BOND BY A DEBTOR FOR PAYMENT OF A DEBT BY INSTALMENTS

 

BY THIS BOND I _____________________ [insert the name, address etc. obligor] bind myself to __________________ [insert the name, address etc. obligee] for the payment to him of the sum of Rs. ________.

Signed this _______ day of ________.

WHEREAS:

1. The said [obligor] is indebted to the said [obligee] in the sum of Rs. ____________ as the said [obligor] hereby acknowledges.
2. At the request of the said [obligor] the said [obligee] has agreed to take payment of the said debt [with interest] by the instalments and at the times hereinafter mentioned on the terms that the payment of the said instalments [and interest] at the said respective times and in case of any default then the immediate payment of the said sum of Rs. __________ [the debt] or the unpaid part thereof [with interest] should be secured by the above-mentioned obligation conditioned as is hereinafter mentioned.

NOW THE ABOVE-WRITTEN OBLIGATION is conditioned to be void in either of?the cases following, namely:

1. In case the said [obligor] or his personal representatives shall on the ________ day of ______ and _____ day of ______ in every year commencing with the _______ day of ______ next [or within ______ days after each such respective day] pay to the said [obligee] his, personal representatives or assigns the sum of Rs. ___________[half-yearly instalment] [together with interest on the said sum of ________ [the debt] or such part thereof as shall not have been paid at the rate of _____ per cent per annum] until the whole of the said sum of Rs. ____ [the debt] with interest shall be fully paid.
2. In case any of the said half-yearly payments of principal [or interest] shall from any cause whatever not be paid upon the days hereinbefore mentioned for such respective payment [or within _______ days thereafter] the said [obligor] or his personal representatives shall forthwith [or upon demand] pay to the said [obligee] his personal representatives or assigns the whole balance then remaining unpaid of the said sum of Rs. _________ [the debt] [with interest].

Signed etc.

 

[Signature and seal of obligor]