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Showing contexts for: Infrastructure Development in Gujarat Maritime Board vs L&T; Infrastructure Development ... on 28 September, 2016Matching Fragments
“This is with reference to the above mentioned Performance Bank Guarantee issued by your bank on behalf of M/s L&T Infrastructure Development Projects Ltd.(“the Company”) towards securing the fulfilment of conditions set out in the Letter of Intent (“LOI”) dated 15.07.2010 and having its validity till March 31, 2015 worth Rs.5,00,00,000/- (Rupees Five crore only) submitted to Gujarat Maritime Board (GMB).
Whereas, in view of breach of the conditions set out in the LOI by the Company, the Gujarat Maritime Board/Government intends to exercise its right in accordance with Clause 1.9 and has decided to cancel the Letter of Intent and forfeit the above Bank Guarantee.