T000003280_FileName_lucknow.pdf Click here ... - Bharat Petroleum

50Guarantee has been served on the Bank before the expiry of the said period of______________ whichever is earlier unless a notice of the claim under this Guarantee hasbeen served on the Bank before the expiry of the said period of years. Provided, however, ifCorporation thinks that the said period of ________ years after the date of expiry of thedefects liability period as provided in the contract which expires las shall expire after theexpiry of the period of ________ years from ________ day of ______ the Bank hereby agreesand undertakes on being called upon by the Corporation to extend the date of validity of thisGuarantee for a further period of ________ years from the said _______ day of _________atleast two months before the expiry of the said period of years from _________ days of andif the Bank fails to do so the Bank shall forthwith pay to the Corporation the said sum of Rs._________________.4. The Corporation shall have the fullest liberty without affecting in any way the liability of thebank under this Guarantee or indemnity from time to time to vary any of the terms andconditions of the said contracts or to extend time of performance by the said contractor(s) orto postpone for any time and from time to time any of the powers exercisable by them againstthe said Contractor(s) and either to enforce or forbear from enforcing any of the terms andconditions governing the said contract or securities available to the Corporation and the saidBank shall not be released from its liability under these presents by any exercise of theCorporation of the liberty with reference / to the matter aforesaid or by reason of time beinggiven to the said contractor(s) or any other forbearance, act or omission on the part of theCorporation or any indulgence by the Corporation to the said contractor(s) or of any othermatter or thing whatsoever which under the law relating to the sureties would but for thisprovision have the effect of so releasing the Bank from its such liability.5. It shall not be necessary for the Corporation to proceed against the Contractor(s) beforeproceeding against the Bank and the Guarantee herein contained shall be enforceable againstthe Bank not withstanding any security which the Corporation may have obtained or to beobtained from the Contractor(s) at the time of the proceedings against the Bank.6. The Contractor(s) hereby agrees and undertakes that if the Corporation has become entitled toforfeit the amount of Security Deposit of any part thereof in respect of any of the Contractsfor which he has been exempted from payment of Security Deposit by virtue of thisGuarantee and if the Corporation has recovered the said amount of Security Deposit or anypart thereof from the Bank under this Guarantee, the Contractor(s) shall forthwith on thehappening of any such event arrange to have the amount of Guarantee increased to the saidsum of Rs. ___________ as aforesaid and till such time as he furnishes a fresh or furtherBank Guarantee bringing the amount of Rs. ______ Guarantee to the said sum of Rs._________ contractor(s) shall not be entitled to any exemption in respect of payment of anySecurity Deposit in respect of any of the tenders submitted by him after the date of forfeitureof any amount of Security Deposit by the Corporation under any of the said contract and suchamount having been recovered from the Bank under this Guarantee.7. The Bank undertakes not to revoke this Guarantee during its currency except with theprevious consent of the Corporation in iting and agree than any change in the said contract orthe said Bank shall not discharge our liability hereunder.Signature and Stamp of the Tenderer