We ( through our Branch at .....the “Bank”) have agreed to furnish this Bank Guarantee by way of Performance Security.
We ( do here by undertake to pay
We ( further agree that the guarantee herein
We ( further agree with
We (. Bank lastly agree that "the Bank’s liability under this guarantee shall not be affected by any change in the constitution of "the Supplier".
We (. Bank further agree that "the Corporation" shall be sole Judge whether the said "Tenderer" has failed to perform or fulfill the said "tender" in terms thereof or committed breach of any of the terms and conditions of "the order" and the extent of loss, damage, cost, charges and expenses suffered or incurred or would be suffered or incurred by "the Corporation" on account thereof and we waive in favour of "the Corporation" all the rights and defences to which we as guarantors and/or "the Tenderer" may be entitled to.
We (. Bank do hereby undertake to pay the amounts due and payable under this Guarantee without any demur, merely on a demand from the Buyer stating that the amount claimed is due by way if loss or damage caused to or would be caused to or suffered by the Buyer by reason of any breach by the said Party of any of the terms and conditions contained in the said Tender or by reason of Party’s failure to perform the said Xxxxxx. Any such demand made on the Bank shall be conclusive as regards the amount due and payable by the Bank under this Guarantee.
We ( further agree that the Guarantee herein contained shall (indicate the name of the Bank) remain in full force and effect during the period that would be taken for the performance of the said agreement, and it shall continue to be enforceable till all the dues of the BMHRC under or by virtue of the said agreement have been fully paid, and its claims satisfied or discharged, or till the Dy. Director (Engg. Services) on behalf of the BMHRC, certifies that the terms & conditions of the said agreement have been fully and properly carried out by the said contractor(s), and accordingly discharges this guarantee.
We (. Bank further agree that "the Corporation" shall be the Sole Judge as to whether the said "Supplier" has failed to perform or fulfill the said "order" in terms thereof or committed breach of any terms and conditions of "the order" and the extent of the loss, damage, cost, charges and expenses suffered or incurred or which would be suffered or incurred by "the Corporation" on account thereof and we waive in favour of "the Corporation" all the rights and defences to which, we as guarantors and/or "the Supplier" may be entitled to.
4) We, .................................Bank further agree that the amount demanded by "the Corporation" as such shall be final and binding on "the Bank" as to "the Bank" 's liability to pay and the amount demanded and "the Bank" undertake to pay "the Corporation" the amount so demanded, on first demand and without any demur, notwithstanding any dispute raised by "the Supplier" or the pendency of any suit or other legal proceedings including arbitration or conciliation pending before any court, tribunal or arbitrator or conciliator(s) relating thereto, our liability under this guarantee being absolute and unconditional.
5) We, .................................. Bank further agree with "the Corporation" that "the Corporation" shall have the fullest liberty without our consent and without affecting in any manner our obligations hereunder, to vary any of the terms and conditions of the said "order" or to extend time of performance by "the Supplier" from time to time or to postpone for any time to time any of the powers exercisable by "the Corporation" against "the Supplier" and to forbear to enforce any of the terms and conditions relating to "the order" and we shall not be relieved from our liability by reason of any such variation or extension being granted to "the Supplier" or for any forbearance, act or omission on the part of "the Corporation" or any indulgence by "the Corporation" to "the Supplier" or by any such matter or things whatsoever, which, under the law relating to sureties, would, but for this provision, have the effect of relieving us.
6) However, it has been agreed between "the Supplier" and "the Corporation" that there shall be only one Composite Bank Guarantee for the security deposit and performance guarantee/Retention Money @ % of the Contract Value, valid till the end of the defect liability period as per the terms of the P.O. No. dated_ _ _ . This guarantee shall stand and remain valid towards the % retention mo...
We (. Bank further agree with the Purchaser that the Purchaser shall have the fullest liberty without our consent and without affecting in any manner our obligations hereunder to vary any of the terms and conditions of the said order/or to extend time of performance by the Supplier from time to time or to postpone for any time to time any of the powers exercisable by the Purchaser against the Contractor/ Supplier and to forbear to enforce any of the terms and conditions relating to the order and we shall not be relieved from our liability by reason of any such variation or extension being granted to the Contractor/ Supplier or for any forbearance, act or omission on the part of the Purchaser or any indulgence by the Purchaser to the Contractor/Supplier or by any such matter or things whatsoever which under the law relating to sureties would have the effect of relieving us.
