BOND BY SURETIES FOR OBSERVANCE OF OBLIGATIONS BY A PARTNER INTRODUCED IN AN EXISTING PARTNERSHIP FIRM

BOND BY SURETIES FOR OBSERVANCE OF OBLIGATIONS BY A PARTNER INTRODUCED IN AN EXISTING PARTNERSHIP FIRM

…………………. resident of and B son of resident of hereby bind ourselves jointly and severally to Shri C, D and E partners of M/s . carrying on the business at for the payment to them of the sum of Rs . ………

Signed by us this day of

WITNESS

…………..

Signatures

WHEREAS the said C, D and E are carrying on the business of……in partnership in the name and style of M/s ……………..having its place of business at………… under a Deed of Partnership dated ………….

AND WHEREAS F son of ……………..resident of …………… has requested the said C, D and E to take him as partner in the said firm

AND WHEREAS the said C, D and E have agreed to take the said F into the partnership vide Agreement dated on certain conditions, one of which is that the said F shall enter into and execute a bond, with two sureties for the due observance of the terms of the Agreement dated ………….by the said F

NOW THE CONDITION OF THE ABOVE BOND IS THAT if the said F shall faithfully perform and observe each and every terms, provisions

and covenants contained in the reement dated and the said A and B their respective heirs, executors, administrators and representatives shall at all times hereafter keep indemnified the said C,D and E and their respective heirs, executors, administrators and representatives for all losses, costs, charges, liabilities and expenses which they or any of them shall or may incur or sustain by reason of the breach or non‑performance on the part of the said F of any of the terms, provisions and covenants aforesaid, then the above written bond shall be void, otherwise it shall remain in full force and effect and it is hereby declared that any orbearance, act or omission on the part of said C, D and E in enforcing payment of any sums which become due to them from the said F on account of breach or non‑performance aforesaid or the giving time to him for the payment shall not discharge the sureties, their heirs, executors, administrators and representatives in respect of their liability.

IN WITNESS WHEREOF, the parties hereto have duly executed these presents on the day and the year first above written

WITNESSES

1 Signed and delivered by the within named A

2. Signed and delivered by the within named B