Gentlemen :
In accordance with the provision of the Contract No. …………..dated………………..(hereinafter
referred to as the Contract) the content of which have been noted by us that Messrs…………… hereinafter referred to as the Contractor) has to deposit with the…………………………… (hereinafter referred to as the Owner) an advance payment security to guarantee his proper and faithful performance of the Contract in the amount of……………………………(in words…………………………………………..) which is equal to the amount of payment of first instalment of the Contract, we, the……………………………..Bank as instructed by the Contractor, agree unconditionally to irrevocably guarantee as primary obligor and hot as surety merely, the payment to the Owner on its first demand without whatsoever right of objection on our part and without its first claim to the Contractor, in the amount not exceeding…………….(in words……………………) in the event that the obligations expressed in the above mentioned Contract have not been fulfilled by the Contractor giving the right of claim to the Owner for recovery of the advance payment from the Contractor under the Contract.
We further agree that no extension of time, no change in, addition to or other modification of terms of the Contract or Work to be performed thereunder, or of the specification or of other contract documents which may be made between the Owner and the Contractor, shall in any way release us from any liability under this guarantee, and we shall thereby waive notice of any such change, addition, or modification.