ano yung Indemnity?

I hereby indemnify the Company that I will undertake to refund the Company (either the total and/or pro-rated cost according to the period of uncompleted service) the related costs pertaining to the renewal of work permit (such as levy fees, insurance, air ticket etc), in the event of the following:
(i) I decided to end my service during/before the expiry date of my contract of service;
AND/OR
(ii) I decided to change my decision pertaining to renewal/non-renewal of my contract of service
upon signing this letter.

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sino po ang makapag translate nito sa mas makamasang kaisipan? parang kasing masyadong pabor na sa company kapag pumayag ako dito.. sa pagkaka-intindi ko lang.

An indemnity contract arises when one individual takes on the obligation to pay for any loss or damage that has been or might be incurred by another individual. The right to indemnity and the duty to indemnify ordinarily stem from a contractual agreement, which generally protects against liability, loss, or damage.
Which means you are responsible if you breach the contract for no valid reason but if they are just renewing your contract you have a choice to accept it or terminate it If you decide not to renew your contract but if you agreed for renewal and signed it and changed your mind in the last minute you will not be paid for the rest of the contract. But if they terminate the contract after agreed without any valid reason they are liable to pay you off the rest of the contact. I hope you This is enough explanation.

search 'employment bond' in the forum