BOND(on Rs. 2/- non-judicial stamp paper )
KNOW ALL MEN BY THESE PRESENT THAT WE, signed for and on behalf of the (Name of the organization) ______
having its office at ______
(Address of the organization)
(herein after called the ‘obligers’ which terms shall unless excluded by or, repugnant to the context be deemed to include its successors, permitted assigns and all persons entitled to and capable of disposing off the assets and properties of the obligers) are held and firmly bound to the Punjab State Council for Science & Technology, Chandigarh (hereinafter called the ‘Council’ which term shall unless exluded by or repugnant to the context be deemed to included his successors and assigns) in the sum of Rs. ______(Rupees ______) well and truly to be paid to the Council on demand and without a demur for which payment we firmly bind ourselves by these presents.
2.SIGNED this ______day of ______in the year two thousand ______.
3.WHEREAS on the obligers request the Council as per Council’s letter No. ______dated ______(herein after referred to as the ‘Letter of sanction’ which form an integral part of these presents and a copy whereof is annexed hereto as Annexure ‘A’) agreed to made in favour of the obligers for the purpose of a grant of Rs. ______(Rupees ______of which 60% to be released as first installment) do hereby admit on condition of the obligers executing a bond in the terms and manner contained hereinafter which the obligers have agreed to do.
4.NOW the conditions of the above written obligation is such that if the obligers duly fulfill and comply with all the terms and conditions mentioned in the letter of sanction, then the above written bond or obligation shall be void and of no effect but otherwise it shall remain in full force, effect and virtue.
5.The decision of the Council on the question whether there has been breach or violation of any of the terms or conditions mentioned in the letter of sanctions, shall be final and binding on the obligers.
6.The Obliger shall in the event of breach or violation of any of terms and conditions mentioned in the letter of sanction refund to the Govt. demand and without demur the entire amount of Rs. ______(Rupees ______Only) or such part thereof as the Govt. may in its discretion mentioned in the notice of demand along with the interest therein at the rate of 6% (Six percent) per annum from the date of receipt of said amount by the Obliger up to date of refund thereof to the Govt. However, in default the amount would be recovered as arrears of land revenue.
Obligers in the presence of witnesses
With name and address
1.
Signature of grantee
Institution
2.