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 ... that bank
guarantee is an independent contract between bank
and the beneficiary thereof. The bank is always
obliged to honour its guarantee as long
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
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
regard to the Performance Bank Guarantee, the
Bank has stated that "we, ANZ Banking Group Limited, irrevocably and
unconditionally undertake with you that whenever ... bank guarantee and also the real object of a bank
guarantee and the nature of the bank's obligation
thereunder. Whether the bank guarantee
Performance
Bank Guarantee and thereafter amended the Performance Bank
Guarantee was provided by the respondent on 23.03.2017. That
the said Bank Guarantee is unconditional ... Bank Guarantee and the
Bank is required to pay said the amount under the Performance
Bank Guarantee then invoked the Bank Guarantee and in fact
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 ... 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
such a bank guarantee would vitiate the very foundation of such a bank guarantee and (2) where allowing the encashment of an unconditional bank guarantee ... said that bank guarantee is an independent contract between bank and the beneficiary thereof. Bank is always obliged to honour its guarantee as long
Bank.
This BANK GUARANTEE shall be a primary obligation of
the Guarantor Bank and accordingly SECI shall not be obliged
before enforcing 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
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 ... 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
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 ... Page 7
an independent contract between the guarantor Bank
and the guarantee appellant. The guarantee is
unconditional, no doubt, the performance guarantee is
against
