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PERFORMANCE BOND NO BA 3 8 7 6 9 / C Whereas our bank stands as joint and several surety for the debtor and as
PERFORMANCE BOND NO BA C
Whereas our bank stands as joint and several surety for the debtor and as
joint and several codebtor for the definite guarantee fund of USD
one hundred and fifty thousand US dollars which the belowmentioned
contractor is obliged to arrange, in order to ensure full performance of
the contract of February between Shirat Shipyard Co PO Box
Istanbul the buyer and the contractor Majestic Lift
Machinery, PO Box Mumbai concerning delivery and
installation of three heavy lift transportation systems.
We hereby undertake and state, on behalf of the bank, and as responsible
representatives with full power to affix our signature that, in the event our
bank is notified in writing by the buyer that the contractor has violated the
provisions of the contract andor has failed to perform his undertakings
completely or partially, the amount under surety will be paid in cash and in
full, immediately and without delay to the buyer or their order, upon their
first written request, without the need to resort to any legal procedure or to
issue a protest or to obtain a court order or the contractors consent.
This bond has been issued upon the counterguarantee of India Trade
ank Ltd Mumbai NO dated March a Who is the principal?
b Who is the beneficiary?
c Who is the issuer?
d Who is the adviser?
e Is the adviser merely giving advice or is it taking any risk?
f What is it that is being guaranteed?
g What is the FORM of the guarantee?
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