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KUDREMUKH IRON ORE COMPANY LIMITED |
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FORM OF BANK GUARANTEE FOR EARNEST MONEY DEPOSIT In consideration of Kudremukh Iron Ore Company Limited (hereinafter called ' Company') having agreed to exempt _______________ (hereinafter called the said "Bidder") from demand under the terms and conditions of the tender documents vide No ____ dated _______ of Earnest Money deposit for the due fulfillment by the said Bidder of the terms of conditions contained in the tender document on production of Bank Guarantee of Rs. _______________ (Rupees _____________________________ only). • We ________________________ (hereinafter referred to as "The Bank") at the request of Bidder do hereby guarantee the payment to the Company an amount not exceeding Rs. ________ (Rupees _________________________________________ ______ only) and interest thereon at 15.5 percent per annum from the date of demand till payment against any loss or demand caused to or suffered, would be caused to or suffered by the Company by reason of any breach by the said Bidder of any of the terms and conditions contained in the said Tender Documents. • We _______________ do hereby unconditionally and irrevocably undertake to pay to the Company an amount to the extent of Rs. ___________ (Rupees __________ ______________________ only) and interest thereon at 15.5 percent per annum from the date of demand till payment without any demur, merely on a demand from the Company stating that the amount claimed is due by way of loss or damage caused to or suffered or would be caused to or suffered by the Company by reason of breach by the said Bidder of any of the terms and conditions contained in the said Tender documents. 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. _____ (Rupees ________________ _________ only) and interest thereon as mentioned above from the date of demand till payment. • Our liability under this present Guarantee is absolute and unequivocal and we undertake to pay the Company the amount so demand notwithstanding the Bidder raising any dispute and /or disputes or filling any suit or proceeding before any court or tribunal or other Authority. The payments so made by us under this Guarantee shall be a valid discharge of our liability for payment there under and the Bidder shall have no claim against us for making such payment. • We __________________________ further agree that the Guarantee herein contained shall remain in full force and effect during the period as required by the Company. Unless a demand or claim under this Guarantee is made on us in writing on or before ________________ , we shall be discharged from all liability under this Guarantee thereafter. • This Guarantee shall not be revocable by us except with the written consent of the Company and shall continue to be enforceable till. ________________. Should it be necessary to extent this Guarantee beyond the said date, we undertake to extend the validity of this Guarantee for such further period as may be required by the Company and such extension shall be given one month before the expiry of the Guarantee, failing which the amount covered under this Guarantee shall become forthwith payable. • We ____________________ further agree with the Company that the Company shall have the fullest liberty without our consent and without affecting in any manner our obligation hereunder to vary any of the terms and conditions of the Tender Documents or to extend time of finalizing the bid from time to time and to forbear or enforce any of the terms and conditions relating to the Tender Documents and we shall not be relieved from our liability by reason of any such variation or extension being granted to the said Bidder or for any forbearance, act or omission on the part of the company or any indulgence by the Company to the said Bidder 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. • This Guarantee shall not in any way be affected due to change in our constitution or by your taking or varying or giving up any securities from the Bidder or any other person, firm or Company on its behalf or by the change in the constitution, winding up, dissolution, insolvency or death as the case may be of the Bidder. • In order to give full effect to the Guarantee herein contained, you shall be entitled to act as if we are your principal debtors in respect of all your claims against the Bidder hereby Guaranteed by us as aforesaid and we hereby expressly waive all our rights of suretyship and other rights. If any, which are in any way inconsistent with the above or any other provisions of this Guarantee. • We ____________________________ also undertake not to revoke this Guarantee during its currency except with the previous consent of the Company in writing. Dated the ___________ day of _______________ 20 For ________________________________________ (indicated the name of Bank) IMPORTANT NOTE The following points should be taken care of while submitting the Bank Gurantee: • The Bank Guarantee should be on non- judicial stamp paper of Rs 100/- . • The Stamp paper should be purchased in the name of the Bank, who give the Guarantee and not in the name of the Bidder. • The Bank Guarantee should be strictly as per the proforma. • The Bank Guarantee should from any of the Nationalised Banks or Scheduled Bank. • If any correction is made on the Guarantee, the same should be endorsed by the Bank with its official seal. • The Bank Guarantee should be valid for a period of 60 days from date of opening the Bids.
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