Examples of Guarantee in a sentence
The performance security shall be denominated in the currency of the Contract and shall be in the form of Bank Guarantee (As per format enclosed at Annexure-G) issued preferably by a nationalized Bank/ Scheduled bank (As per Reserve bank of India Guidelines) (As per list enclosed), acceptable to the Owner or in the form of FDR or TDR etc.
Guarantee is valid only if the Customer can provide a bank receipt if the item has been paid for by bank transfer or by providing a cash-register receipt if the item has been paid for in cash.
Guarantee does not apply to cases when the defect has appeared because of faulty use, care or in cases of wear.
In the Guarantee Notice the term Customer/Principal may be replaced with the term Principal/Customer or other term.
The Guarantee Notice will describe the Bank Guarantee terms (including the guarantee amount, terms of payment, validity term, venue, form and so on) and is made in 2 (two) copies each having equal legal force wherefrom one copy will be kept by the Bank and the other copy will be handed over to the Customer or the Principal with the purpose of submission to the Beneficiary or will be handed over to the Beneficiary directly.