Indemnity bond

Gauri (Querist) 14 April 2016 This query is : Resolved
We are constructing our building and the owner of adjacent building demanding Indemnity Bond for any future losses which we really don't want to give. please advise me, whether it is mandatory to provide the same? Is it the practice all around?

Thanks in advance.

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Devajyoti Barman (Expert) 14 April 2016
The adjencent building owner can not insist any indemnity bond. So ignore his demand and carry on your work.

Gauri (Querist) 14 April 2016
thanks sir for your prompt reply,
actually this is an industrial building can we still ignore it and what reason should we give to him for not providing the same.

thanks.

Rajendra K Goyal (Expert) 14 April 2016
Adjacent building owner can not ask for the indemnity.

Kumar Doab (Expert) 14 April 2016
Agreed with experts.

Hemant Agarwal (Expert) 28 August 2017
1. The owner /developer of the New Construction site is "legally & criminally liable" for "any & all" damages caused to the neighbouring structures & residents, if any, due to the fallout of the new construction activities.

2. Indemnity Bond or not is immaterial, due to point no. 1 (above).

Keep Smiling .... Hemant Agarwal
VISIT: http://www.maharashtra-society-help-forum.com

Guest (Expert) 28 August 2017
Bond or no bond, being the owner of the premises, if you cause any damage or loss to the adjacent building due to construction due to your construction activities, you can be held liable to pay for the damage/ loss under the provisions of existing law.

Kumar Doab (Expert) 29 August 2017
Your query has been and already addressed till post by Mr. Hemant Agarwal.

Kumar Doab (Expert) 29 August 2017
If you are at Kolkota/West Bengal you can benefit from the counsel of Mr. Devajyoti Barman.

Kumar Doab (Expert) 29 August 2017
If you are at Mumbai/Maharashtra you can benefit from the counsel of Mr. Hemant Agarwal.

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