BID DOCUMENTS - IDCO
BID DOCUMENTS - IDCO
BID DOCUMENTS - IDCO
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(iii)<br />
(iv)<br />
and powers or rights or by reasons of time being given to the supplier which under law relating the<br />
surety would but for the provisions have the effect of releasing the surety.<br />
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 suspended<br />
by reasons of the feet that any dispute or disputes have been raised by the supplier or that any<br />
dispute(s) are pending before any office, tribunal or court.<br />
The guarantee herein contained shall not be affected by the liquidation or winding up, dissolution,<br />
change of constitution or insolvency of the supplier but shall in all respects and for all purchases be<br />
binding and operative until payment of all money due to the Owner in respect of such liability or<br />
liabilities is affected.<br />
Notwithstanding any thing stated above, the liability of the Bank under this Guarantee is restricted<br />
to Rs.___________________ (Rs. _________________only) and this guarantee shall expire on<br />
____________unless a demand or a claim under this guarantee is filed against the Bank within<br />
________________ i.e. the date of expiry of the guarantee, all the rights of the Owner under the said<br />
guarantee shall be forfeited and the Bank shall be relieved and discharged from all liabilities hereunder.<br />
Accordingly, this Guarantee shall remain in force till ______________________.<br />
However, if the supplier’s obligations against which this Guarantee is given are not completed or<br />
fully performed within the period, Bank hereby agrees to further extend the guarantee for a further period of<br />
six months.<br />
us.<br />
We have the power to issue this Guarantee in your favour under the discretionary powers vested on<br />
Signature of the Constituent<br />
Authority of the Bank with Seal<br />
27