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Mobilization Advance Guarantee / Retenation Bond

1. Pak Qatar General Takaful Ltd has provided a guarantee to secure a mobilization advance for a contractor working on a project for The Indus Hospital. 2. The guarantee ensures that the contractor will use the advance for the specified contract and will be liable for any default. 3. In return, the contractor has provided a counter-guarantee to repay any sums Pak Qatar pays under the guarantee, along with costs and expenses.

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146 views4 pages

Mobilization Advance Guarantee / Retenation Bond

1. Pak Qatar General Takaful Ltd has provided a guarantee to secure a mobilization advance for a contractor working on a project for The Indus Hospital. 2. The guarantee ensures that the contractor will use the advance for the specified contract and will be liable for any default. 3. In return, the contractor has provided a counter-guarantee to repay any sums Pak Qatar pays under the guarantee, along with costs and expenses.

Uploaded by

aliengineer953
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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MOBILIZATION ADVANCE GUARANTEE / RETENATION BOND

Guarantee No-----------------------------------------------------

Date -2016

WHEREAS THE INDUS HOSPITAL, Plot NO. C-76, Sector No.31/5, Korangi Crossing, Karachi
-75190, Pakistan (hereinafter called the Employer) has entered into a Contract for
------------------------------------------------------------------------------------------------------- at korangi
crossing Karachi
With --------------------------, ----------------------------------------------------"Contractor).

(hereinafter called the

AND WHEREAS, the Employer has agreed to advance to the Contractor, at the Contractor's request,
an amount of Rupees ----------------------------------- Only (Rs./-) which amount shall be advanced to
the Contractor as per provisions of the Contract.
AND WHEREAS, the Employer has asked the Contractor to furnish Guarantee to secure the
mobilization advance for the performance of his obligations under the said Contract.
AND WHEREAS, Pak Qatar General Takaful Ltd. Suite No. 401-404, Business Arcade, Block-6,
PECHS, Shahra-e-Faisal, Karachi-75400 (hereinafter called the "Guarantor'') at the request of the
Contractor and in consideration of the Employer agreeing to make the above advance to the
Contractor, has agreed to furnish the said Guarantee.

NOW, THEREFORE, the Guarantor hereby guarantees that the Contractor shall use the advance
for the purpose of above mentioned Contract and if he fails and commits default in fulfillment of
any of his obligations for which the advance payment is made, the Guarantor shall be liable to
the Employer for payment not exceeding the aforementioned amount.
Notice in writing of any default, of which the Employer shall be the sole and final judge, on the
part of the Contractor, shall be given by the Employer to the Guarantor, and on such first written
demand, payment shall be made by the Guarantor of all sums then due under this Guarantee
without any reference to the Contractor and without any objection.
This Guarantee shall remain in force until the advance is fully adjusted against payments from the
Interim Payment Certificates of the Contractor or till --------------------------- whichever is earlier.
The Guarantor's liability under this Guarantee shall not in any case exceed the sum of Rupees
------------------------------------------------ Only (------------------0/-)
This Guarantee shall remain valid up to the aforesaid date and shall be null and void after the
aforesaid date or earlier if the advance made to the Contractor is fully adjusted against payments
from Interim Payment Certificates of the Contractor provided that the Guarantor agrees that the
aforesaid period of validity shall be deemed to be extended if on the above mentioned date the
advance payment is not fully adjusted.

For and on Behalf of


(Authorized Signature)
Witnesses :

Name : _________________________
Address : _________________________
Occupation : _________________________
CINIC No: _________________________

Name : _________________________
Address : _________________________
Occupation : _________________________
CINIC No: _________________________

COUNTER GUARANTEE
*************************
In Consideration Of The M/S Pak Qatar General Takaful Ltd. Suite No. 401-404, Business Arcade,
Block-6, Pechs, Shahra-E-Faisal, Karachi-75400 (Hereinafter Called The "Surety'') Providing
M/S -------------------------------------------------------------------------------------------------(Hereinafter
Called
The
Contractor)
With
The
Mobilization
Bond:
No
----------------------------------------------------------------------Dated -------- September 2016 For A Sum
Of --------------------------------------- Only (/-) In Favor Of M/S THE INDUS HOSPITAL, Plot NO.
C-76, Sector No.31/5, Korangi Crossing, Karachi -75190, Pakistan (Hereinafter Called The
Principale In Respect To Execution Of Service Agreement, Do Hereby Undertake And Agree
With The Said Surety To Repay To The Surety On Demand Any Sum Or Sums Of Money Not
Exceed-----------------------------------------------------Only (Rs.-------------/-),Which The Said Surety
May Pay Or Be Called Upon To Pay Under The Said Advance Bond Together With All Costs,
Charges And Expenses Whatsoever Which The Said Surety May Suffer, Incur Or Be Put To In
Consequence Of The Said Surety Having Provided The Said Tender Bond.
In Witness Whereof This Agreement Has Been Signed This On -----------September 2016

1.______________________
2.______________________

PROMISSIONARY NOTE

M/S Pioneer Engineering Services, 2/C, Sunset Lane-1, phase-II, Extension DHA, Karachi
(HEREINAFTER CALLED THE CONTRACTOR), DO HEREBY PROMISE TO PAY TO M/S. Pak
Qatar General Takaful Ltd. Suite No. 401-404, Business Arcade, Block-6, Pechs, Shahra-E-Faisal,
Karachi-75400 (Hereinafter Called The "Surety'') A SUM OF Rupees Three Million Nine Hundred
Thousand Only (Rs.3,900,000/-) WITH PROFIT @ 18% PER ANNUM FOR VALUE RECEIVED

MOBILIZATION BOND: 11-1606-PO-ENG-MABT-D-000043


DATE : 09-09-2016
SUM INSURED: 3,900,000/VALID UPTO: 30-11-2016

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