Surrender of IEC
2 years ago
Hi,
I had raised an online request for Surrender of IEC on 07/10/2021.
Recently, I received a Deficiency Letter stating the following:
"You are requested to furnish indemnity cum guarantee bond duly attested by notary for dues and liabilities against IEC"
Can you please provide me with a format for the above-mentioned Bond and the value of stamp paper required, if any?
Awaiting a prompt reply on the query. Thanks in advance.
A.Dear Sir,
You may approach the concerned office or persons who are having such format.
Helpful
Helpful
Share
A.INDEMNITY CUM SURETY BOND
This Indemnity cum Surety Bond is executed on this __________day of ____________________________200 by Shri/Smt./Miss_________________________________Son/Wife /Daughter of Shri________________________________________ Resident of________________________________________________ who has been offered employment by ___________ LIMITED (here in after referred to as “Company” ) selected as a trainee to be trained at ____________________ on behalf of the Company (hereinafter referred to as “Employee”) and Shri/Smt./Miss______________________________________Son/Dau ghter/Wife of Shri________________________________________ Resident of_____________________________________________________ (hereinafter referred to as “Surety for the employee”).
WHEREAS
The Company has accepted the candidature of the Employee to send him/her for training with
_______________________________ __________________________________ for a period of three years, the cost of which including other expenses will be borne by the Company and in consideration, the Company will avail the benefits of training of the Employee and as such the Employee will diligently and efficiently serve the Company for a minimum period of _____________ years and the salary of the Employee.
AND WHEREAS
at
The Employee has agreed to complete the training diligently for the special period which may be curtailed or extended by the Company.
AND WHEREAS the Company for a minimum period of 3 three years with a condition that in case the Employee will not complete the learning or quits the job before the specified period, the Company will be entitled to recover a sum of Rs._______________________ from the Employee as well as the Surety.
Now this Bond witnesseth that :
1. This bond will subsist throughout the service of the Employee with the Company and shall not be withdrawn by the said Surety for any reason whatsoever unless one calendar month’s notice in writing is given of his intention to do so and till the expiry of the said notice period and without prejudice to whatever liability that he has incurred till the expiry of the notice period. The Surety shall continue to be responsible for acts/omissions of the Employee as stipulated herein before and shall be discharged only when a letter to this effect has been issued by the Company.
2. In the event of the said Surety withdrawing or any said Surety becoming financially unsound or otherwise, the Company believes that the Surety is no longer sound because
the Employee has been entrusted with higher responsibilities or otherwise then unless the said Employee agrees to give another sound surety acceptable to the employer within one month of his being required to do so, he will be liable to be discharged from the service with one month’s notice.
3. The Surety shall inform the Company in writing as and when there is material change in his financial position but that in itself, will, in no way, absolve him from the responsibility under this Bond.
4. The Employee and surety do hereby agree and bound themselves jointly and severally to indemnify and to pay to the Company the specified amount of damages without any question or determination of its quantum.
5. It is hereby agreed by the “Employee” his Surety and the ‘Company’ that all disputes relating to this Bond shall be referred for arbitration as per the Arbitration & Conciliation Act and the decision of the arbitrator shall be final and binding upon the parties.
Having clearly understood terms and conditions settled hereinabove and in witness thereof the parties do hereby affix their signature on the day mention above.
WITNESSES :
1 .............................. ..............................
2 .............................. ..............................
................................. Signature of the Employee
.................................... Signature of the Surety
.................................... Signature of the Employer
This Indemnity cum Surety Bond is executed on this __________day of ____________________________200 by Shri/Smt./Miss_________________________________Son/Wife /Daughter of Shri________________________________________ Resident of________________________________________________ who has been offered employment by ___________ LIMITED (here in after referred to as “Company” ) selected as a trainee to be trained at ____________________ on behalf of the Company (hereinafter referred to as “Employee”) and Shri/Smt./Miss______________________________________Son/Dau ghter/Wife of Shri________________________________________ Resident of_____________________________________________________ (hereinafter referred to as “Surety for the employee”).
WHEREAS
The Company has accepted the candidature of the Employee to send him/her for training with
_______________________________ __________________________________ for a period of three years, the cost of which including other expenses will be borne by the Company and in consideration, the Company will avail the benefits of training of the Employee and as such the Employee will diligently and efficiently serve the Company for a minimum period of _____________ years and the salary of the Employee.
AND WHEREAS
at
The Employee has agreed to complete the training diligently for the special period which may be curtailed or extended by the Company.
AND WHEREAS the Company for a minimum period of 3 three years with a condition that in case the Employee will not complete the learning or quits the job before the specified period, the Company will be entitled to recover a sum of Rs._______________________ from the Employee as well as the Surety.
Now this Bond witnesseth that :
1. This bond will subsist throughout the service of the Employee with the Company and shall not be withdrawn by the said Surety for any reason whatsoever unless one calendar month’s notice in writing is given of his intention to do so and till the expiry of the said notice period and without prejudice to whatever liability that he has incurred till the expiry of the notice period. The Surety shall continue to be responsible for acts/omissions of the Employee as stipulated herein before and shall be discharged only when a letter to this effect has been issued by the Company.
2. In the event of the said Surety withdrawing or any said Surety becoming financially unsound or otherwise, the Company believes that the Surety is no longer sound because
the Employee has been entrusted with higher responsibilities or otherwise then unless the said Employee agrees to give another sound surety acceptable to the employer within one month of his being required to do so, he will be liable to be discharged from the service with one month’s notice.
3. The Surety shall inform the Company in writing as and when there is material change in his financial position but that in itself, will, in no way, absolve him from the responsibility under this Bond.
4. The Employee and surety do hereby agree and bound themselves jointly and severally to indemnify and to pay to the Company the specified amount of damages without any question or determination of its quantum.
5. It is hereby agreed by the “Employee” his Surety and the ‘Company’ that all disputes relating to this Bond shall be referred for arbitration as per the Arbitration & Conciliation Act and the decision of the arbitrator shall be final and binding upon the parties.
Having clearly understood terms and conditions settled hereinabove and in witness thereof the parties do hereby affix their signature on the day mention above.
WITNESSES :
1 .............................. ..............................
2 .............................. ..............................
................................. Signature of the Employee
.................................... Signature of the Surety
.................................... Signature of the Employer
Helpful
Helpful
Share
Read Related Answers
Gel blaster in customs
Dear Client,
The customs clearance of your gel blaster toy gun, especially if it closely resembles a real firearm. The seller is expressing concern and asking you to handle the clearance.
Research...
Civil suit S C Suit No 4910 of 2021 & S C Suit No 1126 of 2022
Dear sir
Before giving any legal advise it is better to share all the documents in person either with me or any other nearest advocate to get effective legal advise.
Recvd Call letter-cum-cause show notice dated 26th Nov 2021 today
Dear Sir,
Section 111 in the Customs Act, 1962 Penalty of five thousand rupees
111. Confiscation of improperly imported goods, etc.—The following goods brought from a place outside India shall be li...
Import Formalities Foreign Trade/International Trade
Dear client,
All producers, including importers, are mandated to obtain registration from CPCB through the online portal. CPCB has requested customs authorities to verify the online-generated EPR regi...
Info about selling cigarettes and tobacco products in Kerala
Dear client,
As per the tobacco control laws, there are no restrictions on internet sales or the sale of small packets of cigarettes or other tobacco products. The sale of tobacco products is prohibit...
Read Blogs on Customs, Excise
Customs, Excise Lawyers
Find Lawyers by Location
