Your company has issued a Tender Notice for excavation of a parcel of land and construction of a boiler at that site in your factory. One of the conditions in the tender is that the successful bidder company has to give a Bank Guarantee for 2 years on acceptance of the contract. MNR Ltd, a foreign company situated in Switzerland, was awarded the contract. MNR Ltd. borrowed the earthmover and other tools and equipment owned by your company for the purpose.

In view of the above facts, please answer the following questions:

a. Discuss what is Tender Notice in the context of a Contract? Give two examples. Elucidate whether breach of contract would be regulated by Civil laws or 'Criminal laws.'?

b. What are essential elements of a Valid Contract? What would be your response had both the companies entered into a verbal contract and the payment made in cash?

c. What is Contract of Indemnity? Discuss the intent of Bank Guarantee in this case.