INDEMNITY BOND

THIS INDEMNITY executed this…….day of………..in favour of M/S. MSTC LIMITED, a Govt. of India Enterprise having its registered office at 225-C, A.J.C. Bose Road, P.S. Ballygunge, Kolkata – 700 020, hereinafter referred to as “MSTC”/Indemnified which expression unless excluded by or repugnant to the context shall mean and include its successors, assigns of the ONE PART By M/S……………………………………………………………, a sole Proprietorship Firm/Partnership Firm/Company registered under the Companies Act,1956 having its Registered Office at………………………………………………………………………………………………… hereinafter referred to as the ‘Indemnifier’ which expression unless excluded by or repugnant to the context shall mean and include his/their/its heirs, representatives, administrators, assigns of the OTHER PART.

WHEREAS MSTC/Indemnified is providing services for refund of Earnest Money Deposit to its willing customers through RTGS channels;

AND WHEREAS the Indemnifier being willing had authorized MSTC/Indemnified in writing to make EMD refunds in favour of the Indemnifier through RTGS.

AND WHEREAS at such request of the Indemnifier, MSTC/Indemnified had agreed to provide such services on no liability basis to the Indemnifier subject to Indemnity provided herein by the Indemnifier in favour of MSTC, the Indemnified herein on terms hereunder stated :-

1 The Indemnifier hereby agrees to indemnify and keep indemnified and harmless MSTC herein from time to time, at all times hereafter against all losses, claims, demands, proceedings, expenses ,costs and consequences whatsoever on full Indemnity basis which MSTC may sustain, incur or suffer or be exposed to in connection with MSTC executing the instructions of the Indemnifier for providing services aforestated or in consequence of any act, deed, matter or thing whatsoever in any manner arising out of and/or relating to providing such services for remittance towards refund of Earnest Money Deposits from time to time in favour of the Indemnifier through RTGS.

2 The Indemnity being these presents in favour of MSTC shall remain valid and in full force and effect from the date hereof and shall accrue to MSTC, its officials, employees and Agents for all acts lawfully done or caused to be done by MSTC in providing of such services to the Indemnifier .

3 Disputes, if any arising out of this Indemnity shall be subject to the exclusive jurisdiction of the competent Court in Kolkata only, to the exclusion of all other concurrent courts.

The Indemnifier agrees, accepts and confirms in the premises aforesaid that :

i. The Indemnifier is responsible for the correctness of the information supplied to MSTC in writing for availing of such RTGS services.

ii. The Indemnifier shall remain responsible to point out immediately any discrepancy/change in its Bank Account and other particulars to MSTC details whereof are available in its login.

iii. The Indemnifier is fully aware of the procedural requirements and operating instructions regarding RTGS.

iv. The Indemnifier agrees to pay and shall pay MSTC on demand from time to time charges, taxes, if any levied by MSTC and/or any other authority/Govt. for executing RTGS refunds in favour of the Indemnifier.

v. The Indemnifier understands that MSTC is at liberty to terminate the services for refund of EMD through RTGS to the Indemnifier at any time and/or denial of access to such services at any time with or without notice.

vi. The Indemnifier fully understands that MSTC shall be liable to effect RTGS fund transfer only if the destination Bank/Branch of the Indemnifier is participating in RTGS.

vii. The Indemnifier understands that the provisions of the transfer of funds via RTGS is subject to compliance with Indian Law and guidelines/instructions as may be in force and/or issued by the Reserve Bank of India and/or any other authority/Government in this behalf.

viii. The Indemnifier understands that MSTC shall not be liable for any omission/commission in carrying out of all or any of the Indemnifier’s instructions for effecting RTGS payment by MSTC in favour of the Indemnifier and/or for any late payment/remittance due to circumstances or supervening impossibility being beyond the control of MSTC.

ix. The Indemnifier understands that in extending the services of refund of EMD by RTGS channels to the Indemnifier, MSTC does not assume the role of and/or act as a Banker within the meaning of the Banking Regulations Act and/or any other law for the time being in force.

IN WITNESS WHEREOF the Indemnifier herein has set his/their/its hands and seal on the date, month and year above first written.

Delivered to the MSTC/ Indemnified at Kolkata.

IN PRESENCE OF WITNESSES : (INDEMNIFIER)