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ESTIMATED COST RS.31.50 LAKH (RUPEES THIRTY-ONE ... - IDCO

ESTIMATED COST RS.31.50 LAKH (RUPEES THIRTY-ONE ... - IDCO

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18<br />

supplier which under law relating the surety would but for the provisions have the effect<br />

of releasing the surety.<br />

(iii) The rights of the Owner to recover the said sum of _________________ (Rupees<br />

___________________) only from the Bank in manner aforesaid will not be affected or<br />

suspended by reasons of the feet that any dispute or disputes have been raised by the<br />

supplier or that any dispute(s) are pending before any office, tribunal or court.<br />

(iv) The guarantee herein contained shall not be affected by the liquidation or winding up,<br />

dissolution, change of constitution or insolvency of the supplier but shall in all respects<br />

and for all purchases be binding and operative until payment of all money due to the<br />

Owner in respect of such liability or liabilities is affected.<br />

Notwithstanding any thing stated above, the liability of the Bank under this Guarantee<br />

is restricted to Rs.___________________ (Rs. _________________only) and this<br />

guarantee shall expire on ____________unless a demand or a claim under this guarantee is<br />

filed against the Bank within ________________ i.e. the date of expiry of the guarantee, all<br />

the rights of the Owner under the said guarantee shall be forfeited and the Bank shall be<br />

relieved and discharged from all liabilities hereunder. Accordingly, this Guarantee shall<br />

remain in force till ______________________.<br />

However, if the supplier’s obligations against which this Guarantee is given are not<br />

completed or fully performed within the period, Bank hereby agrees to further extend the<br />

guarantee for a further period of six months.<br />

We have the power to issue this Guarantee in your favour under the discretionary<br />

powers vested on us.<br />

Signature of the Constituent<br />

Authority of the Bank with Seal

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