Indemnity bond
rakesh
(Querist) 09 June 2014
This query is : Resolved
my lawyer says it will cost 10k to make a indemnity bond for a loan of 10cr's.. is the amt accurate or is he asking for too much ..kindly let me know thanks
Devajyoti Barman
(Expert) 10 June 2014
advocate's fees differ from person to person.
If you have doubt consult another lawyer.
Guest
(Expert) 10 June 2014
Your problem seems to be fabricated.
Even if your case is real one that makes me wonder that you want to enjoy benefits of loan of 10 crores, but shy of spending merely Rs.10k, which is merely 0.001% of the loan amount, as a consultancy and processing fee of your lawyer.
If you go to some lawyer of a high status and good repute, he may quote even 100k for the job. Contrarily, a fresher can be able to charge merely Rs. 1k.
V R SHROFF
(Expert) 10 June 2014
Advocates fee differ with complications of case, care to be taken, when amt is 10 cr.
So I find nothing wrong in it.
Rajendra K Goyal
(Expert) 10 June 2014
Why you want to get it drafted from an advocate?
Will Bank accept drafting from outside lawyer without getting it vetted by their own lawyer?
Whether Bank is not having format of draft for the purpose?
Whether the lawyer is engaged by the Bank for such drafting, cost of which has to be paid by the client?
Lawyers fee differ from lawyer to lawyer.
malipeddi jaggarao
(Expert) 10 June 2014
What indemnity is required for the Bank for sanctioning Rs.10 cr?
Your property documents will be verified and legal opinion on the title will be given by the advocate who is in the approved panel of the Bank. Your lawyer can not to do anything. What type of work you are going to entrust him?
Sankaranarayanan
(Expert) 10 June 2014
It seems nominal fee, moreover the fee vary from one to another .
ajay sethi
(Expert) 10 June 2014
it is very reasonable
Guest
(Expert) 10 June 2014
Well advised by Mr.Dhingra. More over if you are so particular not to pay any lawyer fees search and get a draft of Indemnity Bond and prepare your self at your own risk.
malipeddi jaggarao
(Expert) 11 June 2014
I did not get answer to my doubt - Actually what type of indemnity bond he is required to prepare for obtaining bank loan?
Raj Kumar Makkad
(Expert) 11 June 2014
No indemnity bond is required to the bank, however, the guarantee is required for that purpose.
T. Kalaiselvan, Advocate
(Expert) 13 June 2014
The author has mis-spelt the bank loan opinion by a legal adviser of the bank for indemnity bond (if my guess is right). The fee namely Rupees ten thousand for a loan amount of Rupees ten crores seems to be very reasonable.
Sudhir Kumar, Advocate
(Expert) 17 June 2014
You win and all experts have lost in hide and seek game.
come with full facts of the case so that some expert can attempt advise.
