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Download Here - Indraprastha Power Generation Co. Ltd.

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FORM OF BANK GUARANTEE IN LIEU OF SECURITY DEPOSIT IN INDIVIDUALCONTRACTTo<strong>Indraprastha</strong> <strong>Power</strong> <strong>Generation</strong> <strong>Co</strong>mpany Limited,Rajghat <strong>Power</strong> House, New Delhi.1. In consideration of the <strong>Indraprastha</strong> <strong>Power</strong> <strong>Generation</strong> <strong>Co</strong>mpany Limited having its registered office atHimadri Rajghat <strong>Power</strong> House <strong>Co</strong>mplex, New Delhi (herein after called the said “<strong>Co</strong>mpany” whichexpression shall unless repugnant to the subject or context include its administrators, successors andassigns) having agreed under the terms and conditions of the Award Letter bearing No.______________________ dated ______ issued by IPGCL/PPCL, which has been unequivocally acceptedby the contractor M/s ________________________ work of ____________________________ (hereinafter called the said contract) to accept a Deed of Guarantee as herein provide for Rs. _____________(Rs.____________ only) from a Nationalized Bank in lieu of the Security Deposit to be made by thecontractor or in lieu of the deduction to be made from the <strong>Co</strong>ntrqctor’s bills, for the due fulfillment by thesaid <strong>Co</strong>ntractor of the terms and conditions contained in the said contract. We, the_____________________ Bank (hereinafter referred to as “the said Bank”) and having our registered officeat ____________do hereby undertake and agree to indemnify and keep indemnified the <strong>Co</strong>mpany fromtime to time to the extent of (Rs.__________________only) against any loss or damage, cost, charges andexpenses caused to or suffered by or that may caused to or suffered by the <strong>Co</strong>mpany by reason of anybreach or breached by the said contractor of any of the terms and conditions contained in the said<strong>Co</strong>ntract and to unconditionally pay the amount claimed by the <strong>Co</strong>mpany on demand and without demur tothe extent aforesaid.2. We ______________Bank, further agree that the <strong>Co</strong>mpany shall be the sole judge of and as to whether thesaid contract has been committed any breach or breaches of any of the terms and conditions of the saidcontract and the extent of loss, damage, costs, charges and expenses caused to or suffered by the or thatmay be caused to or suffered by the <strong>Co</strong>mpany on account thereof and the decision of the <strong>Co</strong>mpany thatthe said contractor has committed such breach or braches and as the amount of loss, damage costs,charges and expenses caused to or suffered by or that may be caused to or suffered by the <strong>Co</strong>mpany fromtime to time shall be final and binding on us.3. We, the said Bank, further agree that the guarantee herein contained shall remain in full force and effectduring the period that would be taken for the performance of the said <strong>Co</strong>ntract and till all the dues of the<strong>Co</strong>mpany under the said <strong>Co</strong>ntract or by virtue of any of the terms and conditions governing the saidcontracts have been fully paid and its claim satisfied or discharged and till the <strong>Co</strong>mpany certifies that theterms and conditions of the said <strong>Co</strong>ntract have been fully and properly carried out by the said <strong>Co</strong>ntractorand accordingly discharges this Guarantee subject, however, that the <strong>Co</strong>mpany shall not claim under theGuarantee after 90 (ninety) days from the date of expiry of the Defects Liability Period as provided in thesaid <strong>Co</strong>ntract i.e. ** _________ (date) or from the date of cancellation of the said contract as the case maybe unless a notice of the claim under this Guarantee has been served on the Bank before the expiry of thesaid in which case the same shall be enforceable against the Bank not withstanding the fact that the sameis enforced after the expiry of the said period.4. The company shall have the fullest liberty without affecting in any way the liability of the Bank under thisGuarantee or indemnify from time to time to vary any of the terms and conditions of the said <strong>Co</strong>ntract or toextend time of performance by the said contractor or to postpone for anytime and from time to time any of

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