A written guarantee where one party promises to compensate the other for specified losses. Common in insurance claims (when originals are lost), duplicate document requests, and surety arrangements. It creates a legally enforceable obligation to pay.
You lost your fixed deposit receipt. The bank asks for an indemnity bond before issuing a duplicate — essentially you're promising 'if someone shows up with the original and claims the money, I'll bear the loss, not the bank.'
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