AGREEMENT BOND FOR PURCHASE OF FURNITURE & HOUSEHOLD GOODS

This AGEEMENT is made at ____________________ this_________________ day of

____________________between Oil and Natural Gas Corporation Limited (hereinafter called
“the Company” having its registered office at Pandit Deendayal Upadhyaya Urja Bhavan,
Nelson Mandela Road, Vasant Kunj, Delhi which expression shall unless repugnant to the
context or meaning thereof be deemed to include its successors and assigns ) of the one part
and Shri / Smt. / Km.___________________________________
Designation________________________________ Id.No.________________,residing
at______________________________________________________________________
_______________________________________________________________________
(hereinafter called “the Employee” which expression shall include his/her heirs, executors,
administrators and legal representatives of the other part).

WHEREAS

1. The Employee is in the service of the Corporation posted at

_________________________________________________________________As
set/Basin/Plant/Institute/RO/Hqrs./Corporate Office of the Corporation and requires
furniture & household goods for use at his/her residence.

2. The Company has considered the request of the employee, being found eligible under
the rules for grant of furniture & household goods facility and has agreed to extend the
said facility to the employee, for purchase of following furniture & household goods
more particularly described as below (hereinafter called “the furniture & household
goods”) for use at his/her residence on the terms and conditions hereinafter contained.

Sl. Furniture & household Estimated Cost Number Total cost

No. goods (Including all taxes)

3. NOW IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO AS

FOLLOWS:-

I. The Company shall purchase the said furniture & household goods at the price of
Rs._____________________ (mention the total cost). The said furniture & household goods..
shall be purchased in the name of the Oil and Natural Gas Corporation Limited where the
employee is posted (A/c – Name of the employee).

II. The Company shall allow the employee to use the said furniture & household goods
during the period he/she remains in the service of the Company and performs and observes
all the conditions of his/her service and all the covenants on this part and the conditions herein
contained.

III. Immediately after the end of the five years, from the date of purchase, the furniture &
household goods shall be compulsorily taken over by the user employee on payment of book
value computed in accordance with the scheme.

ONGC reserves the right to allow employees to buy back all or any item (s) provided under
the scheme after the specified period at depreciated value. Decision of ONGC in this respect
will be final and binding on the employees.

IV. If the employee ceases to be in the service of the company due to retirement on
attaining the age of superannuation, voluntary/pre – mature retirement, he/she will have to
compulsorily buy back the capital goods on payment of at depreciated book value in one lump
– sum immediately upon such cessation failing which it will be recovered in lump – sum from
any / all terminal dues payable to him / her at that time or in future and the items will be
transferred in name of the user employee.

V. If an employee ceases to be in the service of the Company for any reason other than
those mentioned above, he/she will compulsorily have to buy all the capital goods at initial
purchase price.

VI. On failure of the employee to pay the amount as set out in para 3 (IV) & 3(V)
hereinabove, the Company shall be entitled to take such other action(s) to effect the recovery
of the amount as the Company may deem fit including withholding of sums which may
otherwise be due to the employee from the Company.

VII. In the event of death of an employee during the period when the furniture & household
goods are covered under the scheme, the depreciated book value calculated as on the date
of demise will be waived off and the goods shall be transferred in the legal heir of the deceased
employee.

VIII. During the course of the furniture & household goods being in the use of the
employee-

a) He/she will be liable to keep the furniture and household goods with him/her in a
reasonably good/running condition at his/her residence and will be liable for its safe
carriage and custody in the event of transfer, change of residence, long absence etc.
b) The safe custody of furniture and household goods shall be sole responsibility of the
individual. In case any of furniture and household goods is lost due to any reason, the
book value of the item(s) shall be recovered from the individual.

c) The Company if considers necessary, may arrange physical verification or take

periodic inventory of the furniture and household goods at the employee’s residence.
In case the items have been purchased under the scheme are not found at the
residence of the employee, stern disciplinary action will be initiated against the errant
employee under CDA Rules. Such an employee will be debarred from availing the
facility in future. ..
 d) He/she will allow the Company’s representative at all reasonable times to inspect and
verify the said furniture and household goods and to take periodic inventory at the
residence of employee.

