SPECIMEN FORM OF ADVANCE PAYMENT GUARANTEE

Date:

Elington Properties L.L.C.

P.O.Box
Dubai, U.A.E

Dear Sir,

Contract: Residential Tower to be constructed on Plot No. -------------------- Dubai, U.A.E.

Main Works Package

Subject : Our Advance Payment Guarantee No.:…………………………………. for

AED…….………………………

As Messrs…………………………………………………………………………………………...
(hereinafter called “the Contractor”) have declared that they have been awarded a contract for the
Execution, Completion and Rectification of any defects of the project
……………………………………………………………………………works with a contract price of
AED. ………………………. {in figures} (U.A.E. Dirhams …………………………..) {in words} and
in consideration of M/s. ……………………………………………………….. (The Employer) making
an advance payment of AED…………………………. {in figures} (U.A.E. Dirhams
………………………………………………………..) {in words} to the contractor, we hereby
undertake to hold at your disposal the sum of AED…………………………………..{in figures}
U.A.E. Dirhams …………………….…… {in words} being ………% of the Contract Price, as a
Bank Guarantee. This Guarantee shall be free of interest and payable in cash on your first written
demand in the manner ordered, without the Contractor or any person on his behalf or ourselves
having the right to suspend or delay payment or to object thereto for any reason whatsoever.

It is understood that our liability towards you will be progressively reduced by the amount repaid to
you by the Contractor as contained in the Certificates and payments against the said advance
payment.

This Guarantee shall remain valid until M/s. ………………………………………… (The Employer)
receives full repayment of the Advance payment amount from the Contractor.

Yours Faithfully,

{Authorized Signature
and Bank Seal}

Name:
Designation: