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Bank Gurantee
Bank Gurantee
BANK OF BARODA
HALOL BRANCH
HALOL.
a. GSPC Gas Company Ltd. having its registered office at 2nd floor,
Block – 15 Udyog Bhavan, Sector – 11 Gandhinagar-382016, hereinafter
referred to as “ GSPC GAS” (which expression unless it is repugnant to the
context or meaning thereof shall mean and include its successors,
administrators, assigns and executors) and
GSPC Gas is hereinafter referred to as the “Seller”.
AND WHEREAS under the terms of Clause 8 of the Contract the Seller
shall supply the total quantity of Natural Gas contracted to be supplied under
the contract to Buyer for which the seller shall raise invoices at a price stated
in the Contract and for which the Buyer has under Clause 14 of the Contract
agreed to furnish an irrevocable and unconditional Bank Guarantee, as
payment security, from a Bank acceptable to the Seller and in a format
acceptable to the seller, equivalent to full price of 40 days of the maximum
quantity of Natural Gas to be supplied by the Seller under the Contract, for
securing all payments due from the Buyer to the Seller under the Contract.
AND WHEREAS the Buyer has requested the Bank to furnish such a
irrevocable and unconditional Bank Guarantee in favour of the seller, for an
amount of Rs. 1,37,080/- ( Rs. One Lacs Thirty Seven Thousand Eighty
Only.) for securing all payments to the Seller under the Contract.
1. GUARANTEE