IV.
Appendices Time-Based
Appendix G – Form of Performance Security (Bank Guarantee)
Guarantee No.____________________
Executed on _____________________
Expiry date _____________________
[Letter by the Guarantor to the Procuring agency]
Name of Guarantor (Bank) with address:_______________________________________
(Scheduled Bank in Pakistan)
Name of Principal (Consultants) with address:____________________________________
________________________________________________________________________
Penal Sum of Security (express in words and figures)_____________________________
________________________________________________________________________
Letter of Acceptance No. ________________________________Dated ______________
KNOW ALL MEN BY THESE PRESENTS, that in pursuance of the terms of the Request for
Proposal documents (hereinafter called the RFP Documents) for procurement of
__________________________________________________ and at the request of the said
Principal we, the Guarantor above named, are held and firmly bound unto the
__________________________________________________ (hereinafter called the
Procuring agency) in the penal sum of the amount stated above for the payment of which sum
well and truly to be made to the said Procuring agency, we bind ourselves, our heirs, executors,
administrators and successors, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION IS SUCH, that whereas the Principal has
submitted his Proposal in response to RFP Documents for ________
________________________________ (Name of Contract) for the _______________
_______________________________ (Name of Project).
NOW THEREFORE, if the Principal (Consultants) shall well and truly perform and fulfill all
the undertakings, covenants, terms and conditions of the said RFP Documents during the
original terms of the said RFP Documents and any extensions thereof that may be granted by
the Procuring agency, with or without notice to the Guarantor, which notice is, hereby, waived
and shall also well and truly perform and fulfill all the undertakings, covenants terms and
conditions of the Contract and of any and all modifications thereto that may hereafter be made,
notice of which modifications to the Guarantor being hereby waived, then, this obligation to
be void; otherwise to remain in full force and virtue till all obligations under terms and
Conditions of Contract are fulfilled by Consultants, all deliverables including Final Report
under terms and Conditions of Contract have been submitted by Consultants and approved as
satisfactory by the Procuring agency.
Our total liability under this Guarantee is limited to the sum stated above and it is a condition
of any liability attaching to us under this Guarantee that the claim for payment in writing
shall be received by us within the validity period of this Guarantee, failing which we shall be
discharged of our liability, if any, under this Guarantee.
We, ____________________________________ (the Guarantor), waiving all objections and
defences under the Contract, do hereby irrevocably and independently guarantee to pay to the
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IV. Appendices Time-Based
Procuring agency without delay upon the Procuring agency's first written demand without cavil
or arguments and without requiring the Procuring agency to prove or to show grounds or
reasons for such demand any sum or sums up to the amount stated above, against the Procuring
agency's written declaration that the Principal has refused or failed to perform the obligations
under the Contract which payment will be effected by the Guarantor to Employer’s designated
Bank & Account Number.
PROVIDED ALSO THAT the Procuring agency shall be the sole and final judge for deciding
whether the Principal (Consultants) has duly performed his obligations under the Contract or
has defaulted in fulfilling said obligations and the Guarantor shall pay without objection any
sum or sums up to the amount stated above upon first written demand from the Procuring
agency forthwith and without any reference to the Principal or any other person.
IN WITNESS WHEREOF, the above-bounden Guarantor has executed this Instrument under
its seal on the date indicated above, the name and corporate seal of the Guarantor being hereto
affixed and these presents duly signed by its undersigned representative, pursuant to authority
of its governing body.
_______________
Guarantor (Bank)
Witness:
1. _______________________ Signature _______________
_______________________ Name __________________
Corporate Secretary (Seal)
Title ___________________
2. _______________________
_______________________ _______________________
Name, Title & Address Corporate Guarantor (Seal)
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