To,
The Branch Manager
Union Bank of India
……………………….
Dear Sirs,
In consideration of Union Bank of India (hereinafter called the Bank” which expression shall include its successors and assigns) empanelling me/us in their panel of approved Engineers and Valuers for the purpose of assessing the market value of the properties proposed to be taken as securities for the credit limits granted or to be granted by the bank to its various borrowers, I/We jointly and severally, extend this Letter of Indemnity.
Whereas by the letter of empanelment dated ………… the Bank has empanelled me/us in their panel of approved Engineers & Valuers for the purpose of assessing the market value of the properties proposed to be taken as securities for the credit limits granted/to be granted by the Bank, I/We jointly and severally agree as follows : -
I/We shall duly and faithfully perform and discharge all the duties in the works entrusted by the Bank and in relation to the purposes of empanelment, fairly without any favour or discrimination and I/We hereby undertake and agree you, your successors and assigns at all times and from time to time from and against all loss, damage and all actions, suits proceedings, expenses, costs, charges and demands arising out of any act, lapses, defaults, negligence, errors, mistakes committed by me/us in performance of my/our professional obligations and I/We also undertake and agree to pay to you on demand sums of money, costs, charges and expenses incurred in respect thereof and also to pay you interest on all such moneys at your ruling rate.
I/We further specifically agree that this Indemnity shall continue to remain in force and I/We shall continue to be liable there under for all losses, costs, charges and expenses arising out of any act, lapses, defaults, negligence, errors, mistakes committed by me/us in performance of my/our professional obligations and shall be binding on me/us and our legal and personal representatives, successors and assigns.
Yours faithfully,
Engineer/ Valuer
Place :
Date :
