Indemnity By Debtor To His Guarantor Legal Draft Template
| Category | Agreements Indemnity |
| Format | |
| File name | Indemnity by Debtor to his Guarantor |
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Industry-standard template for reference. Adapt it with DraftPilot (AI copilot), compare clause-by-clause in our comparison workspace, or download and edit offline. Consult a qualified advocate before filing or execution.
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Deed Of Indemnity is
made at ...... this ..... day of..,.. between Mr. A residing at .....
hereinafter referred to as "the Debtor' of the One Part and Mr. B residing
at .... hereinafter referred to as 'the Guarantor' of the Other Part.Whereas by a Deed of
Guarantee executed by the Guarantor on the.....day of ..... in favour of ......
Bank. the Guarantor has guaranteed repayment of the amount of Rs ........
borrowed by the Debtor from the said Bank with interest and costs to the said
Bank.And Whereas the
Guarantor has requested the Debtor to execute a Deed of Indemnity In favour of
the Guarantor for any loss and expenses he may suffer on account of the non
payment of the said loan with interest and costs by the Debtor to the said Bank
and the Bank recovering the same from the Guarantor and which the Debtor has
agreed to do.NOW THIS DEED
WITNESSETH that pursuant to the agreement and in the premises the Debtor doth
hereby agree to indemnify and keep indemnified the Guarantor in the event of
his being required to make payment of the said loan with interest and costs to
the said Bank and against all loss, costs, charges and expenses he the
Guarantor may suffer or incur on account thereof. And it is declared that this
indemnity is without prejudice to and is in addition to the rights of
subrogation of the Guarantor in law.IN WITNESS WHEREOF
the Debtor has put his hand the day and year first hereinabove written.Signed and delivered
by the withinnamed Debtor Mr. A In the presence of ......