sarangpur-shujalpur road - Madhya Pradesh Road Development ...

Sarangpur-Sujalpur RoadSCHEDULE-F (Revised)(See Clause 9.1)PERFORMANCE SECURITYThe Managing DirectorMadhya Pradesh Road Development Corporation Ltd.BhopalWHEREAS:(A) **** (the “Concessionaire”) and the Madhya Pradesh RoadDevelopment Corporation Ltd. (the “MPRDC”) have entered into aConcession Agreement dated __________(the” Agreement”) whereby theMPRDC has agreed to the Concessionaire undertaking the Two laning ofthe development of Sarangpur-Akodia-Shujalpur section of State HighwayNo. 43 on Design, Build, Finance, Operate and Transfer (“DBFOT)” basis,subject to and in accordance with the provisions of the Agreement.(B) The Agreement requires the Concessionaire to furnish a PerformanceSecurity to the MPRDC in a sum of ` 3.37 crores (Rupees three croresthirty seven lacs only) (the “Guarantee Amount”) as security for due andfaithful performance of its obligations, under and in accordance with theAgreement, during the Construction Period (as defined in the Agreement).(C) We, ***** through our Branch at ***** (the “Bank” ) have agreed tofurnish this Bank Guarantee by way of Performance Security.NOW, THEREFORE, the Bank hereby, unconditionally and irrevocably,guarantees and affirms as follows:1. The Bank hereby unconditionally and irrevocably guarantees the due andfaithful performance of the Concessionaire’s obligations during theConstruction Period, under and in accordance with the Agreement, andagrees and undertakes to pay to the MPRDC, upon its mere first writtendemand and without any demur, reservation, recourse, contest or protest, andwithout any reference to the Concessionaire, such sum or sums up to anaggregate sum of the Guarantee Amount as the MPRDC shall claim withoutthe MPRDC being required to prove or to show grounds or reasons for itsdemand and/or for the sum specified therein.2. A letter from the MPRDC under the hand of an Officer not below the rank ofDy. General Manager in the MPRDC that the Concessionaire has committeddefault in the due and faithful performance of all or any of its obligationsunder and in accordance with the Agreement shall be Conclusive, finaland binding on the Bank. The Bank further agrees that the MPRDC shall bethe sole judge as to whether the Concessionaire is in default in due andfaithful performance of its obligations during the Construction Period underthe Agreement and its decision that the Concessionaire is in default shall be_______________________________________________________________________MPRDC-Bhopal December, 2010