bid document for the work - IDCO

SECURITY DEPOSIT
BANK GUARANTEE PROFORMA IN LIEU OF SECURITY DEPOSIT
Bank Guarantee to be executed on non-judicial stamped paper worth Rs.40.00 (Rupees forty only).
1. In consideration of the ____________________, Orissa Industrial Infrastructure Development
Corporation (hereinafter called “The Corporation having agreed to allow
(M/s___________________) (hereinafter called “the said Contractor_________________
terms and conditions of an agreement no.
( _______________________date
_________________ ) made between the Corporation and (M/s______________________)
for supply of materials ( as detailed in the said agreement) and for the due fulfillment by the
said contractor(s) of the terms and conditions contained in the said agreement, on production
of Bank Guarantee for Rs._____________) we (______________________) (hereinafter
referred to “the Bank”) do hereby undertake to pay the Corporation an amount not exceeding
Rs.__________ against any loss or damage caused to or suffered by or would be caused or
suffered by the Corporation by reason of any breach by the said contractor(s) of any of the
terms of conditions contained in the said agreement.
2. We (_________________________) do hereby undertake to pay the amounts due and
payable under this guarantee without any demur, merely on a demand from the Corporation
Stating that the amount claimed is due from the Corporation Stating that the amount claimed is
due by way of loss or damage caused to or suffered by the Corporation by reason of any
breach by the said contractor (s) of any of the terms and conditions contained in the said
agreement or by reason of the contractor (s) failure to perform the said agreement. Any such
demand made on the Bank shall be conclusive as regards the amount due and payable by the
Bank under this guarantee. However, our liability under this guarantee shall be restricted to an
amount not exceeding Rs. ____________.
3. We (___________________________________) further agree that the guarantee herein
contained shall remain in full force and effect during the period that would be taken for the
performance of the said agreement and that it shall continue to be enforceable till all the dues
of the Corporation under or by virtue of the said agreement have been fully paid and its claims
satisfied or discharged or the (___________________________), Orissa Industrial
Infrastructure Development Corporation, certifies that the terms and conditions of the said
agreement have been full and properly carried out by the said contractor(s) and the guarantee
shall then be in-effective.
Unless a demand or claim under this guarantee is made on us in writing or before the
(_________________________)we shall be discharged from all liability under this guarantee
thereafter.
4. We (_____________________________) further agree that the corporation shall have the
fullest liberty without our consent and without affecting in any manner our obligations hereunder
to vary any of the terms and conditions of the said agreement or to extend time of performance
by the said contractors and we shall not be relieved from our liability by reason of any such
variation, or extension being granted to the said contractor(s) or for any
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