IN WITNESS whereof the parties hereto have caused this Agreement to be executed in accordance with the laws of Nepal on the day, month and year indicated above. Signed by …………………………. for and on behalf the Contractor in the presence of Witness, Name Signature, Address, Date List of Approved Subcontractors In accordance with GCC Sub-Clause 13.1,The following Subcontractors are approved for carrying out the work as specified below. Name of Subcontractors Description of Works Value/Percentage of subcontract Performance Security (On letterhead paper of the Bank) ............................ Bank’s Name, and Address of Issuing Branch or Office Beneficiary: .............................................. Name and Address of Employer …………………....... Date: .................................................. Performance Guarantee No.:…………………………………………………. We have been informed that ... ... [insert name of the Contractor] (hereinafter called "the Contractor") has been notified by you to sign the Contract No [insert reference number of the Contract] for the execution of [insert name of contract and brief description of Works] (hereinafter called "the Contract"). Furthermore, we understand that, according to the conditions of the Contract, a performance guarantee is required. At the request of the Contractor, we.................................................. [insert name of the Bank] hereby irrevocably undertake to pay you any sum or sums not exceeding in total an amount of [insert name of the currency and amount in figures*] (............................................ insert amount in words) such sum being payable in Nepalese Rupees, upon receipt by us of your first demand in writing accompanied by a written statement stating that the Contractor is in breach of its obligation(s) under the Contract, without your needing to prove or to show grounds for your demand or the sum specified therein. This guarantee shall expire, no later than the………………………..Day of **, and any demand for payment under it must be received by us at this office on or before that date. This guarantee is subject to the Uniform Rules for Demand Guarantees, ICC Publication No. 758. ………………………………………… Seal of Bank and Signature(s) Note: All italicized text is for guidance on how to prepare this demand guarantee and shall be deleted from the final document. ∗ The Guarantor shall insert an amount representing the percentage of the Contract Price specified in the Contract in Nepalese Rupees. ** Insert the date thirty ...
