Common use of We ( Clause in Contracts

We (. Bank further agree that "the Corporation" shall be the Sole Judge as to whether the said "Supplier" has failed to perform or fulfill the said "order" in terms thereof or committed breach of any terms and conditions of "the order" and the extent of the loss, damage, cost, charges and expenses suffered or incurred or which would be suffered or incurred by "the Corporation" on account thereof and we waive in favour of "the Corporation" all the rights and defences to which, we as guarantors and/or "the Supplier" may be entitled to. 4) We, .................................Bank further agree that the amount demanded by "the Corporation" as such shall be final and binding on "the Bank" as to "the Bank" 's liability to pay and the amount demanded and "the Bank" undertake to pay "the Corporation" the amount so demanded, on first demand and without any demur, notwithstanding any dispute raised by "the Supplier" or the pendency of any suit or other legal proceedings including arbitration or conciliation pending before any court, tribunal or arbitrator or conciliator(s) relating thereto, our liability under this guarantee being absolute and unconditional. 5) We, .................................. Bank further agree with "the Corporation" that "the Corporation" shall have the fullest liberty without our consent and without affecting in any manner our obligations hereunder, to vary any of the terms and conditions of the said "order" or to extend time of performance by "the Supplier" from time to time or to postpone for any time to time any of the powers exercisable by "the Corporation" against "the Supplier" and to forbear to enforce any of the terms and conditions relating to "the order" and we shall not be relieved from our liability by reason of any such variation or extension being granted to "the Supplier" or for any forbearance, act or omission on the part of "the Corporation" or any indulgence by "the Corporation" to "the Supplier" or by any such matter or things whatsoever, which, under the law relating to sureties, would, but for this provision, have the effect of relieving us. 6) However, it has been agreed between "the Supplier" and "the Corporation" that there shall be only one Composite Bank Guarantee for the security deposit and performance guarantee/Retention Money @ % of the Contract Value, valid till the end of the defect liability period as per the terms of the P.O. No. dated_ _ _ . This guarantee shall stand and remain valid towards the % retention money/defects liability, fully valid in all respects unto a further period of 3 (three) months, as per the Purchase Order of "the Corporation".

We (. Bank further agree that "the Corporation" shall be the Sole Judge as to whether the said "Supplier" has failed to perform or fulfill the said "order" in terms thereof or committed breach of any terms and conditions of "the order" and the extent of the loss, damage, cost, charges and expenses suffered or incurred or which would be suffered or incurred by "the Corporation" on account thereof and we waive in favour of "the Corporation" all the rights and defences to which, we as guarantors and/or "the Supplier" may be entitled to. 4) . We, .................................Bank further agree that the amount demanded by "the Corporation" as such shall be final and binding on "the Bank" as to "the Bank" 's liability to pay and the amount demanded and "the Bank" undertake to pay "the Corporation" the amount so demanded, on first demand and without any demur, notwithstanding any dispute raised by "the Supplier" or the pendency of any suit or other legal proceedings including arbitration or conciliation pending before any court, tribunal or arbitrator or conciliator(s) relating thereto, our liability under this guarantee being absolute and unconditional. 54) We, .................................. Bank further agree with "the Corporation" that "the Corporation" shall have the fullest liberty without our consent and without affecting in any manner our obligations hereunder, to vary any of the terms and conditions of the said "order" or to extend time of performance by "the Supplier" from time to time or to postpone for any time to time any of the powers exercisable by "the Corporation" against "the Supplier" and to forbear to enforce any of the terms and conditions relating to "the order" and we shall not be relieved from our liability by reason of any such variation or extension being granted to "the Supplier" or for any forbearance, act or omission on the part of "the Corporation" or any indulgence by "the Corporation" to "the Supplier" or by any such matter or things whatsoever, which, under the law relating to sureties, would, but for this provision, have the effect of relieving us. 65) However, it has been agreed between "the Supplier" and "the Corporation" that there shall be only one Composite Bank Guarantee for the security deposit and performance guarantee/Retention Money @ % of the Contract Value, valid till the end of the defect liability period as per the terms of the P.O. No. dated_ _ _ . This guarantee shall stand and remain valid towards the % retention money/defects liability, fully valid in all respects unto a further period of 3 (three) months, as per the Purchase Order of "the Corporation".