LETTER OF INDEMNITY
THISLETTER OF INDEMNITY is given on this the ____ day of _______________:
(hereinafter called ‘the Indemnifier’);
IN FAVOUR OF
(hereinafter referred to as the ‘COMPANY 1)
1. In consideration of the compromise between the Indemnifier and COMPANY 1, the Indemnifier hereby agrees and undertakes to indemnify COMPANY 1 and its officials or employees for any or all losses, claims, expenses, damages, liabilities and costs incurred or to be incurred by them or any of them in consequence of, arising out of, in connection with or in relation to any claim by the Tax Authority with regard to payment of salaries and gratuity to the Indemnifier:
i. on account of short deduction of Tk. 3,53,009.00 regarding the salary paid by COMPANY 1 for the year July 2003 – June 2004;
ii. on account of short deduction of Tk. 3,76,305.00 regarding the salary paid by COMPANY 1 for the year July 2004 – June 2005;
iii. on account of short deduction of Tk. 16,25,000.00 regarding the special gratuity/settlement amount of Tk. 65,00,000.00 paid by COMPANY 1; and
iv. on account of any payments made by COMPANY 1 to the Indemnifier in the course of his employment with COMPANY 1.
2. The Indemnifier agrees to pay COMPANY 1 on demand all sum or sums of money due or payable to COMPANY 1 for any or all losses, claims, expenses, damages, liabilities and costs incurred or to be incurred by COMPANY 1 in consequence of COMPANY 1 exercising its right and entitlement under the foregoing Clause 1 within 10 (ten) Business Day (being a day open for business for banks and financial institutions in Bangladesh) from the date of the written demand.
3. Any certificate or determination of COMPANY 1, supported by the relevant documents, as to the amount payable by the Indemnifier under this undertaking shall, in the absence of manifest error, be binding and conclusive on the Indemnifier.
4. The Indemnifier agrees that his heirs, successors-in-interest and legal representatives shall be bound by the terms of this Indemnity.
IN WITNESS WHEREOF, THIS LETTER OF INDEMNITY IS EXECUTED BY THE INDEMNIFIER AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE.
|Signed in the presence of (signature, name and address of witness):-1.
|____________________________(Signature of the INDEMNIFIER)|
For: “The Lawyers & Jurists”
M.L.Hotel Tower Ltd,208,Shahid Syed Nazrul Islam Sarani,
Bijoy Nagar, Dhaka-1000.