Encl.C
PERFOMANCE BANK GUARANTEE
TO
COCHIN SHIPYARD LTD
(GOVT. OF INDIA ENTERPRISE,)
PO
BAG No. 1653, PERUMANOOR PO, COCHIN 682 015.
WHEREAS
(Name & Address of Supplier)
(hereinafter called "the Supplier")
has undertaken, in pursuance of Contract
No.
Dated:
to execute
(Name of Contract and brief description of works) (hereinafter called "the Contract").
AND
WHEREAS it has been stipulated by COCHIN
SHIPYARD LTD (The Buyer - hereinafter called "CSL")
in the said contract that the Supplier shall furnish CSL with a Bank Guarantee by a recognized
bank for the sum specified therein as security for compliance with the
Suppliers obligations in accordance with the Contract.
AND
WHEREAS we have agreed to give the Supplier such a Bank Guarantee.
NOW THEREFORE we
(Name of the Bank) having its Head Office at
(Address of Head Office) and acting through its branch office
at
(Address of the executing branch) (hereinafter called "the
Bank") hereby affirm that we are the Guarantor and responsible to CSL, on behalf of the Supplier up to a
total of
(amount of Guarantee)
(in
words), such sum being payable in the types and proportions of currencies in which
the Contract Price is payable and we undertake to pay CSL upon your first written demand and
without cavil or argument, any sum or sums within the limits of
(amount[1]
of guarantee) as aforesaid without CSL needing to prove or to show grounds or
reasons for CSL's demand for the
sum specified therein.
We,
the Bank, hereby waive the necessity of CSL
demanding the said debt from the Supplier before presenting us with the demand.
We,
the Bank, further agree that no change or addition to or other modification of
the terms of the Contract or of the Works to be performed thereunder or of any
of the Contract documents which may be made between CSL and the Supplier shall in any way release us from any
liability under this guarantee, and we hereby waive notice of any such change,
addition or modification.
This
guarantee shall be valid until 28 days from the date of expiry of the Defects
Liability Warranty period.
Notwithstanding anything contained herein:
1.
Our liability under this Bank Guarantee shall not exceed
Rs
(Rupees
only).
2.
This Bank Guarantee shall be valid up to (date) and
3. We
are liable to pay the guaranteed amount or any part thereof under this bank
guarantee only and only if CSL
serve upon us a written claim or demand on or before
(date).
Yours truly,
Signature
and seal of the guarantor:
Name
of Bank:
Address:
Date:
s-
[1] An amount shall be inserted by the Guarantor,
representing the percentage of the Contract Price specified in the Contract and
denominated in Dollars / Indian Rupees.