cipal shall well and truly pay the amount of profits adjudged by the Tax Court of the United States to be excessive, less any tax credit applicable thereto under section 3806 of the Internal Revenue Code of 1939, or section 1481, Code of 1954, with interest thereon as required by law, or if said principal, in the event that said proposed proceeding in the Tax Court of the United States is not timely filed, or after filing is dismissed or otherwise concluded without an adjudication by said Court as to the amount of excessive profits, shall well and truly pay the amount of profits determined by the Renegotiation Board to be excessive by its said order dated

less any tax credit applicable thereto under section 3806 of the Internal Revenue Code of 1939, or section 1481, Code of 1954, with interest thereon as required by law, then this obligation shall be void; otherwise it shall be and remain in full force and effect.

[SEAL] (For an individual petitioner)

[23 F. R. 2125, Apr. 1, 1958]

§ 702.8 Bond with approved collateral in renegotiation cases.

A satisfactory form of bond for use in case the petitioner in a renegotiation filed under the Act of March 23, 1951, desires to furnish approved collateral under Rule 65 (c) (2), instead of furnishing a corporate surety bond, follows. Forms of power of attorney covering the pledged collateral for use with bonds secured by collateral, both in appeals from this Court in tax cases and in petitions to this Court in such renegotiation cases, are also shown below. Only the original instrument is required in each instance. There are no printed forms. Each petitioner must execute the bond, and the corporate seal or a designation of seal in the case of individuals must be affixed.

TAX COURT OF THE UNITED STATES
WASHINGTON, D. C.
Docket No.

Petitioner, v.

Respondent.

BOND

Know all men by these presents: That is (are) held and firmly bound unto the Renegotiation Board and/or the United States of America in the sum of ($------) Dollars (see Rule 65 (b) as to amount), to be paid to the Renegotiation Board and/or the United States of America, for the payment of which, well and truly to be made, the said

bind(s) himself (herself, itself, or themselves) and his (her, its, or their) successors and assigns, firmly by these presents. Signed, sealed and dated this

day

profits from contracts and subcontracts subject to renegotiation, during the fiscal year ended in the amount of 8------; and Whereas, the above-named has (have) filed or is (are) about to file a petition in the Tax Court of the United States for redetermination of the amount of the aforesaid excessive profits,

Now, therefore, the condition of this obligation is such that if the above-named shall well and truly pay the amount of profits adjudged by the Tax Court of the United States to be excessive, less any tax credit applicable thereunto under section 3806 of the Internal Revenue Code of 1939, or section 1481, Code of 1954, with interest thereon as required by law, or if the above-named in the event that

said proposed case in the Tax Court of the United States is not timely filed or after filing is dismissed or otherwise concluded without an adjudication by said Court as to the amount of excessive profits, shall well and truly pay the amount of profits determined by the Renegotiation Board to be excessive by its said order dated

less any tax credit applicable thereto under section 3806 of the Internal Revenue Code of 1939, or section 1481, Code of 1954, with interest thereon as required by law, then this obligation shall be void; otherwise it shall be and remain in full force and effect.

The above-bounden obligor(s) in order the more fully to secure the Renegotiation Board and/or the United States in the payment of the aforementioned sum, hereby pledge(s) as security therefor bonds/notes of the United States in a sum equal at their par value to the aforementioned sum, to wit: ($-------) Dollars, which said bonds/notes are numbered serially and are in the denominations and amounts, and are otherwise more particularly described follows:

which said bonds/notes are being herewith deposited with the Clerk of the Tax Court of the United States and his receipt taken therefor.

Contemporaneously herewith the undersigned has also executed and delivered an

principal office in the city of State of in pursuance of a resolution of the Board of Directors of said corporation, passed on the day of 19., a duly certified copy of which resolution is hereto attached, does hereby constitute and appoint the Clerk of the Tax Court of the United States as attorney for said corporation, for and in the name of said corporation to collect or to sell, assign, and transfer certain United States Liberty bonds or other bonds or notes of the United States, the property of said corporation, described as follows:

Title of Total face Denomi- Serial Interest bonds/notes amount nation No. dates

such bonds/notes having been deposited by it, pursuant to the Act of July 30, 1947, c. 390, 61 Stat. 646, as security for the faithful performance of any and all of the conditions or stipulations of a certain obligation entered into by it with (here enter "the Commissioner of Internal Revenue and/or the United States" or enter "the Renegotiation Board and/or the United States") under date of which is hereby made a part thereof, and the undersigned agrees that, in case of any default in the performance of any of the conditions and stipulations of such undertaking, its said attorney shall have full power to collect said bonds/notes or any part thereof, or to sell, assign, and transfer said bonds/notes or any part thereof without notice, at public or private sale, or to transfer or assign to another for the purpose of effecting either

public or private sale, free from any equity of redemption and without appraisement or valuation, notice and right to redeem being waived, and the proceeds of such sale or collection, in whole or in part to be applied to the satisfaction of any damages, demands, or deficiency arising by reason of such default, as may be deemed best, and the undersigned further agrees that the authority herein granted is irrevocable.

And said corporation hereby for itself, its successors and assigns, ratifies and confirms whatever its said attorney shall do by virtue of these presents.

In witness whereof, the

the corporation hereinabove named, by

gation entered into by me (us) with (here enter "the Commissioner of Internal Revenue and/or the United States" or enter "the Renegotiation Board and/or the United States") under date of

--- which is hereby made a part thereof and I (we) agree that in case of any default in the performance of any of the conditions and stipulations of such undertaking my (our) said attorney shall have full power to collect said bonds/notes or any part thereof or to sell, assign and transfer said bonds/notes or any part thereof without notice, at public or private sale, or to transfer or assign to another for the purpose of effecting either public or private sale, free from any equity of redemption and without appraisement or valuation, notice and right to redeem being waived, and the proceeds of such sale or collection, in whole or in part to be applied to the satisfaction of any damages, demands, or deficiency arising by reason of such default, as may be deemed best, and I (we) further agree that the authority herein granted is irrevocable.