beneficiary of the bank guarantee to state the pre-
conditions of the bank guarantee in the invocation letter was
against the terms of the bank ... case the bank guarantee is not invoked in accordance
with the terms or the requirements of the bank guarantee
no invocation and/or encashment
settled law that invocation of a bank
guarantee has to be in terms of the guarantee. An invocation not in
terms of the guarantee ... inescapable that the letter of invocation/demand
does not fulfill the terms of the invocation of the bank guarantee. If
that
conditional bank
guarantee and an unconditional bank guarantee. For invoking a
conditional bank guarantee, it is mandatory that the conditions specified
for invocation of such ... Bank
Guarantee. In that case matter, the Guarantee terms
stated that the guarantee could be invoked by the
Chief Engineer, and an invocation
conditional bank
guarantee and an unconditional bank guarantee. For invoking a
conditional bank guarantee, it is mandatory that the conditions specified
for invocation of such ... Bank
Guarantee. In that case matter, the Guarantee terms
stated that the guarantee could be invoked by the
Chief Engineer, and an invocation
guarantee strictly as per terms of the bank guarantee and by the authority competent to do so held as under:-
8. Now, a bank guarantee ... guarantee or the person on whose behalf the guarantee was furnished. The terms of the bank guarantee are, therefore, extremely material. Since the bank guarantee
distinction between a performance guarantee and an advance payment guarantee to hold that under a performance guarantee, the bank is liable to make payment only ... guarantee having been invoked beyond the period of guarantee itself. There is another aspect which arises in this bank guarantee inasmuch as the bank guarantee
guarantee strictly as per terms of the bank guarantee and by the authority competent to do so held as under:-
8. Now, a bank guarantee ... guarantee or the person on whose behalf the guarantee was furnished. The terms of the bank guarantee are, therefore, extremely material. Since the bank guarantee
bank guarantee was unconditional and unequivocal. Relying upon the clauses of the bank guarantee and the letter of invocation, it is submitted that the defendants ... guarantee or the person on whose behalf the guarantee was furnished. The terms of the bank guarantee are, therefore, extremely material. Since the bank guarantee
bank guarantee is an independent contract between the
guarantor Bank and the guarantee appellant. The guarantee is
unconditional, no doubt, the performance guarantee is against ... bank guarantee as per
the terms of the bank guarantee. The language of the bank guarantee clearly
envisages that for invocation, Respondent
first respondent.
As per the letter of intent a performance guarantee/bank guarantee of
Rs.5.00 Crores was required to be submitted to Gujarat ... bank guarantee is an independent contract between the
guarantor-bank and the guarantee-appellant. The guarantee is
unconditional. No doubt, the performance guarantee is against
