INDLMNI1 8CND WI1n SUkL1

1hls lndemnlty ls made and executed at________ on thls ________ day ol

________ 20__ by Shrl/Smt/Ms ______________________________
son/daughter ol Shrl __________________________ a permanent resldent ol
________________________________________________________ herelnalter
called Lmployee", the party ol the llrst part,
AND
Shrl/Smt/Ms ________________________ son/daughter ol Shrl _____________
a permanent resldent ol _____________________________________________
_____________________________ herelnalter called "Surety", the party ol the
second part, ln lAvCu8 Cl un[ab natlonal 8ank, a body corporate constltuted
under the provlslons ol 8anklng Companles (Acqulsltlon & 1ransler ol
undertaklngs) Act, 1970, havlng lts Pead Clllce at 7, 8hlkhal[l Cama lace, new
uelhl-110066 herelnalter called "Lmp|oyer 8ank".
1he terms 'Lmp|oyee', 'Surety' and the 'Lmp|oyer 8ank' unless repugnant to the
context shall mean and lnclude thelr helrs, legal representatlves, successors,
executors and admlnlstrators.
WPL8LAS the Lmployee has been selected lor appolntment as
___________________________ ln ____________ ln the servlce ol the
Lmployer 8ank.
WPL8LAS an Cller ol Appolntment contalnlng the terms and condltlons
ol the appolntment has already been lssued to the Lmployee vlde letter
no. ____________________ dated_____ol the Lmployer 8ank.
WPL8LAS the acceptance ol the terms and condltlons ol the
appolntment has already been communlcated to the Lmployer 8ank on
________________ by the Lmployee.
WPL8LAS one ol the terms and condltlons ol the appolntment ls that
Lmployee has to serve the Lmployer 8ank vlz. un[ab Nat|ona| 8ank for a
m|n|mum per|od of ____ years after appo|ntment and has to execute an
|ndemn|ty w|th surety |n favour of Lmp|oyer 8ank.
nCW 1PlS lnuLn1u8L Wl1nLSSL1P as under:
1. ln compllance ol the aloresald condltlon ln Cller ol Appolntment sub[ect
to whlch the Lmployer 8ank has agreed to glve appolntment to the
Lmployee, the Lmployee hereby undertakes to serve the Lmployer 8ank
lor a mlnlmum perlod ol ____ years.
2. 1he party ol the second part l.e. ___________________ agrees to stand
as Surety lor the due perlormance ol the obllgatlon ol the Lmployee
under thls agreement ol lndemnlty. In case of breach of the terms of
th|s |ndemn|ty by the Lmp|oyee and lallure to lndemnlly the 8ank, the
Surety shall be [olntly and severally llable to pay 8s._________(8upees
_______________________________) to Lmployer-8ank wlth lnterest at
12 p.a. per annum, lmmedlately on demand.
3. 1he Lmp|oyee further agrees and undertakes that |n case he]she
comm|ts breach of the above cond|t|on and res|gns from or
|eaves]abandons the serv|ce and ]or neg|ects |n performance of the
duty ass|gned to h|m]her |ead|ng to term|nat|on of h|s]her serv|ce as
per ru|es]regu|at|ons by the Lmp|oyer-8ank, he]she w||| |ndemn|fy the
bank for a|| |osses, costs, charges and expenses upto extent of ks.___
|acs and pay an amount of
ks.________(kupees__________________________) on|y w|th the
|nterest thereon Q 12X per annum from the date of breach of the
above t||| payment as ||qu|dated damages]cost of tra|n|ng |nc|ud|ng on
the [ob tra|n|ng, the expenses wh|ch the bank has |ncurred]may have to
|ncur |n recru|t|ng another emp|oyee at h|s]her p|ace, and a|so on
account of bus|ness |oss suffered]to be suffered by Lmp|oyer-8ank
dur|ng |nterven|ng per|od. 1he emp|oyee and surety agree that
assessment of ||qu|dated damages as assessed as ks._________ are
reasonab|e, wh|ch they both agree to pay [o|nt|y and severa||y |n case
demand |s made by the emp|oyer bank.
4. nothwlthstandlng anythlng contalned hereln above, lurnlshlng ol thls
lndemnlty wlll not create any rlght ln lavour ol the Lmployee to contlnue
ln the servlce ol Lmployer 8ank lor the aloresald term ol ____ years, and
the Lmployer-8ank shall always have the rlght to take approprlate actlon
agalnst the Lmployee as per terms ol the appolntment letter and/or the
rules and regulatlons ol the employer bank as appllcable, ln case ol
commlsslon ol any mlsconduct by the Lmployee.
3. 1he amount specllled above shall constltute a debt owlng to the
Lmployer-8ank and shall be recoverable lrom the Lmployee and the
Surety [olntly and severally wlth lnterest thereon at the rate specllled
above tlll payment.
ln Wl1nLSS whereol, the LMLC?LL & the Su8L1? have put thelr slgnatures ln
the presence ol the wltnesses.
Slgned and dellvered by the arty ol the llrst part l.e. the Lmployee havlng read
and understood the contents terms ol thls
Agreement___________________________________
Slgned and dellvered by the arty ol the second part l.e. the Surety havlng read
and understood the contents/terms ol the Agreement _____________________
1. Wl1nLSS:
nAML & Auu8LSS:
2. Wl1nLSS:
nAML & Auu8LSS