Bond By Debtor And Surety For Existing Liability Legal Draft Template

This

bond is executed on this..day of..at . jointly by :1.

Mr. HR s/o BS r/o , hereinafter called the debtor and2.

Mr. RM s/o RM r/o .., hereinafter called the security.Whereas

Mr. HR has borrowed a sum of Rsfrom Mr. JS s/o Mr. BS r/o .

on.with an interest on 18% per annum.Whereas

the said sum was to be refunded alongwith interest latest by ..Whereas

the debtor failed to return the principal amount and interest within time.Whereas

the creditor has agreed not to institute a civil suit for recovery of the said

sum, provided some body stands as surety.I.

RM, above named, stand a surety and give this bond after the signature of

debtor and myself and agree that the debtor shall pay the said sum in 12

monthly instalments alongwith interest at the rate of 24% per annum.I

further agree that in case of failure to pay the money by debtor in time, the

whole amount shall become payable at once.Witnesses:1. Name

Signature .Address..

(HR)2.

Name Signature.Address..(RM)