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What is the difference between agreement law and bond
29-Sep-2023 (In Documentation Law)
what is the difference between agreement law and bond????????????
A bond is a type of ONE-SIDED agreement on the part of the executant that contains detailed terms of contract to abide by on failing which some penalty is leviable or some security is forefieted by the other party.
On the other hand, an agreement a TWO-SIDED contract with conditions to be abided by on the part of each party to the agreement, as mutually agreed. In other words this type of document (agreement) that binds both the parties.
Definition of Bond as per The Indian Stamp Act, 1899:-
(5) “bond” includes”
(a) any instrument whereby a person obliges himself to pay money to another, on condition that
the obligation shall be void if a specified act is performed, or is not performed, as the case many
be ;
(b) any instrument attested by a witness and not payable to order or bearer, whereby a person
obliges himself to pay money to another; and
(c ) any instrument so attested, whereby a person obliges himself to deliver grain or other agricultural produce to another;
On the other hand, an agreement a TWO-SIDED contract with conditions to be abided by on the part of each party to the agreement, as mutually agreed. In other words this type of document (agreement) that binds both the parties.
Definition of Bond as per The Indian Stamp Act, 1899:-
(5) “bond” includes”
(a) any instrument whereby a person obliges himself to pay money to another, on condition that
the obligation shall be void if a specified act is performed, or is not performed, as the case many
be ;
(b) any instrument attested by a witness and not payable to order or bearer, whereby a person
obliges himself to pay money to another; and
(c ) any instrument so attested, whereby a person obliges himself to deliver grain or other agricultural produce to another;
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Adv. Siddhant Sharma
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