Common use of REFUND GUARANTEE Clause in Contracts

REFUND GUARANTEE. The Builder shall, as a condition precedent to the payment of the first instalment, deliver to the Buyer an assignable and irrevocable Letter of Guarantee, in the form annexed hereto as Exhibit “A”, issued by a first Korean bank acceptable to the Buyer and/or Buyer’s bank for the refund of the instalments before delivery to the Buyer under or pursuant to Paragraph (f) above plus interest as aforesaid. All expenses in issuing and maintaining such Letter of Guarantee shall be borne by the Builder.