PERSONAL SECURITY BOND BY AN EMPLOYEE WITH SURETIES

That we ............, S/o Sh..............., R/o............, (obligor), ............, S/o Sh. .........., R/o............, (first Surety) and ............, S/o Sh..............., R/o ......................, (second Surety), bind ourselves jointly and severally to Sh. ............, S/o Sh..............., R/o............, (obligee) for the payment to the obligee of the sum of Rs.........

WHEREAS the above bounden obligor was on the ........ day of ...20………appointed to the office of treasurer of the estate of the obligee.

AND WHEREAS the obligor has been called upon to furnish security for an amount of Rs............. as indemnification to the obligee against all loss and damage which the obligee might suffer by reason of the property entrusted to the care of the obligor in the course of his duties. The loss so suffered shall be including but not limited to wastage, embezzlement, theft, or lost dishonestly, negligently or otherwise by the obligee.

AND WHEREAS the obligee has offered such security in .......... and as the verification of the value and adequacy of the security offered by the obligee is likely to take sometime and the execution of the security bond will consequently be delayed.

AND WHEREAS the obligee has called upon the obligor to execute a personal bond with two sureties temporarily for such time as the security bond aforesaid is not executed and registered.

AND WHEREAS the obligor and the said sureties have entered into the above written bond in the penal sum of Rs........... conditioned for the due performance of duties by the obligor and for the indemnity of the obligee against loss from the acts or defaults of the obligor until such times as the obligor offers adequate security and executes a registered security bond.

NOW the condition of the above-written bond is that till such time as the obligor is in the service of the obligee and duly performs and fulfills the duties assigned to him, or the obligor along with both the sureties mentioned above indemnify the obligee from all and every loss and damage caused to the obligee from any act, omission, neglect or default of the obligor in the course of discharge of his duties, or if the obligor executes the security bond as promised, then the above-written bond or obligation shall be void and of no effect, otherwise the same shall be and remain in full force.

HOWEVER, this bond shall cease to have any effect and shall be null and void simultaneous to the obligor executing, registering and delivering the security bond to the obligee as mentioned earlier.

The obligor as well as the sureties hereunder shall not terminate this bond except by providing six calendar months advance written notice to the obligee of their intention to do so. In such an eventuality, their joint and several liabilities under this bond shall continue in respect of all omissions and defaults on the part of the obligor until the expiration of the said period of six months.

In case the obligee grants any concessions to the obligor in respect of his failure or neglect in the performance of the services and duties the same shall not in any way release or exonerate the sureties or either of their executors or administrators in respect of their or his liability under the above-written bond.

IN WITNESSES to the above-written bond and to all the terms and conditions herein before contained we have signed hereunder this ...... day of ...........

Signatures of the Obligor

Signatures of the Surety No. 1

Signatures of the Surety No. 2

Date..........................

Witnesses:

1………………

2………………