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

Sarangpur-Sujalpur Roadpurpose of this Guarantee and provided the Concessionaire is not in breach ofthis agreement. Upon request made by the Concessionaire for release of thePerformance Security along with the particulars required hereunder, dulycertified by a statutory auditor of the Concessionaire, the MPRDC shallrelease the Performance Security forthwith.9. The Bank undertakes not to revoke this Guarantee during its currency exceptwith the previous express consent of the MPRDC in writing and declares andwarrants that it has the power to issue this guarantee and the undersigned hasfull powers to do so on behalf of the Bank.10. Any notice by way of request, demand or otherwise hereunder may be sentby post addressed to the Bank at its above referred Branch, which shall bedeemed to have been duly authorized to receive such notice and to effectpayment thereof forthwith, and if sent by post it shall be deemed to have beengiven at the time when it ought to have been delivered in due course of postand in proving such notice, when given by post, it shall be sufficient to provethat the envelope containing the notice was posted and a certificate signed byan officer of the MPRDC that the envelope was so posted shall be conclusive.11. This Guarantee shall come into force with immediate effect and shall remainin force and effect for a period of one year and six month or until it isreleased earlier by the MPRDC pursuant to the provisions of the Agreement.Signed and sealed this ** day of *** 201* at ***.SIGNED, SEALED AND DELIVEREDFor and on behalf of the Bank by:(Signature)(Name)(Designation)(Address)_______________________________________________________________________MPRDC-Bhopal December, 2010