Specifications

56
NLUO PMC CONTRACTOR
SIGNATURE AND SEAL SIGNATURE AND SEAL SIGNATURE AND SEAL
discharged the guarantee. The Bank understood that the Onus of extending the validity of BG in time, as per the requirement of
NLUO is with the contractor.
6. That it will, in the event of the contractor, failing to honor any of the conditions stipulated in its agreement OR in the event of
the contractor not completing the work as per specification and Tendered Drawing, or in the event of the contactor committing
breach of the contract or any provision these off or in the event of the contact failing to renew this guarantee, at any time
during the course of contract and settlement of account including the period covered by its extension, pay to NLUO without
any Demur on mere demand by D.G. NLUO, the sum or Sums which in the opinion of the Vice Chancellor. NLUO, the
contactor is liable to pay NLUO. Any such demand made on the Bank, shall be conclusive as regards, the amount due and
payable by the Bank under the guarantee. However our liability under the BG shall be restricted to an amount not exceeding
Rs……………
7. We…….(Bank) further agree with NLUO that the NLUO shall have the fullest liberty without effecting in any manner our
obligation here under to vary any of the Terms & Condition of the said agreement or to extend time of performance by the
contractor from time to time or to postpone for any time or from time to time any of the powers exercisable by the NLUO
against the said contractor and to forbear or enforce any of the Terms & Condition relating to the said agreement and we shall
not to the relieved from our liability by reasons of any such variation or extension, being granted to the said contractor or for
any forbearance , act or omission on the part of NLUO or any indulgence by NLUO to the said contractor or by any such
matter or thing, whatsoever which under law relating to sureties would but this provision have effect of so reliving us. We
…………..undertake not to revoke this guarantee during its currency except with the previous consent of the NLUO in writing.
8. That as to whether occasion has arisen for the demand of the amount covered by BG, the decision of Vice Chancellor, shall be
final and accepted by the Bank without any reference to the contractor.
9. That this BG, shall be enforceable against the Bank as a first charge and not available to be appropriated by the Bank towards
claims, if any due, to the contractor. That to give effect to the guarantee, the Vice Chancellor NLUO shall be at liability to act
as, though the Bank were the principal debtors.
10. NLUO’s rights to recover the said amount will not be affected or compounded due to any dispute raised by Contractor or to
that any dispute is pending before any officer, Courts, Arbitrator/Umpire. This BGB shall in all respects and for all purpose be
binding and operative till the validity including extended period. If required, NLUO may ask for extension of this period of
BGB during its validity. In case the period of BGB is not extended by the Bank on receiving the intimation from NLUO then