Indemnity Bond
Legal indemnity bond for guaranteeing compensation against loss, damage, or liability under the Contract Act, 1872 as applicable in Pakistan.
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Instructions
2. Fill in the indemnifier's complete details including CNIC
3. Enter the indemnified party's details
4. Clearly describe the purpose requiring the indemnity
5. Specify the maximum indemnity amount in PKR
6. Print and sign in the presence of two witnesses
7. Get the bond attested by a Notary Public or Oath Commissioner
8. Both parties should retain copies
Frequently Asked Questions
What is an Indemnity Bond under Pakistani law?
An Indemnity Bond is governed by Sections 124-147 of the Contract Act, 1872 (as applicable in Pakistan). The indemnifier promises to compensate the indemnified party against loss, damage, or liability arising from a specified situation.
What stamp paper value is required for an Indemnity Bond in Pakistan?
Stamp duty varies by province. In Punjab, it's typically Rs. 50-100 for bonds up to Rs. 1,000,000. For higher amounts, consult the applicable provincial Stamp Act schedule. The bond should be executed on non-judicial stamp paper of appropriate value.
Is attestation by a Notary Public mandatory?
While not always legally mandatory, attestation by a Notary Public or Oath Commissioner is strongly recommended as it makes the bond more enforceable. Many banks and government departments require attested indemnity bonds.
Can an Indemnity Bond be enforced in court?
Yes, an Indemnity Bond is legally enforceable in Pakistani courts under the Contract Act, 1872. The indemnified party can file a civil suit for recovery of the indemnity amount if the indemnifier fails to honor the bond.
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