond is a one sided agreement from one party to fulfill the obligation.

Sample Format of Bond to pay decreed amount in installments is given below.

 

BOND

This Bond is executed on _______ this ___ day of ____ at ________________

BETWEEN

1. Mr. ___________________ s/o ___________________ r/o __________________ ____________________, hereinafter called the debtor on the FIRST PART

2. Mr. ___________________  s/o Mr. ___________________ r/o ___________________ ___________________ , hereinafter called the surety on the SECOND PART,

AND

3. Mr. ___________________ s/o Mr. ___________________r/o ___________________ ___________________, hereinafter called the creditor on the THIRD PARTY.

Whereas a sum of Rs.___________________ in still due to the creditor above named form the debtor on ___________________ account of decree in suit no ___________________ by the Court of ___________________ ___________________on account of arrears of rent.

And whereas the creditor has again settled the lease of the house in which the debtor resides as tenant on account of the reason that the debtor has agreed to make the payment of the decreed amount.

And whereas the creditor has agreed to accept the payments of decreed amount in installment without any interest, provided some body stands as surety for the said amount.

And Where as the surety has agreed to guarantee payment of the said decreed amount in accordance with the terms of this bond.

Now this Bond Witnesses as Under:

1. That the debtor and the surety jointly an severally agree to pay the decreed amount
in 4 equal Quarterly installments commencing from the day of ___________________ and the day of ___________________each Quarter ___________________.

2. That in case of failure on the part of the debtors to pay any installment within 30 days from the day it becomes due, the whole of he unpaid amount shall stand payable at once with interest at the rate of 18% per annum and the debtor and the surety jointly and severally agree to pay the said amount with interest.

We the have noted parties have signed this bond on the date and place mentioned above, after fully understanding the contents of the bond in the presence of the following witness.

DEBTOR ___________________

Name __________ Signature _________ Address________

Witnesses
1.

SURETY _________________

Name __________ Signature _________ Address________

2.

CREDITOR _________________

Name __________ Signature _________ Address________

 

 

Indian Stamp Act 1899

Section 2(5) "Bond"- bond includes

(a) any instrument whereby a person obliges himself to pay money to another, on condition that the obligation shall be void if a specified act is performed, or is not performed, as the case may be;

(b) any instrument attested by a witness and not payable to order or bearer, whereby a person obliges himself to pay money to another; and

(c) any instrument so attested, whereby a person obliges himself to deliver grain or other agricultural produce to another:

 

Section 8. Bonds, debentures or other securities issued on loans under Act XI of 1879

(1) Notwithstanding anything in this Act, any local authority raising a loan under the provisions of the Local Authorities Loan Act, 1879 (XI of 1879) or, of any other law for the time being in force, by the issue of bonds, debentures or other securities, shall, in respect of such loan, be chargeable with a duty of one per centum on the total amount of the bonds, debentures or other securities issued by it, and such bonds, debentures or other securities need not be stamped and shall not be chargeable with any further duty on renewal, consolidation, sub-division or otherwise.

(2) The provisions of sub-section (1) exempting certain bonds, debentures or other securities from being stamped and from being chargeable with certain further duty shall apply to the bonds, debentures or other securities of all outstanding loans of the kind mentioned therein, and all such bonds, debentures or other securities shall be valid, whether the same are stamped or not:

Provided that nothing herein contained shall exempt the local authority which has issued such bonds, debentures or other securities from the duty chargeable in respect thereof prior to the twenty-sixth day of March, 1897, when such duty has not already been paid or remitted by order issued by the Central Government.

(3) In the case of willful neglect to pay the duty required by this section, the local authority shall be liable to forfeit to the Government a sum equal to ten per centum upon the amount of duty payable, and a like penalty for every month after the first month during which the neglect continues.



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