Application for Issuance of Letter of Guarantee

To
Date: D D M M Y Y Y Y
Abu Dhabi Islamic Bank (“the Bank”)

SECOND DECEMBER Branch Place UAE

Please issue on my/our account and at my/our responsibility, a Letter of Guarantee as detailed below:
Full name and address of Applicant Full name and address of Beneficiary

NURICON PETRO SERVICES FZE CNOOC IRAQ LTD.

P.O.BOX 31291, ALJAZEERA, AL HAMRA, FOD ADMINISTRATION BUILDING,
RAS AL KHAIMAH, UAE. BUZURGAN, MISSAN OILFIELD, IRAQ.

Type of Guarantee Guarantee effective From: D D M M Y Y Y Y

✔ Tender Bond Labour (Auto Renewal)
Expiry date: D D M M Y Y Y Y
Financial Adv. Payment
Al Khair Maintenance
Auto Renewal Yes ✔ No
Performance Bond Others (Specify)
Guarantee to be issued in ✔ English Arabic ✔ Bilingual
Retention
Format of Guarantee Standard ✔ As per attached
Trade Licence

(Format must be stamped and signed by the authorized signatory)

Amount in Figures Purpose of Guarantee:

USD 12,000.00 SUBMITTING AS EARNEST MONEY / BID

BOND AGAINST TENDER NO.
Amount in Words
CMIT-PRT-10.30-230072.
US DOLLAR TWELVE THOUSAND ONLY

Guarantee to be issued on behalf of:

NURICON PETRO SERVICES FZE, UAE.

Issuance through a Correspondent Bank Yes No If yes, counter guarantee indirect guarantee
PAPER GUARANTEE TO BE ISSUED IN UAE

Guarantee to be collected by / delivered to:

SYED AMEEN HUSSAIN. 784-1965-1392808-3

Identification Number SYED AMEEN HUSSAIN. 784-1965-1392808-3

In case of queries, please call telephone no. and ask for

00923002018120.

In connection with the issue of the aforesaid Letter of Guarantee, I / We hereby undertake and declare as under:
1. I/We hereby agree and undertake to indemnify you and keep you indemnified against any or all consequences whatsoever, direct or indirect resulting from of the issuance
of the above mentioned Letter of Guarantee. I/We also indemnify you against all legal costs or other expenses that you may incur as a result of the issuance of this Letter
of Guarantee or any extension thereof with out the need for official notice or legal procedure. I/We undertake to reimburse you on demand any amount that you may have
to pay, pursuant to your obligation and undertaking, regardless of whether or not the party in whose favour such obligation was incurred or to whom such undertaking was
given by you is legally justified in making claim against you thereunder or not. I/We hereby authorize you to issue on my/our behalf and at my/our responsibility a letter of
guarantee in favor of the beneficiary as stated above.
2. It is expressly agreed that you will fulfill your obligation resulting from the issuance of the said Letter of Guarantee, especially as regards your paying, on first written
demand, any amounts claimed thereunder at any time and without any further advise and without any / prior reference to me/us, notwithstanding any objection whatsoev-
er from me/us or from any other person.
3. I/We hereby irrevocably authorize you to debit from my/our accounts any amounts you are obliged to pay under this letter of guarantee as fulfilment of your obligation
arising out of or in connection with the letter of guarantee including any amounts due to you or any person including the beneficiary of this Letter of Guarantee. In case
the funds are insufficient or not in clear and deductible funds , I/We shall be obliged, upon demand by you to fund our/my accounts in one calendar day (the “Demand”)
and in case of delay or failure to provide such amounts to you within such one calendar day, I/We hereby consent to and agree to donate, upon claim from Abu Dhabi Islamic
Bank, an amount to be calculated in accordance with the following formula: 1% per month (or part thereof) on the total due amount, to a charity or charities approved by
AILG/V3/June 2021

the Internal Sharia Supervisory Committee of the Bank and hereby authorize you to debit from any of my/our accounts such donation amount.You shall have the right to
deduct from the said donation amount your actual and direct associated costs and expenses (excluding cost of fund, opportunity cost and late payment penalty in any form)
with the collection of due amounts hereunder and the deduction of such collection costs shall be subject to Resolution Number 69/02/2020 dated 16/09/2020 issued by
the Higher Shari’ah Authority of the Central Bank of the United Arab Emirates (the “Authority”) in respect of the parameters and standards for deduction of collection costs
in Islamic financial institutions form funds collected based on the commitment to donate (the “Resolution”), as determined by and applied under the supervision of the
1
Page 1 of 2