IX. Employee availing this facility will be required to pay Hiring charges at the rate of
Rs.__________________ per month. Recovery of hiring charges for six months at a
time or till date of separation, whichever is earlier shall be made from the employee on
bi – annual basis.

X. The repairs and maintenance of the furniture and household goods shall be undertaken
by the individual himself/herself. Employees will be entitled to reimbursement of furniture and
household goods maintenance cost @25% of the initial purchase value of furniture and
household goods on annual basis. In the event of separation of an executive, reimbursement
of maintenance charges and realization of hire charges shall be made on pro – rata basis.

XI. The employee shall not save as expressly provided by the Company in writing,
alienate, hypothecate, transfer assign or otherwise part with the furniture and household goods
in any manner whatsoever and shall not do or omit any act, deed matter or thing whereby the
security of the Company and the recovery & realization of outstanding amount due to the
Company in any manner prejudiced or otherwise affected.

XII. An employee availing himself/herself of said facility and not complying with any of the
provisions of the scheme or any other conditions/term/promise/undertaking given by him/her
or misusing the furniture and household goods facility granted in any form, will render
himself/herself liable to disciplinary action, shall be bound to refund the entire amount of the
purchase price outstanding together with interest @18% per annum.

XIII. This agreement shall come to an end and the said furniture and household goods will
become the property of the employee and the Company will transfer the said furniture and
household goods to the employee on payment of depreciated book value at the time of exit
from the scheme for any reason whatsoever after the same is paid to/recovered by the
Company.

XIV. In the event of any dispute or difference arising out of any of the provisions herein
contained, or any breach of interpretation thereof, the decision of Director (HR) shall be final
and binding.

XV. The employee agrees and undertakes to do all acts, deeds and things necessary to
implement the above Agreement as required by the Company from time to time.

IN WITNESS WHEREOF the employee hereto set and subscribed his hand and the
Company has executed through_____________ these presents, the day, month and year first
hereinabove written.

Signed by Shri/Smt./Km.________________

in presence of________________________

Signed and delivered on behalf of Oil and Natural Gas Corporation Ltd.

By __________________________

In presence of __________________ ..
 PERSONAL SECURITY BOND FOR FURNITURE & HOUSEHOLD GOODS SCHEME

KNOW ALL MEN by the these presents that I _____________________________________

(hereinafter referred to as “the employee”) residing at
____________________________________________________________
___________________________________employed as ______________________ in Oil
and Natural Gas Corporation Ltd. (hereinafter referred to as “the Company”) to hold and firmly
bind unto in favour of the Company myself, my heirs,executors,administrators,legal
representatives and/or assignees, for the true and faithful repayment of money determined by
the Company in accordance with the terms and conditions contained in the Agreement
executed for providing furniture & household goods at my residence (hereinafter referred to
as “the said Agreement”).

SIGNED and delivered by me at _______________ this ________ day of ___________ 2023.

WHEREAS the Company has decided to provide furniture & household goods to above
bounden Shri/Smt./Km. ____________________________________ on the _____________
day of ___________________20 ,under the said Agreement, on terms and conditions
set out therein ,to be repaid in the time and manner there under indicated, and the repayment
thereof is secure by this personal bond in terms herein contained.

NOW THE CONDITION of this above written personal bond is as such that if I the User, shall
repay, or cause to be repaid the written down value of the furniture & household goods,
another expenses if any, in the manner indicated in the said Agreement, then and in such an
event, this bond or obligation shall be void and stand automatically cancelled, otherwise the
same shall remain in full force and virtue.

IN WITNESS WHEREOF the parties hereto have set and subscribed their respective hands
and seal the day, month and year first above written.

Signature SIGNED on behalf of the Corporation

________________________ __________________________________

Employee: ________________

Witness (1):_______________ Witness (1):_________________________

Witness (2):_______________ Witness (2):_________________________ ..

 ANNEXURE – E

CERTIFICATE

This is to certify that the purchase of furniture & household goods under furniture & household
goods purchase scheme has been made in the name of the Oil and Natural Gas Corporation
Limited, where the employee is posted (A/c – Name of the employee) from VAT / GST
registered dealer through digital mode / cheque.

I further certify that no cash transaction has been made during purchase of items.

Date : _______________________

Place : _______________________

Signature:_____________________

Name:________________________

Designation:___________________

CPF No.:______________________

..