BID DOCUMENTS - IDCO

SECURITY DEPOSIT
BANK GUARANTEE PROFORMA IN LIEU OF SECURITY DEPOSIT
Bank Guarantee to be executed on non-judicial stamped paper worth Rs.40.00 (Rupees forty only).
1. In consideration of the ____________________, Orissa Industrial Infrastructure Development
Corporation (hereinafter called “The Corporation having agreed to allow (M/s___________________)
(hereinafter called “the said Contractor_________________ terms and conditions of an agreement no.
( _______________________date _________________ ) made between the Corporation and
(M/s______________________) for supply of materials ( as detailed in the said agreement) and for the
due fulfillment by the said contractor(s) of the terms and conditions contained in the said agreement, on
production of Bank Guarantee for Rs._____________) we (______________________) (hereinafter
referred to “the Bank”) do hereby undertake to pay the Corporation an amount not exceeding
Rs.__________ against any loss or damage caused to or suffered by or would be caused or suffered
by the Corporation by reason of any breach by the said contractor(s) of any of the terms of conditions
contained in the said agreement.
2. We (_________________________) do hereby undertake to pay the amounts due and payable under
this guarantee without any demur, merely on a demand from the Corporation Stating that the amount
claimed is due from the Corporation Stating that the amount claimed is due by way of loss or damage
caused to or suffered by the Corporation by reason of any breach by the said contractor (s) of any of
the terms and conditions contained in the said agreement or by reason of the contractor (s) failure to
perform the said agreement. Any such demand made on the Bank shall be conclusive as regards the
amount due and payable by the Bank under this guarantee. However, our liability under this guarantee
shall be restricted to an amount not exceeding Rs. ____________.
3. We (___________________________________) further agree that the guarantee herein contained shall
remain in full force and effect during the period that would be taken for the performance of the said
agreement and that it shall continue to be enforceable till all the dues of the Corporation under or by
virtue of the said agreement have been fully paid and its claims satisfied or discharged or the
(___________________________), Orissa Industrial Infrastructure Development Corporation, certifies
that the terms and conditions of the said agreement have been full and properly carried out by the said
contractor(s) and the guarantee shall then be in-effective.
Unless a demand or claim under this guarantee is made on us in writing or before the
(_________________________) we shall be discharged from all liability under this guarantee
thereafter.
4. We (_____________________________) further agree that the corporation shall have the fullest liberty
without our consent and without affecting in any manner our obligations hereunder to vary any of the
terms and conditions of the said agreement or to extend time of performance by the said contractors
and we shall not be relieved from our liability by reason of any such variation, or extension being
granted to the said contractor(s) or for any forbearance, act or omission on the part of the Corporation
or any indulgence by the Corporation to the said contractor(s) or by any such matter or thing
whatsoever which under the law relating to sureties would but for this provision have effect of so
relieving us.
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