Application for Issuance of Letter of Guarantee

Application for Issuance of Letter of Guarantee
Internal Shari’a Supervisory Committee of Abu Dhabi Islamic Bank P.J.S.C accordingly. The Demand shall constitute and satisfy the requirement under the second part
sub-clause (i) the request to pay and the notice required under sub-clause (ii) of that part of the Resolution and the delay in payment on the said number of days shall
constitute and be deemed procrastination and that I/We shall be deemed procrastinator as such accordingly. You shall have the right thereupon to deduct from the
donation amount your actual and direct collection costs firstly before donating the donation amount. The deduction of the said collection costs shall be under the
supervision of the Internal Shari’a Supervisory Committee of Abu Dhabi Islamic Bank P.J.S.C.
I/We agree that in case Abu Dhabi Islamic Bank P.J.S.C pays any amount under this letter of guarantee from its own money due to insufficiency or unavailability of funds in
my/our accounts and/or due to I/We not providing the claimed amount through any means, the Bank has the right, subject to decision of the Internal Shari’a Supervisory
Committee of the Bank, to donate to a charity the fee charged by the Bank to issue this letter of guarantee after deducting any actual expenses incurred (excluding cost of
fund, opportunity cost and late payment penalty in any form) in issuing this letter of guarantee on pro rata basis, i.e percentage of the fee that corresponds to the
percentage of the claim paid by the Bank using its own money.
4. As security for the liquidation of liabilities under the said Letter of Guarantee, I/We pledge in your favour, all our credit balance, stocks and any other assets or rights
whatsoever; I/We further agree that any amount held by you in my/our name may be applied by you without any reference to me/us at any time and without any further
advise in payment of any sum which you may be called upon to pay under this Letter of Guarantee.
5. I/We also agree that we continue to be liable in respect of any/all obligation/s under this Letter of Guarantee until and unless the relative original Letter of Guarantee is
returned to you for cancellation or you are advised by the beneficiary that you are released from all liabilities thereunder.
6. I/We hereby authorize you to debit my/our account stated below with the cash margin stipulated by you and deposit the same in accordance with the signed pledge letter.
I/We hereby authorize you to debit my/our account stated below with your commission, for the issuance or renewal of the Letter of Guarantee as per the commission
amount / rate stipulated in the Bank’s Schedule of Charges, applicable and in force as of the date of the issuance or renewal, or as otherwise approved by the Bank. I/We
irrevocably authorize you to utilize the said cash margin and / or the deposit/credit balances held under lien against this Letter of Guarantee without any reference to me/us.
I/We also agree to furnish any additional security or increase the cash margin, on demand from you, whenever you consider it necessary.
7. I/We hereby authorize you to make a lien to the extent of [State Currency & Amount]

on Current A/C no. OR Saving A/C no. in my name/in the name of towards margin for the
above Letter of Guarantee and to utilize the same against this Letter of Guarantee without any reference to me/us, I/We also agree to furnish any additional security or
increase the lien amount, on demand from you, however you consider it necessary.
I/We acknowledge that I/we had the right to select whether to pledge funds at our discretion in profit bearing and/or non-profit bearing accounts and we selected the
above-mentioned account (s) at our sole discretion. I/We further understand and acknowledge that:
(a) Under any non-profit bearing accounts held with the Bank, I/We shall not be eligible for profit but the account balance will be guaranteed by the Bank as per the relevant
agreement.
(b) Under any profit bearing accounts (investment accounts) held with the Bank, I/We shall be eligible for the generated profit (if any) as per the relevant agreement but the
balances held in profit bearing accounts and any profits including the profit shall be pledged in addition to the balance of such account (s) are subject to investment risks
as per the relevant account documentation signed by I/We/us with the Bank are subject to investment risks as per such relevant agreement signed by me/us with the Bank.
8. In the event that the cash margin/lien on A/C is insufficient to honour a claim under this Letter of Guarantee, the Bank can, at its sole discretion, exercise its right of set
off against any credit balance in any other account maintained either singly or jointly by me/us to cover the shortfall.

9. I/We unconditionally agree to abide by the terms and conditions set out in the Facilities Offer Letter, if it has already been subscribed to by me/us. Further, I/We understand
and agree that the said Letter of Guarantee will be issued by the Bank without any commitment or obligation on their part to extend facilities as these may be considered
at the Bank’s discretion, on merits of the request and securities offered by me/us in this regard.

10. In the event of the Bank deciding in its discretion, acting reasonably, to terminate the facilities and/or cancel this Letter of Guarantee, we agree and undertake to return
the original Letter of Guarantee for cancellation or provide 100% cash margin immediately holding the Bank harmless against any/all claims, costs and expenses.

11. I/We hereby authorize you to extend the Letter of Guarantee without any reference to us in case you receive, extend or pay request from Beneficiary before the present
expiry date of this Letter of Guarantee.
12. I/We hereby agree that the governing law of the Beneficiary’s country to be applicable in case you are requested to issue a Letter of Guarantee in favor of a Beneficiary
outside the UAE through your correspondent Bank/or as otherwise agreed to the contrary.
13. This undertaking and Indemnity shall be governed by and construed in accordance with the Federal laws of the United Arab Emirates as applied by Abu Dhabi courts and
the courts of Abu Dhabi shall have the exclusive jurisdiction over any claims or dispute arising out of or related to this Letter of Guarantee unless otherwise expressly stated
in this Letter of Guarantee.
14. The laws referred to in clauses 13 & 14 (“Governing Laws”) shall be applicable to the extent such laws do not conflict with the rules and principles of the Islamic Shari’a
as set out in the Shari’a Standards of the Accounting and Auditing Organisation of Islamic Financial Institutions including the rules and principles issued by the Authority
as interpreted and applied by the Bank’s Internal Shari’a Supervisory Committee (“Shari’a Law”). In case of conflict between the Governing Laws and Shari’a Law, Shari’a
law will prevail.
15. We hereby understand, acknowledge, agree and are fully aware that (i) this Letter of Guarantee will not extend to include any claims of any interest amount (usury - Riba)
and (ii) the Bank is not responsible or liable to settle any interest amount (usury- Riba) that may result from this Letter of Guarantee in favor of the Beneficiary. We further
release the Bank from any responsibility to settle any interest amount (usury- Riba).

[In case of third party deposits]

Authorized Signature and stamp of applicant/company Authorized Signature and stamp of applicant/company

Account No. 1 6 8 9 7 1 7 1 Account No.

For Bank Use Only

Signature Issue of LG Signature of Processor Signature of Officer / Manager
Verified approved

Note: In case of third party guarantees, additional Indemnity with signature of applicant & third parties also to be obtained.

Page 2 of 2

Application for Issuance of Letter of Guarantee