traditional letter of credit or a new
device, like performance bond or performance guarantee, the
obligation of the bank appears to be the same. Since ... party in whose
favour guarantee was given and the party on whose behalf
guarantee was given," and the guarantee also stipulated that
the bank
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 ... Chaliama, Post Kesargarhia, Dist. Singhbhum, Bihar, a
bank guarantee to guarantee their proper and faithful performance under the
said clause of the contract
according to it. the formats of standby letter of
credit and performance guarantee were not settled between
the parties. The first respondent was, therefore, compelled ... parties also agreeing to the format and language of
performance guarantee to be established by the appellant in
favour of the first respondent
upon the bidder's executing a contract and furnishing the performance guarantee. The plaintiff was required to furnish the performance guarantee ... forma of performance security of Rs. 5 lakhs and also required the plaintiff to sign the agreement. The. plaintiff got a performance guarantee prepared
Equipment Corporation of India Ltd. under or in respect of the performance Guarantee issued by the State Bank of India.
2. In order to appreciate ... must examine the bank guarantee in the instant case. Here though the guarantee was given for the performance by Texmaco in an orderly manner their
arrangement securing payment or performance of any obligation of any person: Provided that security interest shall not include a performance guarantee; (32) "specified" means specified
concession agreement which deals with performance security:
"5. PERFORMANCE SECURITY
5.1 The concessionaire shall for due and faithful
performance of its obligation during ... stipulations in the
agreement, the performance guarantee by way of bank guarantee was required
for faithful performance of its obligations. The non-submission
accordance with the Contract". This guarantee is called a performance guarantee, and guarantee No. NP/G/16/137 dated 19.11.87 is annexed ... National Buildings Construction Corporation Ltd., a bank guarantee to guarantee his proper and faithful performance under the said Clause of the Contract in an amount
Implementation Unit, Division Seoni, Seoni (M.P.), whereby the
amount of performance guarantee (security) submitted by the petitioner for
the work of construction ... CLAUSE 29 OF THE AGREEMENT
29. Performance Security
The Contractor shall have to submit performance security and
additional performance security, if any, as specified
That the guarantee hereby given shall be continuing guarantee up to
19th May, 1990. The validity of this Bank Guarantee will be extended one month ... duration of the performance test of the plant at the rated capacity shall be of 2 hours.
Performance Guarantee test shall in any case
