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Bank Guarantee Example Essay

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Below is an essay on "Bank Guarantee Example" from Anti Essays, your source for research papers, essays, and term paper examples.

DOSH BANK LTD. (incorporated in INDIA) BANK GUARANTEE

SR NO: 233578 BG NO: 1614-75869 ISSUE DATE: 24TH JANUARY 2011

PERFORMANCE BANK GUARANTEE
This Bank Guarantee executed today, 24th January 2011, by Dosh Bank Ltd., a banking corporation established under the Banking Regulation Act 1949, having its registered office at 1, Aurangzeb Road, New Delhi-1, which will hereinafter be referred to as the “Surety”, is in favor of Ministry of New and Renewable Energy (MNRE), having its registered office at 1, Raisina Hills, New Delhi-1, hereinafter referred to as the “Creditor”, at the request of Khandelwal Shipping Corporation (KSC), hereinafter referred to as the “Principal Debtor”, which is a company established under the provisions of the Companies Act, 1956, having its registered office at 1, Janpath, New Delhi-1. The Case/Backgrounder for Bank Guarantee:

1. “Principal Debtor” and the “Creditor” entered into a contract dated 6th January 2011,
hereinafter referred to as the “Agreement”.

2. “Principal Debtor” is required to furnish a Bank Guarantee in favor of the “Creditor” as per
the Terms set forth and duly accepted by both the parties, in the Agreement.

3. “Principal Debtor” approached the “Surety”, on the 8th of January 2011, for issuing the
required Bank Guarantee, in favor of the “Creditor”, and the “Surety” (Dosh Bank Ltd) has agreed to do so subject to the terms and conditions as detailed below: The Bank Guarantee

1. The “Surety” irrevocably and unconditionally undertakes the liability to pay the sum/sums
demanded by the “Creditor”, on presentation of a duly signed (by authorized representative of the Creditor) demand letter from the “Creditor”, stating that the “Principal Debtor” has materially breached the terms and conditions of the Agreement, mentioning the exact terms and conditions thus breached, along with the amount of money demanded thereby, and will hold valid only so long as the total amount doesn’t exceed the limit of Rs...

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