Surety Bond Greeley Colorado | Surety Bond How It Works

FORM G.F.R. 21 (SEE Rule 181) Form of Surety Bond KNOW ALL

FORM G.F.R. 21 (SEE Rule 181)
Form of Surety Bond
KNOW ALL MEN BY THESE PRESENTS THAT I ………………………………………… son of ………………… …………
…………………………… resident of …………………………… In the District of ……………………………………… at present
employed as a permanent ………………………………………… in the …………………………… (hereinafter called "the
Surety") am held and firmly bound up the President of ICAR (Hereinafter called "the Government" which
expression shall include his successors and assignees) in the sum of
Rs. ……………… (Rupees …………………………………………………………………) with interest as hereinafter specified and
all cost between attorney and client all charges and expenses that shall or may have been incurred by or
occasioned to the Government to be paid to the Government FOR WHICH PAYMENT to be well and truly
made I hereby bind myself, my heirs, executors, administrators and representatives firmly by these
presents. As witness my hand …………………………… day of ……………………………………
One thousand nine
hundred and …………………………………WHEREAS the Government has agreed to grant to
………………………………………………………………………………… Son of ………………………………………… Resident of
………………………………………… in the district of ………………… at present employed as temporary
…………………………… in the …………………………… (hereinafter called "the borrower") at the borrower's own
request an advance of Rs …………………………… (Rupees …………………………… ) for the ………………… …… AND
WHEREAS THE BORROWER has undertaken to repay the said amount in ………………………… Equal monthly
installments with interest as calculated at the rate and in the manner prescribed under Rule 198 and
Government of India's Decisions (1) and (2) thereunder of the General Finance Rules, 1963, thereon or
on so much thereof as shall for the time being remain due and unpaid calculated at fixed Govt., rates in
force Government loans from the day of the advance.
AND WHEREAS in consideration of the Government having agreed to grant the aforesaid advance to the
Borrower the Surety has agreed to executive above bond with such condition as hereunder is written.
NOW THE CONDITION OF THE ABOVE WRITTEN Bond is that if the said Borrower shall, while employed in
the said ………………………………….. DULY and regularly pay or cause to be paid to the Government the
amount of the aforesaid advance owing to the Government by installments with interest as calculated in
the aforesaid manner thereon or son so much thereof as shall for the time being remain due and unpaid
calculated at fixed Government rates in force for Government loans from the day of advance until the said
sum of Rs. ……………… (Rupees …………………………………………………) with interest as calculated in the aforesaid
manner shall be duly paid, then this bond shall be viod otherwise the same shall be and remain in full
force and virtue.
BUT SO NEVERTHELESS that if the Borrower shall die or become insolvent or at any time case to be in the
service of the Government, the whole or so much of the said principal sum of Rs. ……………… (Rupees
…………………………………………… ) thereof as shall then remain unpaid and the interest due on the said
principal sum calculated in the aforesaid manner form the day of the advance shall immediately become
due and payable to the Government and be recoverable from the surety in one installment by virtue of
this bond.
The obligation under-taken by the surety shall not be discharged or in any way affected by an extension
of time or any other indulgence granted by the Government of the said borrower whether with or without
the knowledge or consent of the Surety.
The Government have agreed to bear the stamp duty, if any, for this document.
Signed and delivered (Signature of Surety)
By the said ……………………… Designation……………………… Office to which attached ……………………………
at …………………………………………………
this ……………………………… In the presence of :
of ………………………………… i) ………………………………………
20.. ……………… ………
ii) ……………………………………
Signature:
Address & Occupation of the Witnesses :
ACCEPTED
For and on behalf of the President of ICAR