ANNEX 2 FormofBid Security
No. ……………………………………… Date: …………………………………………
We, …………(Name of Commercial Bank)……………..hereby establish this letter of guarantee in favour of ………………..(Name of the Government agency concerned)………….follows :
(1) As…………(Name of Bidder)……………………..has submitted a bid …………………………………………………….against Invitation to Bid No. …………………………… whereby…………(Name of Bidder)……………………..has to deposit with government agency earnest money as Bid Security in respect of the terms and conditions of the Invitation to Bid in the amount equivalent………………..(figure)………………….(…………….(in words)………………) we agree unconditionally to irrevocably guarantee as primary obligator, the payment to the government agency on its first demand, without whatsoever right of objection on our part and without its first claim on ………………………………….(Name of Bidder)…………………………………………… in amount of ………………..(figure)………………….(…………….(in words)………………) in event of the Name of (Bidder) fails to sign the relative contract on being notified the award of contract, or fails to submit the required Performance Security within the time limit specified in the Bid Documents.
(2) This letter of Guarantee is valid as from……………..……………………………… up to …………………………… and we will not cancel our guarantee by and equal period without delay on being notified.
(3) If the …………….............. (Name of Bidder) ………………………………… extends the period of validity of the bid, we will extend the validity of this guarantee by an equal period without delay on being notified.
IN WITNESS WHEREOF, we………………..(Name of the Bank)………………….have caused these presents to be signed by our authorized representative and our corporate seal to be herein to affixed.
(Signed)………………………………………Guarantor
(………………………………………….)
(Signed)………………………………………Witness
(………………………………………….)
(Signed)………………………………………Witness
(………………………………………….)
ANNEX 2 FormofBid Security
No. ……………………………………… Date: …………………………………………
We, …………(Name of Commercial Bank)……………..hereby establish this letter of guarantee in favour of ………………..(Name of the Government agency concerned)………….follows :
(1) As…………(Name of Bidder)……………………..has submitted a bid …………………………………………………….against Invitation to Bid No. …………………………… whereby…………(Name of Bidder)……………………..has to deposit with government agency earnest money as Bid Security in respect of the terms and conditions of the Invitation to Bid in the amount equivalent………………..(figure)………………….(…………….(in words)………………) we agree unconditionally to irrevocably guarantee as primary obligator, the payment to the government agency on its first demand, without whatsoever right of objection on our part and without its first claim on ………………………………….(Name of Bidder)…………………………………………… in amount of ………………..(figure)………………….(…………….(in words)………………) in event of the Name of (Bidder) fails to sign the relative contract on being notified the award of contract, or fails to submit the required Performance Security within the time limit specified in the Bid Documents.
(2) This letter of Guarantee is valid as from……………..……………………………… up to …………………………… and we will not cancel our guarantee by and equal period without delay on being notified.
(3) If the …………….............. (Name of Bidder) ………………………………… extends the period of validity of the bid, we will extend the validity of this guarantee by an equal period without delay on being notified.
IN WITNESS WHEREOF, we………………..(Name of the Bank)………………….have caused these presents to be signed by our authorized representative and our corporate seal to be herein to affixed.
(Signed)………………………………………Guarantor
(………………………………………….)
(Signed)………………………………………Witness
(………………………………………….)
(Signed)………………………………………Witness
(………………………………………….)
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