The Bond Indemnity Form is a fundamental document in Philippine business and legal practice, particularly when companies or individuals need to obtain bonds for various purposes such as bidding, performance guarantees, or regulatory compliance. This document becomes necessary when a principal seeks a bond from a surety company, as the surety requires protection against potential claims or losses that may arise from issuing the bond. The Bond Indemnity Form, governed by Philippine law, typically includes comprehensive details about the parties' obligations, the specific bond being guaranteed, indemnification terms, and security arrangements. It's commonly used in construction projects, government contracts, and other business ventures where bonds are required by law or contract. The document must comply with the Civil Code of the Philippines, the Securities Regulation Code, and other relevant Philippine legislation governing bonds and indemnity agreements.
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Key Requirements PROMPT example:
Bond Indemnity Form
"I need a Bond Indemnity Form for a construction project in Manila, where my company will be the principal indemnitor for a performance bond of 5 million Philippine Pesos, to be issued by ABC Insurance Company for a government infrastructure project starting March 2025."
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1. Parties: Identifies all parties to the agreement: Principal (Indemnitor), Surety Company, and Obligee
2. Background: Explains the context of the bond requirement and the relationship between the parties
3. Definitions: Defines key terms used throughout the document including 'Bond', 'Loss', 'Claim', and 'Indemnity'
4. Bond Details: Specifies the type, amount, and purpose of the bond being indemnified
5. Indemnification Obligations: Details the principal's obligation to indemnify the surety against all losses, claims, and expenses
6. Payment Terms: Specifies when and how payments must be made to satisfy the indemnity obligation
7. Security Provisions: Outlines any collateral or security requirements to support the indemnity
8. Claims Procedure: Details the process for making and responding to claims under the indemnity
9. Representations and Warranties: States the promises and guarantees made by the indemnitor
10. Term and Termination: Specifies the duration of the indemnity and conditions for termination
11. Governing Law and Jurisdiction: Confirms Philippine law as governing law and specifies jurisdiction for disputes
1. Multiple Indemnitors: Additional provisions when there are multiple parties providing indemnity, establishing joint and several liability
2. Corporate Authority: Required when the indemnitor is a corporation, confirming corporate power to enter into the agreement
3. Assignment: Provisions regarding the ability to assign rights under the agreement, if permitted
4. Confidentiality: Terms regarding the confidentiality of information shared between parties
5. Insurance Requirements: Specific insurance obligations of the principal/indemnitor
6. Attorney's Fees: Provisions for recovery of legal costs in enforcement of the indemnity
1. Schedule A - Bond Details: Detailed description of the bond(s) being indemnified, including bond numbers and amounts
2. Schedule B - Security Details: Details of any collateral or security provided to support the indemnity
3. Schedule C - Authorized Signatories: List of persons authorized to act on behalf of the parties
4. Appendix 1 - Claim Form Template: Standard form for making claims under the indemnity
5. Appendix 2 - Required Documents: List of documents required for claims processing or bond issuance
Authors
Relevant legal definitions
Clauses
Relevant Industries
Construction
Real Estate Development
Banking and Financial Services
Insurance
Government Contracting
Manufacturing
Import/Export
Mining
Telecommunications
Infrastructure Development
Public Utilities
Transportation
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Operations
Procurement
Corporate Secretariat
Business Development
Contract Administration
Relevant Roles
Chief Financial Officer
Risk Manager
Legal Counsel
Compliance Officer
Contract Manager
Project Manager
Business Development Manager
Treasury Manager
Corporate Secretary
Finance Director
Operations Manager
Procurement Manager
Insurance Manager
Bond Administrator
Commercial Director
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