The Bond Indemnity Form is a fundamental document in Malaysian commercial practice, commonly used when a bank or financial institution issues a bond on behalf of a principal party. This document is essential when companies require bonds for various commercial purposes such as project tenders, construction contracts, or trade obligations. The indemnity form protects the bond issuer by ensuring they can recover any payments made under the bond from the principal party. Under Malaysian law, the document must comply with the Contracts Act 1950 and Financial Services Act 2013, among other relevant legislation. The Bond Indemnity Form typically includes detailed provisions on the scope of indemnity, payment obligations, representations and warranties, and enforcement mechanisms.
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1. Parties: Identifies the indemnifier(s) and the party being indemnified (typically the bond issuer)
2. Background: Sets out the context of the bond issuance and the need for the indemnity
3. Definitions: Defines key terms used throughout the document including 'Bond', 'Principal', 'Obligation', and 'Indemnity'
4. Indemnity: Core section detailing the scope and nature of the indemnity obligation
5. Payment Obligations: Specifies the timing, method, and conditions for indemnity payments
6. Representations and Warranties: Standard declarations by the indemnifier about their capacity and authority
7. Duration: Specifies the term of the indemnity and conditions for termination
8. Notices: Details how formal communications between parties should be made
9. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and establishes jurisdiction for disputes
10. Execution: Signature blocks and execution formalities
1. Security: Required when specific assets are pledged as additional security for the indemnity
2. Joint and Several Liability: Needed when there are multiple indemnifiers
3. Assignment: Include when transfer rights need to be specifically addressed
4. Step-In Rights: Required when the indemnified party needs rights to take over certain obligations
5. Insurance: Include when specific insurance requirements are needed to support the indemnity
6. Costs and Expenses: Detailed section on cost allocation, needed in complex arrangements
1. Bond Details: Full details of the bond including amount, beneficiary, and purpose
2. Form of Demand: Template for making claims under the indemnity
3. Security Details: If applicable, details of any security provided
4. Payment Schedule: If relevant, schedule of any periodic payments or financial obligations
5. Authorized Signatories: List of persons authorized to act under the indemnity
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