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Form of Bank Guarantee

Form of Bank Guarantee

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Published by sherry j thomas

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Published by: sherry j thomas on Dec 16, 2011
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Form of Bank Guarantee for security DepositIn consideration of the Governor of Kerala ( herein after calledthe “ Government”) having agreed to exempt (
H.E name and addres
){herein after called “the said contractor (s) “} from the demand , under theterms and conditions of an agreement dated ……………………………………….made between …………………………………… and the Government of Keralafor …………………………………………. ( herein after called the said Agreement )of security deposit for the due fulfillment by the said contractor of the termsand conditions contained in the said Agreement, on production of a bankguarantee for Rs…./- (Rupees in words) . We ……………..Bank ( herein afterreferred to as the “ the Bank” do hereby undertake to pay to the Governmentan amount of not exceeding Rs../- (Rs in words ) against any loss or damagecaused to or suffered or would be caused to or suffered by the Governmentby reason of any breach by the said contractor (s) of any of the terms orconditions contained in the said Agreement.2.We …………………. Bank do hereby undertake to pay the amounts due andpayable under this guarantee with out any demur, merely on a demand fromthe Government stating that the amount claimed is due by way of loss ordamage caused to or would be caused to or suffered by the Government byreason of any breach by the said contractor of any of the terms or conditionscontained in the said Agreement or by reason of the contractor’s failure toperform the said Agreement. Any such demand made on the Bank shall beconclusive as regards the amount due and payable by the Bank under thisguarantee. However our liability under this guarantee shall be restricted to anamount not exceeding Rs…/- (Rs. In words) .3.We Bank further agree that the guarantee hereincontained shall remain in full force and effect during the period thatwould be taken for the performance of the said agreement and that it
Stamp paper of value Rs.100/-Stamp paper of value Rs.100/-Specimen form of bankSpecimen form of bank guaranteeguarantee
shall continue to be enforceable till all the dues of the Governmentunder or by virtue of the said Agreement have been fully paid and itsclaims satisfied or discharged of till Stationery Department,Government of Kerala certified that the terms and conditions of thesaid Agreement have been fully and properly carried out by the saidcontractor and accordingly discharges the guarantee. Unless a demandor claim under this guarantee is made on us within one year from theperiod fixed or extended ( if the agreement / supply order specificallyprovide for such extension of time ) for the due performance of thecontract by the contractor we shall be discharged from all liabilityunder this guarantee there after.4.We …………………..Bank further agree with the Government that theGovernment shall have the fullest liberty without our consent andwithout affecting, in any manner our obligations here under to varyany of the terms and conditions of the said Agreement or to extendtime of performance by the said contractor (s) or from time to time orpostpone for any time or from time to time time any of the powersexercisable by the Government against the said contractor and toforbear or enforce any of the terms and conditions relating to the saidAgreement and we shall not be relieved from our liability by reason of any such variation or extension being granted to the said contractor orany forbearance act or omission on the part of the Government or anyindulgence by the Government to the said contractor or by any suchmatter or thing whatsoever which under the law relating to suretieswould but for this provision have effect of so relieving us.5.To give effect to this guarantee it shall be competent for theGovernment to act as though the Bank , were the principal debtor.6.it is hereby expressly agreed and declared that this guarantee and thepowers and provisions herein contained are in addition to and not byway of limitation of or substitution for any former or other guaranteesor guarantee hereto for given by the Bank to the Government and nowexisting uncancelled and that this guarantee is not intended to andshall not revoke or limit such other guarantee or guarantees.

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