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Form of Unconditional Bank Guarantee ("Performance Bank Guarantee")

The document is a request for proposals (RFP) for redeveloping the "Jangambadi Ward" in Varanasi, India. It includes a sample performance bank guarantee form. The form guarantees that the contractor will fulfill their contractual obligations for the project. It specifies that the bank will pay up to the guarantee amount if the contractor defaults. The guarantee is valid until 45 days after the defect liability period of 1 year after intended project completion.

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9novtarun
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185 views2 pages

Form of Unconditional Bank Guarantee ("Performance Bank Guarantee")

The document is a request for proposals (RFP) for redeveloping the "Jangambadi Ward" in Varanasi, India. It includes a sample performance bank guarantee form. The form guarantees that the contractor will fulfill their contractual obligations for the project. It specifies that the bank will pay up to the guarantee amount if the contractor defaults. The guarantee is valid until 45 days after the defect liability period of 1 year after intended project completion.

Uploaded by

9novtarun
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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RFP for Re-Development of Wards of Old Kashi

“JANGAMBADI WARD” in Varanasi


December, 2019

Form of unconditional Bank guarantee (“Performance Bank Guarantee”).

PERFORMANCE BANK GUARANTEE

To,

Chief Executive Officer,


Varanasi Smart City Limited
Varanasi

WREREAS ……………………………………………………. [Name and Address


of Contractor] (Hereinafter called “the Contractor”) has undertaken, in pursuance of
Contract No. ……………….. Dated ……………………….to execute …………………….
[Name of Contract and brief description of Works] herein after called “The Contract”

AND WHEREAS it has been stipulated by you in the said contract that the
contractor shall furnish you with a bank guarantee by a Nationalized Bank for the sum
specified therein as security for compliance with his obligations in accordance with the
Contract,

AND WHEREAS we have agreed to give the Contractor such a Bank Guarantee;

NOW THEREFORE we hereby affirm that we are the Guarantor and responsible to
you on behalf of the Contractor, 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
you, upon your first written demand and without cavil or argument, any sum or sums within
the limits of …………………………………………….. [Amount of guarantee] as
aforesaid without your needing to prove or to show grounds or reasons for a demand for the
sum specified therein.

We hereby waive the necessity of your demanding the said debt from the Contactor
before presenting us with the demand.

We further agree that no change or addition to or other modification of the terms of


the Contract or of the Works to be performed there under or of any of the Contract
documents which may be made between you and the Contractor shall in anyway release us
from any liability under this guarantee, and we hereby waive notice of any such change,
addition or modification.

Page | 98
RFP for Re-Development of Wards of Old Kashi
“JANGAMBADI WARD” in Varanasi
December, 2019

This Guarantee shall be valid until a date 45 days after the expiry of defect
liability period of 1 year after intended completion date.

Signature and seal of the guarantor


………………………………………………………………………...

Name of Bank
………………………………………………………………………...................................

Address
………………………………………………………………………...................................

Date
……………………………………………………………………….....................................

Page | 99

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