An indemnity bond is an agreement executed agreeing to indemnify the loss that may occur in future on account of the act favoured to the executant. An indemnity bond is a bond intended to reimburse the holder for any claimed or actual loss caused by the conduct of issuers or another person.
When the principal fails to perform according to conditions agreed between the obligee and the principal, then the indemnity bond acts as coverage for loss of an obligee.
It is a promise by a guarantor to pay the one party, which is, of course, the obligee, a certain amount, if another party is not able to fulfil the terms and conditions of a contract. The primary role of this bond is to protect the first party against losses that occur as a result of failure to meet the obligation by the principal. An indemnity bond is considered as a three-party agreement involving the obligee, the principal and the surety.
Indemnity Bond is required in various faculties and for various reasons such as:
1. Construction Industry
2. Buying a Home
3. Buying Companies or Shares
4. Government Indemnity Schemes
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