Common use of Performance Security Form Clause in Contracts

Performance Security Form. To: …………………………………………………………………………………………….. [Name of the Procuring entity] WHEREAS [name of tenderer] (Hereinafter called “the tenderer”) has undertaken, in pursuance of Contract No. [reference number of the contract] dated 20 to Supply…………………………………………………………………………………….. [Description services](Hereinafter called “the contract”) AND WHEREAS it bas been stipulated by you in the said Contract that the tenderer shall furnish you with a bank guarantee by a reputable bank for the sum specified therein as security for compliance with the Tenderer’s performance obligations in accordance with the Contract. AND WHEREAS we have agreed to give the tenderer a guarantee: THEREFORE WE hereby affirm that we are Guarantors and responsible to you, on behalf of the tenderer, up to a total of ……………………………………………………. [amount of the guarantee in words and figures], and we undertake to pay you, upon your first written demand declaring the tenderer to be in default under the Contract and without cavil or argument, any sum or sums within the limits of ……………………….. [amount of guarantee] as aforesaid, without your needing to prove or to show grounds or reasons for your demand or the sum specified therein. This guarantee is valid until the day of 20 Signature and seal of the Guarantors [name of bank or financial institution] [address] [date] (Amend accordingly if provided by Insurance Company SELF-DECLARATION FORMS

Performance Security Form. To: …………………………………………………………………………………………….. [Name of the Procuring entityMAVWASCO] WHEREAS [name Name of tenderer] (Hereinafter called “the tenderer”) has undertaken, in pursuance of Contract No. [reference Reference number of the contract] dated 20 to Supply…………………………………………………………………………………….. [Description services](Hereinafter called “the contract”) AND WHEREAS it bas been stipulated by you in the said Contract that the tenderer shall furnish you with a bank guarantee by a reputable bank for the sum specified therein as security for compliance with the Tenderer’s performance obligations in accordance with the Contract. AND WHEREAS we have agreed to give the tenderer a guarantee: THEREFORE WE hereby affirm that we are Guarantors and responsible to you, on behalf of the tenderer, up to a total of ……………………………………………………. [amount Amount of the guarantee in words and figures], and we undertake to pay you, upon your first written demand declaring the tenderer to be in default under the Contract and without cavil or argument, any sum or sums within the limits of ……………………….. [amount of guarantee] as aforesaid, without your needing to prove or to show grounds or reasons for your demand or the sum specified therein. This guarantee is valid until the day of 20 Signature and seal of the Guarantors [name of bank or financial institution] [address] [date] (Amend accordingly if provided by Insurance Company SELF-DECLARATION FORMS]

Performance Security Form. To: …………………………………………………………………………………………….. [Name name of the Procuring entity] WHEREAS [name of tenderer] (Hereinafter hereinafter called “the tenderer”) has undertaken, in pursuance of Contract No. [reference number of the contract] dated 20 to Supplysupply…………………………………………………………………………………….. [Description services](Hereinafter called “the contract”) AND WHEREAS it bas been stipulated by you in the said Contract that the tenderer shall furnish you with a bank guarantee by a reputable bank for the sum specified therein as security for compliance with the Tenderer’s performance obligations in accordance with the Contract. AND WHEREAS we have agreed to give the tenderer a guarantee: THEREFORE WE hereby affirm that we are Guarantors and responsible to you, on behalf of the tenderer, up to a total of ……………………………………………………. [amount of the guarantee in words and figures], and we undertake to pay you, upon your first written demand declaring the tenderer to be in default under the Contract and without cavil or argument, any sum or sums within the limits of ……………………….. [amount of guarantee] as aforesaid, without your needing to prove or to show grounds or reasons for your demand or the sum specified therein. This guarantee is valid until the day of 20 Signature and seal of the Guarantors [name of bank or financial institution] [address] [date] (Amend accordingly if provided by Insurance Company SELF-DECLARATION FORMSCompany)