General Form of Security Bond to be Executed by an Employee with Two Sureties

General Form of Security Bond to be Executed by an Employee with Two Sureties

KNOW ALL MEN BY this Security Bond we, AB (employee) of, etc. etc. and CD (first surety) of etc. etc. and EF (second surety) of etc. are firmly held and bound unto GH (employer) of etc., in the sum of Rupees …………… (Rs. ………) only of lawful good money to be paid to the said employer, or his heirs, executors, administrators and representatives for which payment will and truly to be made, we bind ourselves and our respective heirs, executors, administrators and representatives jointly, severally and respectively.

Sealed with our seals this …………… day of …………… 2000.

WHEREAS the above-bound AB was on the ………… day of ……… 2000 provided with a job under the employer and now holds and exercises the office of Cashier in terms of an agreement dated …………… made between the said AB and the employer (or in terms of the letter of appointment dated ……… issued by the employer) and whereas by virtue of such office and other office or offices so which the employee may hereafter be promoted or transferred or appointed the said employee is presently and in future will be entrusted with the care and responsibility of handling and keeping in safe custody of various money, currency, shares and other valuable securities, papers, documents and also property and goods belonging to the employer subject to the supervision and check of the employer or any person appointed by him and whereas the employee in such course of employment is also bound to keep and maintain or cause to be kept and maintained a true and faithful account of the said money, shares, securities etc.

NOW THE CONDITION of the above-written bond or obligation is such that if the employee shall all along during the continuity of his service under the employer whether, in the original or in any promoted or transferred post, keep and maintain or cause to be kept and maintained a true and proper account of all such money, cash, shares, securities, etc., and/or otherwise always duly and faithfully perform and discharge the duties of such office or offices which he shall hold and exercise for the time being or in the alternative if the said AB, CD and EF shall indemnify and keep indemnified the employer, his heirs, executors, administrators or assigns against all and every loss and damage or injury caused to and costs, charges and expenses incurred by the employer by reason of any act, default, error in judgment on the part of the said AB, then the above-written bond or obligation shall be void and of no effect, otherwise the same shall be and remain in full force and virtue.

PROVIDED, HOWEVER, notwithstanding anything hereinbefore contained, it is hereby mutually agreed and declared by and between the parties that none of the two sureties, viz., the said CD and EF shall in any case be at liberty or shall have the power to terminate their suretyship under this bond except upon giving to the employer three weeks’ prior notice in writing of his or their intention so to do and in any event such termination shall not  take effect and so be without prejudice to the right of the employer to seek redress on all claims then already arisen and this bond shall, accordingly, continue and remain valid in respect of all acts, defaults, omissions, error in judgment on the part of the employee as against them as their past liability under this bond.

IN WITNESS WHEREOF we have hereto set our respective hands and seal this ………… day of …………… 2000.

Signed, sealed and delivered                                                                                           CD

in the presence of:                                                                                                         EF