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33 views

SD Format Hal

Uploaded by

Guna
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 PDF, TXT or read online on Scribd
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Annexure 23B

Format of Bank Guarantee for Security Deposit

1. In consideration of the HINDUSTAN AERONAUTICS LTD., ______________ Division (hereinafter called as


to said Contractor/ Vendor
the demand of Security Deposit, under Agreement/Contract/Order No. __________ dated ________
(hereinafter called said said Contract/ said Order), made between ________________ and
_______________ for _________________ (indicate the scope of supply) for the due fulfillment by the said
Contractor/Vendor(s) of the terms and conditions contained in the said Agreement/Contract/Order, on
production of a bank Guarantee for __________________ (indicate the amount in Rs/ Foreign Currency)
(______________________ Only), We, _________________, (hereinafter referred (indicate the name of the
bank) to as at the request of __________________ [contractor/Vendor(s)] do hereby undertake
to pay to HAL an amount not exceeding ______________ (indicate the amount in Rs/ Foreign Currency)
against any loss or damage, costs, charges and expenses, claims caused to/ suffered or would be caused to
suffered by HAL by reason of any breach by the said Contractor/ Vendor(s) of any of the terms or conditions
contained in the said Agreement/Contract/Order.
2. We, _________________ (indicate the name of the bank) do hereby unreservedly, irrevocably undertake
to pay immediately the amounts due and payable under this guarantee without any demur, merely on a written
demand from HAL stating that the amount claimed is due by way of loss or damage caused to or would be
caused to or suffered by HAL by reason of breach by the said contractor(s)/Vendor of any of the terms or

the said Agreement/Contract/Order. 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 ______________ (indicate the amount in Rs/ Foreign Currency).
3. We undertake to pay to HAL an amount not exceeding _____________ (indicate the amount in Rs/ Foreign
Currency) so demanded notwithstanding any dispute or disputes raised by the contractor(s)/ Vendor(s) in any suit
or proceeding pending before any Court or Tribunal relating thereto, Our liability under this guarantee being
absolute and unequivocal.

4. We, ______________ (indicate the name of bank) further agree with HAL that HAL shall have the fullest liberty
without our consent and without affecting in any manner our obligations hereunder to vary any of the terms
and conditions of the said Agreement/Contract/Order or to extend time of performance by the said
contractor/Vendor(s) from time to time or to postpone for any time or from time to time any of the powers
exercisable by HAL against the said Contractor(s)/Vendor and to forbear or enforce any of the terms and
conditions relating to the said agreement/contact/order and we shall not be relieved from our liability by reason
of any such variation, or extension being granted to the said Contractor/Vendor(s) or for any forbearance, act
or omission on the part of HAL or any indulgence by HAL to the said Contractor/Vendor(s) or by any such
matter or thing whatsoever which under the law relating to sureties would, but for this provision, have effect
of so relieving us.

5. We, (indicate the name of bank) lastly undertake not to revoke this guarantee
during its currency except with the previous consent of HAL in writing and agree that any change in the
constitution of the said contactor(s)/Vendor(s) or Bank shall not discharge the Bank of its liability under this
deed.
6. The validity of Bank Guarantee shall be up to (dd/mm/yy) and such date shall be 60 days
after the last delivery/Services against the contract. The Bank Guarantee shall continue to be enforceable till
all the dues of HAL under or by virtue of the said Agreement/contact/order have been fully paid and its claims
satisfied or discharged or till HAL certifies that the terms and conditions of the said Agreement/contact/order
have been fully and properly carried out by the said contractor(s)/ Vendor and accordingly discharges this
guarantee.
7. The Bank Guarantee can be invoked by submitting the claim at
Division) any Branch of the issuing Bank.
8. Notwithstanding anything contained herein:
a)
Only)
b) This Bank Guarantee shall be valid up to ____________ (being the date of expiry of the guarantee) and
c)
a written claim or demand is made under this Guarantee on or before _________________ [ ]
((being the date of expiry of claim period which in no case should be less than 1 year from the date of
expiry of validity period of BG as per clause 8 (b) above).
9. This Bank Guarantee shall be governed by and constitute in accordance with Indian Law and shall be subject
to exclusive Jurisdiction of Indian Courts.
10. Dated the day of for (indicate the name of the Bank)

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