Pipelaying Tender-VOL I - WorleyParsons.com

3 . We ......................................... Bank further agree that the amount demanded by "theCorporation" as such shall be final and binding on "the Bank" as to "the Bank" 's liabilityto pay the amount demanded and "the Bank" undertakes to pay to "the Corporation" theamount so demanded on first demand without further proof or conditions and without anydemur, reservation, contest, recourse or protest and without any enquiry of you or theContractor, forthwith and in full without any deductions or set-offs or counterclaimwhatsoever, the sum claimed by you in such Demand, notwithstanding any disputeraised by "the Contractor" or the pendency of any suit or other legal proceedingsincluding arbitration pending before any court, tribunal or arbitrator relating thereto, ourliability under this guarantee being absolute and unconditional. We further agree that theCorporation shall not be bound to disclose any reasons while demanding any amountunder the Bank Guarantee.4 . We. ........................................ Bank further agree with "the Corporation" that "theCorporation" shall have the fullest liberty without our consent and without affecting in anymanner our obligations hereunder, to vary any of the terms and conditions of the said"Contract"/or to extend time of performance by "the Contractor" from time to time or topostpone for any time or from time to time any of the powers exercisable by "theCorporation" against "the Contractor" and to forbear to enforce any of the terms andconditions relating to "the Contract" and we shall not be relieved from our liability byreason of any such variation or extension being granted to "the Contractor" or for anyforbearance, actor omission on the part of "the Corporation" or any indulgence by "theCorporation" to "the Contractor" or by any such matter or things whatsoever which underthe law relating to sureties would, but for this provision, have the effect of relieving us.Any waivers or other forbearance given or variations required under the Contract or anyinvalidity, unenforceability or illegality of the whole or any part of the Contract or rights ofany party thereto, or amendment or other modification of the Contract or any other fact,circumstance, provision of statute or law which might, were our liability to be secondaryand not primary, entitle us to be released in whole or in part from our undertaking, shallnot in any way release its from our obligations under this Guarantee. Our obligationshereunder in respect of the sum or sums demanded by the Corporation under thisGuarantee are primary, independent and absolute and not by way of surety only. TheCorporation may make an unlimited number of Demands under this Guarantee providedthat the aggregate of all sums paid shall not exceed the entire Guarantee Amount.5 . Notwithstanding anything hereinbefore contained, our liability under this Guarantee isrestricted to Rs……….. (Rupees…………………. only). Our liability under this guaranteeshall remain in force until expiration of six months from the expiry of the said "Contract".Unless a demand or claim under this guarantee is made on us in writing within saidperiod, that is, on or before all rights of "the Corporation" under the said guarantee shallbe forfeited and we shall be relieved and discharged from all liabilities thereunder.6 . We .......................................... Bank further undertake not to revoke this guaranteeduring its currency except with the previous consent of "the Corporation" in Writing.7 . We ......................................... Bank lastly agree that "the Bank" 's liability under thisguarantee shall not be affected by any change in the constitution of "the Contractor" or itsinsolvency winding up, reorganisation, amalgamation or liquidation (including anyMH2145-C000-PS-RFQ-0020Page 306 of 334