Sample "Section 8 - Forms of Securities" - Gujarat, India

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Section 8 - Forms of Securities
SECTION 8 : FORMS OF SECURITIES
GSHP-II: Bidding Document Volume 2
1
Section 8 - Forms of Securities
SECTION 8 : FORMS OF SECURITIES
GSHP-II: Bidding Document Volume 2
1
Section 8 - Forms of Securities
Forms of Securities
Acceptable forms of securities are annexed. Bidders should not complete the Performance and Advance
Payment Security forms at this time. Only the successful Bidder will be required to provide Performance and
Advance Payment Securities in accordance with one of the forms, or in a similar form acceptable to the Employer.
Annex A:
Bid Security (Bank Guarantee)
Annex B:
Performance Bank Guarantee
Annex B1:
Performance Bank Guarantee for Unbalanced Items
Annex C:
Deleted
Annex D:
Bank Guarantee for Advance Payment
GSHP-II: Bidding Document Volume 2
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Section 8 - Forms of Securities
Annex A
BID SECURITY (BANK GUARANTEE
)
WHEREAS, _______________________ [name of Bidder] (hereinafter called "the Bidder") has submitted his Bid
dated _______________________ [date] for the construction of _____________________________________
[name of Contract] (hereinafter called "the Bid").
KNOW ALL PEOPLE by these presents that We ______________________________ [name of bank] of
____________________________
[name
of
country]
having
our
registered
office
at
___________________________________
(hereinafter
called
"the
Bank")
are
bound
unto
______________________________[name of Employer] (hereinafter
called "the Employer") in the sum of
1
___________________
for which payment well and truly to be made to the said Employer the Bank binds itself, his
successors and assigns by these presents.
SEALED with the Common Seal of the said Bank this _________ day of __________ 19____.
THE CONDITIONS of this obligation are:
(1)
If after Bid opening the Bidder withdraws his bid during the period of Bid validity specified in
the Form of Bid;
or
(2)
If the Bidder having been notified of the acceptance of his bid by the Employer during the
period of Bid validity:
(a)
fails or refuses to execute the Form of Agreement in accordance with the Instructions
to Bidders, if required; or
(b)
fails or refuses to furnish the Performance Security, in accordance with the
Instruction to Bidders; or
(c)
does not accept the correction of the Bid Price pursuant to Clause 27;
we undertake to pay to the Employer up to the above amount upon receipt of his first written demand, without the
Employer having to substantiate his demand, provided that in his demand the Employer will note that the amount
claimed by him is due to him owing to the occurrence of one or any of the three conditions, specifying the occurred
condition or conditions.
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This Guarantee will remain in force up to and including the date ____________________
days after the deadline
for submission of Bids as such deadline is stated in the Instructions to Bidders or as it may be extended by the
Employer, notice of which extension(s) to the Bank is hereby waived. Any demand in respect of this guarantee
should reach the Bank not later than the above date.
DATE _______________
SIGNATURE OF THE BANK _________________________
WITNESS ____________
SEAL _______________________________________
_________________________________________________________________
[signature, name, and address]
____________________________
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The Bidder should insert the amount of the guarantee in words and figures denominated in Indian Rupees.
This figure should be the same as shown in Clause 16.1 of the Instructions to Bidders.
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45 days after the end of the validity period of the Bid.
GSHP-II: Bidding Document Volume 2
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Section 8 - Forms of Securities
PERFORMANCE BANK GUARANTEE
To:
______________________________________________ [name of Employer]
_________________________________________ [address of Employer]
WHEREAS _________________________ [name and address of Contractor] (hereinafter called "the
Contractor") has undertaken, in pursuance of Contract No. _____ dated ________________ to execute
__________________________ [name of Contract and brief description of Works] (hereinafter called "the
Contract");
AND WHEREAS it has been stipulated by you in the said Contract that the Contractor shall furnish you
with a Bank Guarantee by a recognized bank for the sum specified therein as security for compliance with his
obligations in accordance with the Contract;
AND WHEREAS we have agreed to give the Contractor such a Bank Guarantee;
NOW THEREFORE we hereby affirm that we are the Guarantor and responsible to you, on behalf of the
1
___________________________ [in
Contractor, up to a total of ____________________ [amount of guarantee]
words], such sum being payable in the types and proportions of currencies in which the Contract Price is payable,
and we undertake to pay you, upon your first written demand and without cavil or argument, any sum or sums
1
within the limits of ____________________ [amount of guarantee]
as aforesaid without your needing to prove or
to show grounds or reasons for your demand for the sum specified therein.
We hereby waive the necessity of your demanding the said debt from the Contractor before presenting us
with the demand.
We further agree that no change or addition to or other modification of the terms of the Contract or of the
Works to be performed thereunder or of any of the Contract documents which may be made between you and the
Contractor shall in any way release us from any liability under this guarantee, and we hereby waive notice of any
such change, addition or modification.
This guarantee shall be valid until ……… (i.e.) 28 days from the date of expiry of the Defects Liability
Period.
Signature and seal of the guarantor _____________________________
Name of Bank ____________________________________________
Address ____________________________________________
Date ____________________________________________
__________________
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An amount shall be inserted by the Guarantor, representing the percentage of the Contract Price specified in
the Contract and denominated in Indian Rupees.
GSHP-II: Bidding Document Volume 2
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Section 8 - Forms of Securities
PERFORMANCE BANK GUARANTEE (for unbalanced items)
To:
______________________________________________ [name of Employer]
_________________________________________ [address of Employer]
WHEREAS _________________________ [name and address of Contractor] (hereinafter called "the
Contractor") has undertaken, in pursuance of Contract No. _____ dated ________________ to execute
__________________________ [name of Contract and brief description of Works] (hereinafter called "the
Contract");
AND WHEREAS it has been stipulated by you in the said Contract that the Contractor shall furnish you
with a Bank Guarantee by a recognized bank for the sum specified therein as security for compliance with his
obligations in accordance with the Contract;
AND WHEREAS we have agreed to give the Contractor such a Bank Guarantee;
NOW THEREFORE we hereby affirm that we are the Guarantor and responsible to you, on behalf of the
1
Contractor, up to a total of ____________________ [amount of guarantee]
___________________________ [in
words], such sum being payable in the types and proportions of currencies in which the Contract Price is payable,
and we undertake to pay you, upon your first written demand and without cavil or argument, any sum or sums
1
within the limits of ____________________ [amount of guarantee]
as aforesaid without your needing to prove or
to show grounds or reasons for your demand for the sum specified therein.
We hereby waive the necessity of your demanding the said debt from the Contractor before presenting us
with the demand.
We further agree that no change or addition to or other modification of the terms of the Contract or of the
Works to be performed thereunder or of any of the Contract documents which may be made between you and the
Contractor shall in any way release us from any liability under this guarantee, and we hereby waive notice of any
such change, addition or modification.
This guarantee shall be valid until …….. (i.e.) 28 days from the date of issue of the certificate of
completion of works.
Signature and seal of the guarantor _____________________________
Name of Bank ____________________________________________
Address ____________________________________________
Date ____________________________________________
__________________
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An amount shall be inserted by the Guarantor, representing additional security for unbalanced Bids, if any
and denominated in Indian Rupees.
GSHP-II: Bidding Document Volume 2
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