The Bond Indemnity Form is a crucial document in Nigerian business and financial transactions where bonds are required as security or guarantees. It is commonly used in construction projects, tender submissions, performance guarantees, and other commercial arrangements where a bond is needed to secure obligations. The document outlines the terms under which the indemnifier agrees to protect and compensate the bond issuer against any losses, claims, or expenses that may arise from the bond issuance. Under Nigerian law, this form must comply with various regulations including the Investment and Securities Act 2007, Companies and Allied Matters Act 2020, and relevant Central Bank of Nigeria guidelines. The Bond Indemnity Form typically includes details of the underlying bond, the scope of indemnification, payment terms, and enforcement mechanisms, making it an essential risk management tool in Nigerian commercial transactions.
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1. Parties: Identification of the Indemnifier(s) and the Indemnified Party (usually the bond issuer or surety)
2. Background: Context of the bond issuance and the reason for the indemnity arrangement
3. Definitions: Definitions of key terms used in the document, including 'Bond', 'Principal', 'Obligations', and 'Indemnified Amounts'
4. Bond Details: Specific details of the bond being indemnified, including amount, duration, and purpose
5. Indemnity Obligation: Core section detailing the scope and nature of the indemnity being provided
6. Payment Terms: Terms and conditions for making indemnity payments, including timing and method
7. Representations and Warranties: Statements of fact and assurances provided by the Indemnifier
8. Duration and Termination: Period of effectiveness of the indemnity and circumstances for termination
9. Notices: Process and requirements for serving notices under the agreement
10. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
1. Security Provisions: Include when additional security is being provided to support the indemnity obligation
2. Multiple Indemnifiers: Include when there are multiple parties providing the indemnity, establishing joint and several liability
3. Assignment: Include when transfer rights need to be specifically addressed
4. Step-In Rights: Include when the indemnified party needs rights to take over certain obligations or projects
5. Insurance Requirements: Include when specific insurance coverage is required to be maintained
6. Counter-Indemnity: Include when there are arrangements for counter-indemnification between multiple indemnifiers
1. Bond Document: Copy or details of the underlying bond being indemnified
2. Payment Schedule: If applicable, schedule of any regular payments or premium arrangements
3. Security Details: If applicable, details of any security or collateral provided
4. Authorized Signatories: List of persons authorized to act under the indemnity arrangement
5. Form of Demand: Standard form for making claims under the indemnity
6. Corporate Authorizations: Copies of relevant corporate approvals and authorizations
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