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1. State Bank of India has issued a bank guarantee of Rs. 6,39,182/- to Indian Oil Corporation Ltd on behalf of Somnath Petroleum. 2. The bank guarantee is provided as security for any breach of the agreement by Somnath Petroleum for the purchase of CNG from Indian Oil Corporation Ltd. 3. State Bank of India will pay Indian Oil Corporation Ltd the guaranteed amount upon demand without objection if Somnath Petroleum defaults on the agreement terms. The bank guarantee is valid until 27/01/2024.

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Mitesh Patel
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487 views2 pages

BG Format

1. State Bank of India has issued a bank guarantee of Rs. 6,39,182/- to Indian Oil Corporation Ltd on behalf of Somnath Petroleum. 2. The bank guarantee is provided as security for any breach of the agreement by Somnath Petroleum for the purchase of CNG from Indian Oil Corporation Ltd. 3. State Bank of India will pay Indian Oil Corporation Ltd the guaranteed amount upon demand without objection if Somnath Petroleum defaults on the agreement terms. The bank guarantee is valid until 27/01/2024.

Uploaded by

Mitesh Patel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Bank Guarantee

To,

M/s Indian Oil Corporation Ltd,


Indian Oil Bhavan,
3rd Floor, Ghod Dod Road, Surat ( Gujarat)
Bank Guarantee Number :
Last date of lodgment : 27/01/2024
Guarantee Cover From : 27/01/2023
Bank Guarantee Amount : 6,39,182/-
Dear Sirs,
1. In consideration of Indian Oil Corporation Ltd having its registered office at G-9,Ali Yavar Jung Marg,
Bandra (E), Mumbai -400051 and a place of business at M/s Indian Oil Corporation Ltd, Indian Oil
Bhavan, 3rd Floor, Ghod Dod Road, Surat ( Gujarat) where the bank guarantee is to be submitted)
hereafter called the "Seller" ( Which expression shall include its successor in interest and assigns) having
agreed to sell to M/s SOMNATH PETROLEUM , DABHASA , PADRA VADODARA having its office at
DABHASA hereinafter called "the Buyer" ( which expression shall include its successor in interest and
assigns and executors as the case may be) CNG on the terms and conditions mentioned in the
agreement /Purchase order no.______ dated_____ and in accordance with the arrangement mutually
agreed pursuant to the said agreement/Purchase order (Herein after collectively referred as
"Agreement") the seller has agreed to accept Bank Guarantee for Rs 6,39,182/-( Six Lack Thirty Nine
Thousand One Hundred Eighty Two Only) toward the Value of CNG stated in the agreement from the
Buyer in lieu of the Credit given to the Buyer. We State Bank Of India , Nizampura Branch , Vadodara at
the request of the buyer do hereby undertake to pay to the seller an amount not exceeding Rs. Six Lack
Thirty Nine Thousand One Hundred Eighty Two Only against any loss or damage caused to/ suffered or
would be caused to or suffered by seller by reason of any breach by the Buyer of any of the terms or
conditions contained in the agreement.

2. We State Bank Of India , Nizampura Branch , Vadodara do hereby undertake to pay the amount due
and payable under this guarantee without any demur, merely on demand from the seller stating that the
amount claimed is due by way of loss or damage caused to or would be caused to or suffered by the
seller by reason of branch by the said Buyer of any of the terms of conditions contained in the said
agreement or by reasons of the Buyer's failure to perform the said agreement. Any such demand made
on the bank shall be conclusive as regards the amount due and payable by the bank under this
guarantee. However, our liability under this guarantee shall be restricted to an amount not exceeding Rs
6,39,182/-

3. We undertake to pay to the seller any money so demanded notwithstanding any dispute raised by the
said Buyer in any suit or proceeding pending before any court or Tribunal relating there to , our liability
under this present being absolute and unequivocal. The payment so made by us under this bond shall be
a valid discharge of our liability for payment there under and the Buyer shall have no claim against us for
making such payment.
4. We State Bank Of India , Nizampura Branch , Vadodara further agree that the guarantee here in
contained shall remain in full force and effect during the period that would be taken for the
performance of the said agreement and that it shall continue to be enforceable till all the dues of the
seller under or by virtue of the said agreement have been fully paid and its claims satisfied or discharged
or till the seller certifies that the terms and conditions of the said agreement have been fully and
property carried out by the said Buyer and accordingly discharge this guarantee. Unless a demand or
claim under this guarantee is made on us in writing on or before 27/01/2024 we shall be discharged
from all the liability under the guarantee thereafter.

5. We State Bank Of India , Nizampura Branch , Vadodara further agree with the seller that the seller
shall have the fullest liberty without our consent and without affecting in any manner obligations
hereunder to vary any of the terms and conditions of the said agreement or to extend time of
performance by the said Buyer from time to time or to postpone for any time or from time to time any
of the powers exercisable by the seller against the said Buyer and to forbear or enforce any of the terms
and conditions relating to the said agreement and bank shall not be relieved from our liability by reasons
of any such variation or extension being granted to the said Buyer or for any forbearance, act or
omission on the part of the seller or any indulgence by the seller to the said buyer or any such matter or
thing whatsoever which under the law relating to securities would, but for this provision have effect of
so relieving us.

6. This guarantee will not be discharged due to the change in the constitution of the bank or the Buyer.

7. The bank agrees that this guarantee may be invoked on a number of occasions but that the total
amount payable hereunder shall not exceed Rs 6,39,182/-

8. We State Bank Of India , Nizampura Branch , Vadodara undertake not to invoke this guarantee
during its currency except previous consent of the seller in writing.

9. Notwithstanding anything contained here in above,

a. The liability of the bank under this guarantee shall not exceed the amount of Rs 6,39,182/- (Six Lack
Thirty Nine Thousand One Hundred Eighty Two Only )

b. This guarantee is valid upto 27/01/2024 irrespective of whether or not the original guarantee
returned to us.

The Confirmation of this bank guarantee is available with our controlling office.The beneficiary is
available with our controlling office. The beneficiary in his own interest should obtain such confirmation
from the controlling office at the following address-

CONFIRMING OFFICE ADDRESS: ISSUING BRANCH


ADDRESS
Place:

Date: 27/01/2023 (Name and Signature of the Bank)

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