Examples of Guarantee Amount in a sentence
Notwithstanding anything contained hereinbefore, the liability of the Bank under this Guarantee is restricted to the Guarantee Amount and this Guarantee will remain in force for the period specified in paragraph 8 below and unless a demand or claim in writing is made by the Authority on the Bank under this Guarantee all rights of the Authority under this Guarantee shall be forfeited and the Bank shall be relieved from its liabilities hereunder.
AND WHEREAS we (Name of the Bank) having its registered office at ----- and inter alia a branch office situated at ------- have agreed to give a Bid Security of Rs. 7,50,000/- (Rupees Seven Lakhs Fifty Thousand only) (hereinafter called as the Guarantee Amount) on behalf of the Bidder.
NOW, THEREFORE, the Bank hereby, unconditionally and irrevocably, guarantees and affirms as follows: 1$The Guarantee Amount should be equivalent to 110% of the value of the applicableinstallment.
Notwithstanding anything contained hereinbefore; the liability of the Bank under this Guarantee is restricted to the Guarantee Amount and this Guarantee will remain in force for the period specified in paragraph 8 below and unless a demand or claim in writing is made by the Authority on the Bank under this Guarantee all rights of the Authority under this Guarantee shall be forfeited and the Bank shall be relieved from its liabilities hereunder.
We do hereby guarantee and undertake to pay forthwith on demand to the Client a sum not exceeding the Guarantee Amount and we undertake to pay you upon your first written demand declaring the Bidder to be in default under the Bid and without cavil or argument, any sum or sums within the limit of the Guarantee Amount as aforesaid, without your needing to prove or to show grounds or reasons for your demand or the sum specified therein.