The Lien Release Bond serves as a crucial instrument in Indian property and construction transactions where liens need to be cleared for property dealings to proceed. This document becomes necessary when a property owner needs to remove a lien but disputes the claim or requires time to resolve the underlying issue. The Lien Release Bond provides a mechanism under Indian law whereby the lien is substituted with a bond issued by a qualified surety, typically for 150% of the lien amount. The bond must comply with the Indian Contract Act, 1872, and related legislation, providing sufficient security to protect the lien holder's interests while allowing the property owner to proceed with necessary transactions. The document includes detailed provisions for claim procedures, obligations of all parties, and enforcement mechanisms, making it particularly relevant in construction projects, property development, and commercial real estate transactions.
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1. Parties: Identification of the Principal (party seeking release of lien), Surety (bond issuer), and Obligee (lien holder)
2. Background: Context of the original lien, reason for the release bond, and current status
3. Definitions: Definitions of key terms used in the bond document
4. Bond Amount: Specification of the bond value and currency
5. Property Description: Detailed description of the property/asset subject to the lien
6. Release Conditions: Terms and conditions under which the lien is released
7. Surety's Obligations: Detailed obligations and commitments of the surety
8. Principal's Covenants: Commitments and obligations of the principal
9. Claims Process: Procedure for making claims against the bond
10. Term and Termination: Duration of the bond and conditions for termination
11. Governing Law: Specification of Indian law as governing law and jurisdiction
12. Execution: Signature blocks and execution formalities
1. Multiple Property Provisions: Additional provisions when the lien release covers multiple properties
2. Conditional Release Terms: Specific conditions for staged or conditional release of the lien
3. Interest and Penalties: Terms regarding interest accrual and penalties for breach
4. Assignment Restrictions: Restrictions on transfer or assignment of rights under the bond
5. Special Indemnities: Additional indemnification provisions for specific risks
6. Dispute Resolution: Detailed arbitration or mediation procedures if preferred over court proceedings
1. Schedule A - Property Details: Detailed legal description of the property/assets, including registration details
2. Schedule B - Original Lien Documentation: Copy or details of the original lien being released
3. Schedule C - Bond Calculation: Detailed calculation of the bond amount
4. Schedule D - Supporting Documents: List of all supporting documents including property valuations, title documents
5. Appendix 1 - Form of Notice: Standard format for notices under the bond
6. Appendix 2 - Claim Form: Standard format for making claims against the bond
Relevant legal definitions
Agreement
Applicable Law
Bond Amount
Bond Period
Business Day
Claim
Claim Notice
Commencement Date
Default
Effective Date
Encumbrance
Event of Default
Governing Law
Indemnified Parties
Lien
Lien Amount
Lien Holder
Lien Release Date
Notice
Obligee
Original Lien
Parties
Principal
Property
Release Date
Relevant Authority
Security
Specified Property
Surety
Surety Bond
Term
Underlying Obligation
Applicable Law
Bond Amount
Bond Period
Business Day
Claim
Claim Notice
Commencement Date
Default
Effective Date
Encumbrance
Event of Default
Governing Law
Indemnified Parties
Lien
Lien Amount
Lien Holder
Lien Release Date
Notice
Obligee
Original Lien
Parties
Principal
Property
Release Date
Relevant Authority
Security
Specified Property
Surety
Surety Bond
Term
Underlying Obligation
Clauses
Bond Amount and Security
Release of Lien
Surety Obligations
Principal Covenants
Payment Terms
Claims Procedure
Default Events
Enforcement Rights
Indemnification
Representations and Warranties
Notices
Assignment
Stamp Duty
Registration
Amendment
Severability
Force Majeure
Dispute Resolution
Governing Law
Jurisdiction
Termination
Entire Agreement
Counterparts
Time Limits
Waiver
Further Assurance
Release of Lien
Surety Obligations
Principal Covenants
Payment Terms
Claims Procedure
Default Events
Enforcement Rights
Indemnification
Representations and Warranties
Notices
Assignment
Stamp Duty
Registration
Amendment
Severability
Force Majeure
Dispute Resolution
Governing Law
Jurisdiction
Termination
Entire Agreement
Counterparts
Time Limits
Waiver
Further Assurance
Relevant Industries
Construction
Real Estate
Infrastructure
Manufacturing
Banking and Finance
Insurance
Energy
Mining
Telecommunications
Commercial Development
Relevant Teams
Legal
Real Estate
Construction
Risk Management
Finance
Operations
Compliance
Property Development
Asset Management
Project Management
Relevant Roles
Legal Counsel
Property Manager
Construction Manager
Project Director
Risk Manager
Contract Administrator
Financial Controller
Real Estate Developer
Operations Director
Compliance Officer
Bond Manager
Claims Manager
Property Development Manager
Asset Manager
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