The Mortgage Bond application is most preferably known as Indemnity Bond for Vehicle in the Indian Railway department which is a must to be signed application, and every entity which is in connection with the Indian Railway must have this Bond filled as per the rules & regulation defined.
The main aim of this Bond is by the entity to ensure Indian Railways that their assigned contract vehicle which will be fulfilled in date and in the failure of such, the Railway Department can take over the said vehicle.
In Indian Railways, the Mortgage Bond for vehicle is presented her to ensure that the entity has successfully paid the sum of amount along with engaging it insured with the respective presence of the head office.
The schedule of the Mortgage or Indemnity bond should be signed be duly filled the applicant with all necessary details like Vehicle makers name, Model, Cost, and along with that, application witness and mortgage witness should also be signed in the application.
The duly filled Vehicle Mortgage application of Railway should submit to the concerned directly along with the application, and this application should not be linked with any of the employee claim applications.