UNDERTAKING, INDEMNITY AND A DEED OF SURETYSHIP ALL PERIODS OF REGISTRATION 2025

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THE ORIGINAL FORMS MUST BE SUBMITTED TO STUDENT ADMISSIONS FOR FIRST YEAR STUDENTS AND TO THE FACULTY OFFICE FOR POSTGRADUATE/TRANSFER STUDENTS AND THE DEED OF SURETYSHIP MUST BE SUBMITTED TO THE FINANCE DEPARTMENT.
A person may undertake a principal obligation to indemnify another should that other suffer loss as a result of engaging in a particular activity, for example, the undertaking may be against loss to be incurred in the doing of business with a third person or in the giving of credit to that third person.
In short, indemnity compels a party to compensate another party. Regarding a surety bond, this means that the obligee has the legal right to collect from the surety if the principal of the bond fails to uphold their end of the bond.
The word indemnity finds its roots in the Latin word indemnis, which stands for unhurt or free from loss. Hence, indemnities are also referred to as hold harmless agreements. Indemnities are contractual agreements that provide compensation for losses, damages, or liabilities sustained by another party.
Nature of Agreement: A surety bond is a tripartite agreement among the principal, obligee, and surety, whereas bond indemnity is a bilateral agreement between the principal and the surety.

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The indemnity agreement allows the indemnitors to distance themselves from the principals obligations and receive the value of surety credit required by an obligee looking for assurance that the principal will meet its obligations. So no, personal indemnitors are not the suretys sureties.
Deed of Undertaking and Indemnity means the agreement in substantially the form of Exhibit U to be entered into by and among ITS PLC, the Holding Company and the Liquidators prior to the Closing.

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