BOND GIVEN BY CONTRACTOR GUARANTEEING FULFILMENT OF CONTRACTUAL OBLIGATIONS
BY THIS BOND _________________ [obligor company] (hereinafter called the contractor) having its registered office at _____________________ [address] and ______________ [Guaranteeing company] (hereinafter called the surety) having its registered office at _____________ [address] are bound to [local authority] (hereinafter called the corporation) in the sum of Rs. ________ for the payment of which sum to the corporation the contractor and the surety bind themselves jointly and severally by this bond.
Signed with our respective seals and dated this ________ day of ________.
WHEREAS the contractor by an agreement made between the employer of the one part and the contractor of the other part has entered into a contract (hereinafter called “the said contract”) for the construction completion and maintenance of certain works as therein mentioned in conformity with the provisions of the said contract.
NOW THE CONDITION of the above-written bond is such that if the contractor shall duly perform and observe all the terms provisions conditions and stipulations of the said contract on the contractor’s part to be performed and observed according to the true purport intent and meaning thereof or if on default by the contractor the sureties [or surety] shall satisfy and discharge the damages sustained by the employer thereby up to the amount of the above-written bond then this obligation shall be null and void but otherwise shall be and remain in full force and effect but no alteration in terms of the said contract made by agreement between the employer and the contractor or in the extent or nature of the works to be constructed completed and maintained thereunder and no allowance of time by the employer or the engineer under the said contract nor any forbearance or forgiveness in or in respect of any matter or thing concerning the said contract on the part of the employer or the said engineer shall in any way release the sureties [or surety] from any liability under the above-written bond.
Signed etc. [or The common seal of, etc.]
[Signatures and seals of contractor and sureties or surety if individuals, or common seals, if corporate bodies]
