The Bond Indemnity Agreement is a critical document in Nigerian commercial practice, particularly used when companies need to obtain bonds or guarantees for major projects or contracts. This agreement is essential for businesses engaging in government contracts, construction projects, or other ventures where performance bonds, advance payment bonds, or similar securities are required. The Indemnitor (usually the principal company) commits to protecting the Surety (typically an insurance company or bank) from any losses that might arise from claims made against the bond. Under Nigerian law, these agreements must comply with various regulations including the Companies and Allied Matters Act 2020 and relevant financial services legislation. The document typically includes detailed provisions for security arrangements, payment obligations, claims procedures, and enforcement mechanisms.
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1. Parties: Identification of the Indemnitor(s), the Surety/Bond Company, and the Obligee
2. Background: Context of the bond requirement, underlying obligation, and purpose of the indemnity
3. Definitions: Key terms used throughout the agreement including 'Bond', 'Principal', 'Loss', 'Claims', etc.
4. Indemnification Obligations: Core obligations of the Indemnitor to indemnify and hold harmless the Surety
5. Scope of Indemnity: Extent of indemnification including losses, costs, expenses, and legal fees
6. Security and Collateral: Requirements for security or collateral to support the indemnity obligation
7. Payment and Reimbursement: Terms for payment timing, method, and reimbursement procedures
8. Rights of the Surety: Surety's rights regarding settlement, defense of claims, and access to information
9. Representations and Warranties: Statements of fact and guarantees by the Indemnitor
10. Duration and Termination: Term of the agreement and conditions for termination
11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
12. Notices: Process and requirements for formal communications between parties
13. Execution: Signature blocks and execution requirements
1. Assignment: Include when transfer rights need to be addressed, particularly for corporate Indemnitors
2. Joint and Several Liability: Required when multiple Indemnitors are involved
3. Power of Attorney: Include when Surety requires authority to act on behalf of Indemnitor
4. Financial Statements: Include when ongoing financial reporting requirements are needed
5. Corporate Authorization: Required when Indemnitor is a corporate entity
6. Confidentiality: Include when sensitive commercial information is involved
7. Force Majeure: Optional clause for circumstances beyond parties' control
8. Amendment Procedure: Include when specific amendment processes need to be defined
1. Schedule 1 - Bond Details: Specific details of the bond(s) being indemnified including amount, type, and beneficiary
2. Schedule 2 - Security Details: Description of any security or collateral provided
3. Schedule 3 - Fee Schedule: Details of any fees, premiums, or charges
4. Schedule 4 - Claims Procedure: Detailed process for handling and responding to claims
5. Appendix A - Form of Notice: Standard template for formal notices under the agreement
6. Appendix B - Corporate Authority Documents: Required corporate resolutions and authorizations
7. Appendix C - Specimen Signatures: Authorized signatures for all parties
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