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
ceramic honeycombs as per expected specifications. Article 12 which deals
with performance guarantee suggests that ARCI is to conduct performance
test and shall endeavour ... achieve the performance as agreed in
Article 12.1 in the first performance test, ARCI shall make necessary
rectification and another performance test will be conducted
provisions of this Order are concerned and the
performance guarantee shall be forfeited.
Provided that the Chief Director (Sugar), Department of Food &
Public Distribution ... Memorandum remains
unimplemented within the time specified in clause 6C, the
performance guarantee furnished for its implementation shall be
forfeited after giving the concerned person
tonne. (d) That the seller had to establish an
unconditional irrevocable performance guarantee in favour of
the buyer by any Indian Nationalised Bank ... period of 7 days from the date of
acceptance of the performance guarantee, the letter of
credit should have been authenticated and that
nature of a bank
guarantee. The distinction which the High Court has drawn
between a guarantee for due performance of a works contract
and guarantee ... bank guarantee and also the real object of a bank guarantee
and the nature of bank's obligation thereunder. Whether the
bank guarantee
Central Bank of
India (hereinafter called "the Bank"), executed performance
guarantee No.57/22 whereby it guaranteed that the contractor
would faithfully conform ... claim for Rs.14,12,836/- against the
bank under the performance guarantee.
On 28.7.1992, the learned Civil Judge dismissed the
suit holding that
contract was Rs. 3,40,00,000/-.
Pentagon furnished a performance guarantee in regard to the machinery
supplied by it. The said contract contained ... three months that is three
months from the achievement of the performance
guarantee as stipulated in clause no. 8 and 9 above,
by a separate
Anand Vihar works, the appellant-Company submitted a
Bank/Performance Guarantee bearing No. 12/2006 dated 04.08.2006 from its
banker Indian Mercantile Co-operative Bank ... appellant
became entitled to seek the release of the Bank/Performance Guarantee No.
12/2006 submitted by it for the said work from the respondents
