BOND

1. Before a grant is released, the members of the executive committee of the grantee institution shall execute bonds in a prescribed format binding themselves jointly and severally to :- (a) abide by the conditions o f the grant-in-aid by the target dates, if any, specified therein; (b) not to divert the grants or entrust execution of the scheme or work concerned to any other institution(s) or organization(s); and (c) abide by any other conditions specified in the agreement governing the grant-in-aid 2. In case, the grantee fails to comply with the conditions or commits breach of any conditions of the bond, the signatories to the bond shall be jointly and severally liable to refund to the President of India, the whole or a part amount of the grant with interest at ten percent per annum thereon or the sum specified under the bond. The stamp duty on such bond shall be borne by the grantee institution concerned.