Download Here - Indraprastha Power Generation Co. Ltd.
Download Here - Indraprastha Power Generation Co. Ltd.
Download Here - Indraprastha Power Generation Co. Ltd.
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(The non-judicial stamp paper of appropriate value and published in the name of executing bank)<br />
PROFORMA OF BANK GUARANTEE FOR CONTRACT PERFORMANCE<br />
Ref…………………..<br />
Date : ____________<br />
Bank Guarantee NO. ………….<br />
To,<br />
Pragati <strong>Power</strong> <strong>Co</strong>rporation Limited,<br />
Rajghat <strong>Power</strong> House,<br />
New Delhi-110 002.<br />
Dear Sirs,<br />
In the consideration of the Pragati <strong>Power</strong> <strong>Co</strong>rporation Limited (herein after referred to as the ‘Owner’<br />
which expression shall unless repugnant to the context or meaning thereof includes its successors,<br />
administrators and assigns) having awarded to M/s _______________________ with its<br />
Registered/Head Office at _________________ ________________________ herein after referred to as<br />
contractor which expression shall unless repugnant to the context or meaning, thereof include its<br />
successors, administrator, and assigns) a contract by issue of Owner’s letter of Intent No. ___________<br />
Dt. ______________ and the same having been unequivocally accepted by the contractor resulting into<br />
a contract bearing No. ______________ dt. ______________ valued at ______________________ for<br />
__________and the contractor (scope of work) having agreed to provide a contract performance<br />
Guarantee for the faithful performance of the entire contract equivalent<br />
to*______________________________ % (percent) of the said value of the contract of the owner.<br />
We ______________________ (name & address) having its head office at __________ (a hereinafter<br />
referred to as the ‘Bank’ which expression shall unless repugnant to the context or meaning thereof<br />
include its successors, administrator, executors and assigns) do hereby guarantee and undertake to pay<br />
the owner immediately on demand any or all money all payable by the contractor to the extent of<br />
________________ as aforesaid and any time up to ____________(days/months/year) without any<br />
demur, reservation, recourse, contest or protest and or without any reference to the <strong>Co</strong>ntractor. Any<br />
such demand made by the owner on the Bank shall be conclusive and binding, not withstanding, any<br />
difference between the owner and the <strong>Co</strong>ntractor or any dispute pending before any court, Tribunal,<br />
Arbitrator or any other authority. The Bank undertakes not to revoke this guarantee during its currency<br />
without the previous consent of the owner and further agrees that the Guarantee herein contained shall<br />
continue to be enforceable till the owner discharges this Guarantee.<br />
The owner shall have the fullest liberty without affecting in any way the liability of the bank under this<br />
guarantee, from time to extend the time for performance of the contract by the <strong>Co</strong>ntractor. The owner<br />
shall have the fullest liberty without affecting this guarantee to postpone from time to time the exercise<br />
of any powers vested in them or of any right which they might have against the contractor, and to<br />
exercise the same at any time in any manner and either to enforce or to forebear to enforce any<br />
covenants contained or implied in the contract between the owner & the contractor or any other course<br />
or remedy or security available to the owner. The Bank shall not be released of its obligations under<br />
these presents by any exercise by the Owner of its liberty with reference to matters aforesaid or any of
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