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Crsc Research And Design Institute ... vs Dedicated Freight Corridor ... on 30 September, 2020 Author: C

contract of the bank guarantee are to be read together. Bank guarantee/letters of credit is an independent contract between the bank and the beneficiary ... bank guarantee furnished by the Bank does not refer to any of the conditions for payment under the bank guarantee. It is true that

Court had in para 20 observed that the bank cannot refuse to honour the Bank Guarantee on the ground that conditions of Clause ... Guarantee is unequivocal and unconditional or is conditional. If the Bank Guarantee is unconditional, the Court would refrain from issuing the injunction

language contained in the bank guarantee and when the court is to examine as to whether the bank guarantee is unconditional or in absolute terms ... original bank guarantee is returned to us. 28. As per this bank guarantee, the bank has clearly stated that : (a) the bank is the guarantor

above, considering the bank guarantee as Performance Bank Guarantee as well as Advance Bank Guarantee and considering the same as unconditional irrevocable bank guarantees ... bank guarantee as a whole and the terms and conditions of the bank guarantee, the bank guarantee can be said to be an unconditional, irrevocable

bank guarantee was valid upto 31.01.2009. Before the insertion of this clause, the earlier bank guarantee given by the Federal Bank was an unconditional ... case law deals with only unconditional bank guarantees. In the present case, originally there was an unconditional bank guarantee and later, the same was converted

conditional bank guarantee. Unless the person who revokes the bank guarantee fulfils his obligation fixed under the conditional bank guarantee, the bank is not liable ... said that the bank guarantee is a conditional bank guarantee. To make a bank guarantee as conditional bank guarantee, a particular clause of the underlying

Guarantee and not an unconditional Bank Guarantee. Merely because in the Bank Guarantee Ex. D­2 the word "unconditional or without protest or cavil ... unconditional. The terms of Bank Guarantee have to be seen to conclude whether the Bank Guarantee is conditional and unconditional and mere reading

that bank guarantee is an independent contract between bank and the beneficiary thereof. The bank is always obliged to honour its guarantee as long ... exist, and not otherwise. 29. Clearly, the Bank Guarantees are unconditional and irrevocable. Under the Bank Guarantee, the bank undertakes to pay the appellant immediately

Nationalized Banks (b) IDBI Bank (c) AXIS Bank (d) HDFC Bank (e) ICICI Bank (f) Kotak Mahindra Bank (g) Yes Bank There   shall ... guarantee   was   furnished.  The   terms   of   the   bank   guarantee   are,  therefore,   extremely   material.   Since   the  bank   guarantee   represents   an   independent  contract   between   the   bank