Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

GOKULDAS KAMATH (EX BANKER)     04 August 2012

Surety bond

Can any honorable lawyer  or visitor to this forum can clarify following points

1. Whether a blank  indemnity and surety bond signed is valid document  in a court of law if a civil suit is filed against the signatories after filling it

2.Is there any notice period required to be given to the sureties invoking the surety bond before filing a suit against the sureties

3. If there are any lapses on the part of the beneficiary of surety bond in respect of matter related to losses suffered by the beneficiary which he is claiming from surety through court of law,whether the invoking of surety bond is valid and enforceable



Learning

 1 Replies

Adv Archana Deshmukh (Practicing Advocate)     04 August 2012

1. It is definately not valid. If it is proved in the court that at the time of obtaining the signature of the sureties it was blank, then the sureties are not liable.

 

2. Notice should be given to the sureties to pay the bond amount before filing suit.

 

3. Depends upon facts and circumstances of the case as to what are the lapses and how much serious they are.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register