case of an
unconditional bank guarantee, the bank is always obliged to honour its guarantee. The bank giving
such guarantee is bound to honour ... bank guarantee cannot be bound by any
arbitration agreement between the beneficiary of the bank guarantee and the party at whose
instance the bank guarantee
restrain the realisation of a bank guarantee or a
letter of credit.
(iv) Since a bank guarantee or a letter of credit is an
independent ... noticed that
the bank guarantee is an independent contract between the
guarantor Bank and the guarantee appellant. The guarantee is
unconditional, no doubt, the performance
Bank guarantee is an
independent and separate contract between the bank and the
beneficiary. (ii) Bank is always obliged to owner the bank
guarantee like ... that the bank guarantee represents an
independent contract between the bank and the beneficiary,
emphasized that the terms of the bank guarantee are extremely
material
bank guarantee has attained wider dimensions with the passage of time. Originally, the only exception carved out to encashment of bank guarantee unconditionally was, fraud ... bank guarantee, the bank cannot have any valid resistance, except of course, in a case of fraud. The bank guarantee furnished by the bank
EXIM Bank were put to the notice that
the bank guarantee and the counter guarantee given by the petitioner and
the EXIM Bank were ... insisted for amendment
of the bank guarantee by making the said bank guarantee as unconditional
bank guarantee which demand of the said CGC was brought
Bank
under the Bank Guarantee.
3. The Owner shall have the right to file / make a claim on
the Bank under this Bank Guarantee ... noticed that the bank guarantee is an
independent contract between the guarantor Bank and
the guarantee appellant. The guarantee is unconditional,
no doubt, the performance
petitioner might
not extend the bank guarantee, the 1st respondent was constrained to
invoke the bank guarantee dated 29.05.2018 as per the terms ... recover the
said amount by invoking the bank guarantee. The petitioner executed a
price reduction bank guarantee dated 29.05.2018 in terms of clause
fraud in connection with such a bank guarantee would vitiate the very foundation of such a bank guarantee. Hence if there is such a fraud ... fraud in connection with such a bank guarantee would vitiate the very foundation of such a bank guarantee. Hence, if there is such a fraud
bank guarantee and also the real object of a bank guarantee and the nature of bank's obligation thereunder. Whether the bank guarantee ... bank guarantees. As could be seen from the above extracted clauses of the bank guarantee, the bank guarantee is given as unconditional bank guarantee. Therefore
fraud in connection with such a bank guarantee would vitiate the very foundation of such a bank guarantee. Hence if there is such a fraud ... time of execution of the bank guarantee and therefore, the question of the bank guarantee being vitiated on the first count has no foundation
