Validity of indemnity bond

hiten (Querist) 17 October 2011 This query is : Resolved
Dear All,

Please advise on validity of indemnity bond signed by seller of flat given to housing society.

Can it be more than 7 years if number of yrs is not mentioned on the bond?

Please advise.

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Shailesh Kr. Shah (Expert) 17 October 2011
replied at previous thread.

prabhakar singh (Expert) 17 October 2011
It is valid for ever or for three years from the date any cause of action to sue you arises in favor of society for which you have agreed to indemnify the society.

Raj Kumar Makkad (Expert) 17 October 2011
It is valid for life and even successors and legal heirs are also bound if such words have been used therein.