WHEREAS the Bounden ___________________________, aged ___years, ______ of _____________________ residing at _____________________________________________________. has been selected to Undergo MBBS in Government Medical College & ESIC Hospital, SINGANALLUR, COIMBATORE, in the merit quota for the duration of the course as prescribed by Medical Council of India.
AND WHEREAS, the Corporation have agreed to incur the expenses on condition that after Successful completion of the course of study within the prescribed period the bounden shall serve the ESI Corporation/ESI Scheme for a period of five years in any institution of the Corporation/Scheme anywhere in India, if the Corporation requires and also subject to the terms and conditions hereinafter appearing and the bounden and the sureties have agreed to the same.
NOW the condition of the above written obligation is that in the event the Bounden after successful completion of the Graduate course of study to which he/she was selected fails to serve the Corporation for period of five years, if required by the Corporation, the Bounden and sureties shall forthwith pay to the Corporation for violation of conditions, on demand the total amount of Rs. 7,50,000/- (Rupees Seven lakh fifty thousand only) the amount spent by the Corporation for their studies along with 15% interest as fixed by the Corporation. On the quantum of amount payable by the Bounden and the sureties, the decision of the Corporation shall be final and legally binding on the bounden and sureties and upon the payment of such sum the above written obligation shall be discharged.
PROVIDED further that the bounden and the sureties do hereby agree that if the Bounden fails to serve the Corporation for a period of five years, if Corporation requires, it may be construed as ‘professional misconduct’ and the fact reported to the Medical Council of India for suitable action including cancellation of registration by the Council.
PROVIDED further that the bounden and the surety do hereby agree that all sums found due to the Corporation under or by virtue of this bond shall be recovered jointly and severally from them and their properties movable and immovable as if such dues were arrears of land revenue under the provisions of the Revenue Recovery Act for the time being in force or in such other manner as the Corporation may deem fit.
The liabilities of the sureties under this Bond is Co-extensive with that of the Bounden and shall not be affected by the Corporation giving time or any other indigence to the bounden or by the Corporation varying of the terms and conditions herein contained.
Signed this _____ Day of ______________ in the year 2014 by the bounden _____________________
In the presence of Witness*.
Signed by bounden (Name & Address)
Signed by Shri/Smt (Name & Address of Surety)
TO KNOW ALL MEN BY THESE PRESENTS THAT We _________________ son/daughter/wife of _________________________, residing at ____________________________________________. (herein after called the Bounden) And (I) ________________________ (Parents/Guardian) residing at _______________________________________. (Here enter address) (herein after called ‘the surety’) do hereby bind ourselves and each of us, our and each of our heirs, executors and administrators jointly and severally to pay to the Employee’s State Insurance Corporation (hreinafter referred to as the Corporation) on demand the total amount of Rs. 7,50,000 (Rupees Seven lakh fifty thousand only) the amount spent by the Corporation for their studies with 15% Interest as fixed by the corporation.
Signed this ____ Day of ____________________ in the year 2013by the bounden Shri/Smt/Miss. ________________________