BID DOCUMENTS - IDCO
BID DOCUMENTS - IDCO
BID DOCUMENTS - IDCO
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PERFORMANCE GUARANTEE FORMAT<br />
PROFORMA FOR PERFORMANCE BANK GUARANTEE<br />
Bank Guarantee No._______________<br />
Date _________________<br />
WHEREAS ________________________________________________(hereinafter referred to as<br />
“The Owner”) which expression shall unless repugnant to the context includes their (legal representatives,<br />
successors and assigns having) their registered office at<br />
_____________________________________________________________<br />
___________________________________________________________________ has placed a<br />
purchase order (hereinafter referred to as the “Supplier”) which expression shall unless repugnant to the<br />
context include their legal representatives, successors and assigns) for supply of<br />
___________________________________ on the terms and conditions as set out, (interalia), in the<br />
Owner’s purchase order no.______________________ dated ____________________ and various<br />
documents forming part thereof hereinafter collectively referred to as the “Said purchase order” which<br />
expression shall include all amendments, modifications and/or variations thereto.<br />
AND WHEREAS one of the conditions of the “Said purchase order” is that the Supplier shall furnish<br />
to the Owner a Bank Guarantee from a Nationalised Bank for _________________________ ( _________<br />
percent ) of the total value of the “Said<br />
purchase order against due and faithful performance of the materials supplied including defects liability<br />
obligation against the performance guarantee obligations of the supply made under the said purchase<br />
order.<br />
AND WHEREAS the “Supplier” has approached<br />
________________________________________________________________<br />
(hereinafter referred to as the Bank) having their registered office at ____________ and at the request of<br />
the supplier and in consideration of the promises the Bank have agreed to give such guarantee as<br />
hereunder :-<br />
(i)<br />
(ii)<br />
The Bank hereby undertake to pay the amount due and payable under this guarantee without any<br />
demur merely on a demand from the Owner stating that the amount claimed is due by reason of<br />
(default made by the supplier in supplying the materials as per) the terms and conditions of the said<br />
purchase order including defects liability obligations in fulfilling the performance guarantee<br />
obligations against the supply made by the supplier under the said purchase order. Any such<br />
demand made on the Bank by the owner shall be conclusive as regards the amount due and<br />
payable by the Bar under this guarantee. However, the Bank’s liability under this guarantee shall<br />
restricted to an amount not exceeding ____________________(Rupees _________________).<br />
The Owner will have the full liberty without reference to the Bank and without affecting the<br />
guarantee to postpone for any time or from time to time the exercise of any powers and rights<br />
conferred on the owner under the said purchase order and to enforce or to for bear from endorsing<br />
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