Bank Guarantee
FROM:
EAST WEST BANK OF INDIA
(Full address of the branch)
To,
PDP INDIA PRIVATE LIMITED
(Full address)
(i) Guarantee No.:—
(ii) Amount of Guarantee:— Rs.___________/-
(Rupees _________________ only).
(iii) Guarantee covered from ______ day of ________
200 to day of 200 . .
(iv) Last date of lodgment of claim _______________.
THIS BANK GUARANTEE is executed by the East West Bank of India, having its central office at ___________________________ ____________ and amongst other places a branch at ___________________ (hereinafter referred to as “the Bank”) in favour of PDP INDIA PRIVATE LIMITED (hereinafter referred to as the “the Beneficiary”) for an amount not exceeding Rs.____________/- Rupees _______________ _________ only) at the request of M/s. XYZ INDIA PRIVATE LTD. (hereinafter referred to as “the principal”)
WHEREAS:—
(a) M/s. XYZ INDIA PRIVATE LTD., the principal, have agreed with M/S. PDP INDIA PRIVATE LIMITED, the Beneficiary, to transfer its property situate at _____________________________ _________ to them (hereinafter referred to as “the said property”).
(b) It is also agreed between the principal and the Beneficiary that if any transfer charges on account of the transfer of the said property are required to be paid to __________________________, the same shall be paid by the Principal alone.
(c) It is further agreed between the Principal and the Beneficiary that to safeguard the interest of the Beneficiary against the demand of such transfer charges, the Principal shall obtain a Bank Guarantee of an amount of Rs._____________/- (Rupees _________________________________ only), being the expected transfer charges, in favour of the Beneficiary.
(d) Pursuant to the request of the Principal, the Bank has agreed to issue the present Bank Guarantee in favour of
the Beneficiary.
NOW THIS GUARANTEE WITHNESSETH AS FOLLOWS:-
1. In consideration of the aforesaid, we irrevocably and unconditionally guarantee and undertake to pay as primary obliger and not merely as surety a sum not exceeding Rs.____________/- (Rupees __________________________________ only) to _______________________ immediately on demand by the Beneficiary without demur PROVIDED the Beneficiary stating to the Bank in writing within the prescribed period that the said amount is due by way of transfer charges on account of transfer of the said property by the Principal to the Beneficiary and the Principal has failed to pay the same.
2. The decision of the Beneficiary as to whether the Principal has failed to pay the said transfer charges to _______________________________ shall be final and binding on the Bank.
3. NOTWITHSTANDING anything contained herein, it is recorded and confirmed that:—
(i) Our liability in any case and in no circumstances shall exceed Rs.____________/- (Rupees __________________only).
(ii) We shall be liable to pay provided if a written claim or demand is lodged with the Bank on or before ______________ and not otherwise.
(iii) This Bank Guarantee shall be valid only upto __________. No claim and/or demand shall be entertained thereafter.
(iv) This Bank Guarantee is not negotiable.
(v) This Bank Guarantee shall stand cancelled/discharged with effect from _______________________, whether or not the original bank guarantee is returned to us.
4. We shall not revoke this guarantee during its validity period except with the previous consent of the Beneficiary.
5. All the disputes related to the present bank guarantee shall be subject to jurisdiction of court of ____________________ only.
Dated this ____________ day of _________________ 200__.
FOR EAST WEST BANK OF INDIA
Witness:
DEPUTY MANAGER/
ASSISTANT GENERAL MANAGER
Seal