Common Contracts

Format for Advance Bank Guarantee

May 5th, 2020

• Filed
  May 5th, 2020

With reference to contract No. dated (hereinafter referred to as “the said Contract”) concluded between the President of India (hereinafter referred to as “the Purchaser”) and M/s (hereinafter referred to as the “the Contractor”) for the supply of as detailed in the said Contract and in consideration of the Purchaser having agreed to make an advance payment in accordance with the terms of the said Contract to the Contractor, we (hereinafter called “the Bank”) hereby irrevocably undertake and guarantee to you that if the Contractor fails to supply the goods/services in accordance with the terms of the said Contract for any reason whatsoever or fails to perform the said Contract in any respect or should whole or part of the advance payment at any time becomes repayable to you for any reason whatsoever, we shall, on demand and without demur pay to you all and any sum upto a maximum of Rs (Rupees only) i.e. 110% of advance amount paid to the Contractor in accordance with the provisions con