- BANK GUARANTEE
B.G.No
Date:
MACROHARD................................................................................
............................................................................................
Dear Sirs.
In consideration
for MACROHARD a Company incorporated under the
Companies Act, 1956 having its registered office
at.................................having agreed
to pay MIPRO Ltd having its registered office
at..................................(hereinafter
called the "Contractor") an advance
amount of Rs......................under the terms
and conditions of the contract
No................dated............for the
supply, of work, (hereinafter called the
"Contract") for the due fulfillment by
the contractor of the terms and conditions
contained in the Contract on production of a Bank
Guarantee of Rs.............................
We, the
Bank...................................hereinafter
called the "Bank", at the request of
the contractor do hereby undertake to pay to
MACROHARD on receipt of their written demand an
amount not exceeding Rs..............against any
loss or damage caused to or suffered or would be
caused to or suffered by MACROHARD by reason of
any breach by the contractor of any of terms and
conditions contained in the contract.
We, the Bank, do
hereby undertake to pay to MACROHARD the amounts
due and payable under this Guarantee, without any
demur, merely on receipt of a written demand from
MACROHARD stating that the amount claimed is due
by way of loss or damage caused to or suffered or
would be caused or suffered by MACROHARD by
reason of breach by the contractor of any of the
terms and conditions contained in the contract or
by reason of the contractor's failure to perform
the said contract. Any such demand made on the
Bank on or before..............shall be
conclusive as regards the loss or damage and the
quantum of amount due and payable under this
guarantee, subject however, our liability under
the Guarantee shall be restricted to an amount
not exceeding Rs................
We, the Bank,
undertake to pay to MACROHARD any money so
demanded notwithstanding any dispute or disputes
raised by the Contractor in any suit or
proceeding including Arbitration proceedings
pending before any Court of Tribunal relating
thereto and our liability under these presents
being absolute, unequivocal and irrevocable.
The payment so mad
by us under this Guarantee shall be a valid
discharge of our liability for payment there
under and the Contractor shall have no claim
against us for making such payment.
We, the Bank,
undertake not to revoke this guarantee during the
currency of this guarantee except with the
previous consent of MACROHARD in writing.
Notwithstanding
anything contained hereinabove:
1.
The liability under this Bank Guarantee shall not
exceed Rs...................
2.
This Bank Guarantee shall be valid up
to...............and
3.
The Bank is liable to pay guarantee amount or any
part thereof under this bank Guarantee under and
only if MACROHARD serves upon us a written Claim
or Demand on or before................
Date:..............................
Place:.............................
SEAL:
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