Tender Guarantee Format for Mumbai Railway Vikas Corporation Ltd
IFB No. MRVC/
Procurement of [Equipment Name] for [Depot Name], Mumbai
Mumbai Railway Vikas Corporation Ltd.
2nd Floor, Churchgate Station Building,
Churchgate, Mumbai 400020
WHEREAS M/s ABCD CO LTD, *(hereinafter called “the Bidder”) has submitted its Bid dated April 14, 2014 for the performance of the above-named Contract (hereinafter called “the Bid”).
KNOW ALL PERSONS by these present that WE [name of bank] of [address of bank] (hereinafter called “the Bank”), are bound unto Mumbai Railway Vikas Corporation Ltd., 2nd Floor, Churchgate Station Building, Churchgate, Mumbai 400020 (hereinafter called “the Employer”) in the sum of: United States Dollars [Amount in Words] (US$ [Amount in figure]) for which payment well and truly to be made to the said Employer, the Bank binds itself, its successors and assigns by these presents.
Sealed with the Common Seal of the said Bank this day of 20
THE CONDITIONS of this obligation are the following:
1. If the Bidder withdraws its Bid during the period of bid validity specified by the Bidder in the Bid Form, or
2. If the Bidder, having been notified of the acceptance of its Bid by the Employer during the period of bid validity
a) Fails or refuses to sign the Contract Agreement when required or
b) Fails or refuses to issue the performance security in accordance with the bidding documents,
c) Refuses to accept the arithmetical corrections made in accordance with the bidding documents.
WE undertake to pay to the Employer up to the above amount upon receipt of its first written demand, without the Employer having to substantiate its demand, provided that in its demand the Employer will note that the amount claimed by it is due to it, owing to the occurrence of one or both of the two above-named CONDITIONS, and specifying the occurred condition or conditions.
Note: * In the case of JV, please state “Joint Venture consisting of …………….and ………….” [Please state the names of all the partners]
This guarantee will remain in full force up to and including [date 45 days after the period of bid validity], and any demand in respect thereof must reach the bank not later than the above date.
This guarantee is not assignable.
For and on behalf of the Bank
In the capacity of
Common Seal of the Bank
You are fee to use this business plan template.
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