Securing the Faithful Service of an Employee

Bond to a Firm with Surety for

Securing the Faithful Service of an Employee

Know all men by these presents that we, M (employee) son of ………… residing at ………………………… and N (surety) son of ………………… residing at ……… are hereby held and firmly bound unto AB and CD carrying on business in co-partnership under the name and style of  ……………………… at premises No. ……… in the sum of Rs. …………  (Rupees ………) of lawful good money to be paid to the said AB and CD or their successors and assigns constituting the said partnership firm for which payment is to be truly and faithfully made we bind ourselves and also our respective heirs, executors, administrators and representatives.

SEALED  with our respective seals this ………… day of ………… 19…… Whereas  the above-named firm has agreed to provide the employee with a job and for that purpose appointed him at present as the cashier and accountant combined provisionally on terms and conditions contained in an agreement bearing the same date with these presents and executed almost simultaneously and upon the said employee and the above surety entering into a bond in favour of the said AB and CD for the amount and on terms hereunder contained.

Now the condition of the above-written bond or obligation is such that if the said employee while in employment whether in the original or in any promotion or transferred post under the said partners or the survivor of them or other person or persons for the time being constituting the firm shall duly and faithfully devote to and execute, perform and discharge all the duties of his office without causing any injury, loss or damage by reason of any act, default, negligence or error in judgment to the employer or in the alternative if the said employee and/or the surety or either of them shall from time to time and at all times hereafter indemnify and keep indemnified the said partners and other persons constituting the firm for the time being against all loss, damages, costs, charges and expenses which he or they or any of them shall or may sustain by reason of any act, default, misconduct, negligence, error in judgment, breach of duty, embezzlement and mismanagement on the part of the said employee, then and in such an event the above-written bond shall stand void and cancelled and be of no effect, otherwise the same shall remain in full force.

Signed, sealed and delivered                                                                                           M

In the presence of:                                                                                                         N

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