CORPORATE GUARANTEE
1.This Corporate Guarantee executed on ______________________________ by (__________________________ AND __________________________ COMPANY) a firm incorporated in India and having its factory at __________________________ ) (Herein after called the SELLER which expression shall, unless repugnant to the context or contrary to the meaning thereof, includes its successors and assigns) in favour of M/s. __________________________ & POWER LIMITED, a Company registered under the Indian Companies Act, __________________________ and having its Registered Office at __________________________ ) __________________________ (Herein after called “THE PURCHASER” which expression shall, unless repugnant to the context or contrary to the meaning thereof includes its successors and assigns)
2.The seller having received from the purchasers their purchase order No.: __________________________ Dated ______________________________ for the supply of Manufacture and supply of SQ __________________________ – 26 NOS for __________________________ 25 MW __________________________ and having accepted the said purchase order in all respects.
3.At the sellers request, the purchaser has agreed to pay 20% advance payment against submission of Corporate Guarantee to seller a sum of Rs. __________________________ /- (Rupees __________________________ only) being of advance of the purchase order against undertaking of the sellers.
4.The seller hereby furnish this unconditional and irrevocable undertaking in favour of the purchaser that in the event of seller failing to supply the ordered equipment and adjust the advance paid by the purchaser as above and the purchaser claiming any sum(s) towards refund of advance amount paid by the purchaser, the seller will remit such sums not exceeding Rs. __________________________ /- (Rupees __________________________ only) immediately on the purchaser’s first simple demand not withstanding that any dispute has arisen or any dispute which may arise at any stage.
5. This Corporate Guarantee shall remain valid up to ______________________________ or till the date of delivery duly and completely to the purchaser of the said equipment against the said order and adjustment of the entire amount of advance paid by the purchaser whichever is earlier
6. With each effected supply, this Corporate Guarantee will be automatically reduced and adjusted proportionately to the extent of the invoice value of each supply, irrespective of whether the supply consists of a complete unit or part thereof.
7. Not withstanding any this stated here in above :
Seller liability to the purchaser under this guarantee shall be limited to Rs. __________________________ /- (Rupees __________________________ only).
The Corporate Guarantee Will remain valid up to ______________________________ regardless of the fact whether the original of this guarantee is returned to seller or not.
Unless a claim in writing under the Corporate Guarantee is received by the seller on or before ______________________________ all rights of the purchaser under this corporate Guarantee shall be forfeited and the seller shall be received and discharged from all their liabilities under this guarantee and the seller will not cancel the submitted cheque until completion of total advance adjusted.
In witness where of, the seller have here unto affixed their signature the day, month and year first above written.
__________________________ __________________________
__________________________ __________________________
WITNESSES:
1.
Name, address and signature
2.
Name, address and signature
