BANK GUARANTEE Tybros Infratech Private Limited

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Cameron Bond
6 years ago
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1 BANK GUARANTEE WHEREAS Tybros Infratech Private Limited, a Company incorporated under the Companies Act, 1956, having its registered office at Village Micholi, P.O. Seem, Tehsil Bhikyasen, Almora and corporate office at 5/54, Main Shankar Road, Rajinder Nagar, New Delhi (Hereinafter referred to as TIPL which expression shall, unless repugnant to the context or meaning thereof, and shall mean and include its successors, legal representatives and permitted assigns) forming party of the FIRST PART. 1

2 WHEREAS AAAA, W/o. S/o. D/o Shri. BBBB, resident of CCCC, holding PAN: DDDD (Hereinafter referred to as BENEFICIARY/Buyer which expression shall, unless repugnant to the context or meaning thereof, and shall mean and include its successors, legal representatives and assigns) forming party of the SECOND PART. WHEREAS State Bank of India, a bank formed under The State Bank of India Act, 1955 and duly governed by the Banking Regulation Act, 1949 and having Central Office at Nariman Point, Mumbai and one of its branches at Ajmal Khan Road, Karol Bagh, New Delhi (Hereinafter referred to as the Bank ) (Which expression shall, unless repugnant to the context or meaning thereof, and shall mean and include its successors, legal representatives and assigns) forming party of the THIRD PART. Whereas BENEFICIARY has purchased cottage from TIPL, the detail of the purchased cottage is given below: Cottage number: EEEE Location and measurement: Pocket.., at EON resort located at Midway Corbett Ranikhet, Near Maa Bhona Devi Temple, Ghatti-Basot Road, Village Jihad, District Almora, Uttrakhand having built up area of. square metre and super built up area of.. square metre, after including super area of square metre Basic sale price (BSP): INR.. per square metre Gross Consideration (BSP+ Charges): INR.. (Excluding service tax) Amount received by TIPL: INR.. (excluding service tax) Eligibility date:. (When 100% of basic selling price received by TIPL) TIPL has agreed to pay monthly assured return of INR.. per square metre on the total area of square metre (annual value). Assured return is to be paid monthly to each of the owner of the cottage which is INR XXXX/- per month after deduction of tax on the below given mutually agreed important terms and conditions: 1. Eligibility criteria: Payment of at least 100% of the basic selling price by the buyer to TIPL 2. Period: For 30 months from the date of purchase. 2

3 3. Eligible Amount: Monthly return of INR XXXX /- (after deduction of tax of INR HHHH /-) which will become due and payable monthly. 4. Payment date: Within 7 days of the end of each month (month will start from the date of purchase) without any demand of the same from the buyer/beneficiary. WHEREAS the assured return Agreement provides for production of a Bank Guarantee to the extent of INR. XXXX /- (YYYYY) by way of security for the payment of the agreed amount after deduction of TDS of INR HHHH/-, to the BENEFICIARY/buyer. And Whereas BENEFICIARY requires TIPL to furnish a Guarantee from a Scheduled Bank agreeing to reimburse BENEFICIARY on demand to the extent of INR XXXX /- (YYYYY) in the event, TIPL fails to pay either fully or partly, the assured return becoming due and payable to BENEFICIARY on the appropriate date. NOW THEREFORE these presents witness that in consideration of TIPL having paid the Bank charges as agreed and BENEFICIARY agreeing to fulfill assured return conditions given above, subject to TIPL furnishing to him/her a Guarantee from a Scheduled bank, the State Bank of India (herein after called "the Bank ) hereby irrevocably guarantees to BENEFICIARY that the TIPL shall pay total assured return for the purchased cottage under the assured return agreement, on the terms and conditions herein contained. A. The Bank, hereby agrees that it shall pay as primary obligor and not merely as surety such sum not exceeding INR. XXXX /- (YYYYY) to BENEFICIARY within seven days of the receipt of the written demand stating that the amount claimed is due by way of failure of TIPL to pay either partly or fully, the assured return, as per the terms and conditions given above, without any contest, demur or protest and / or without any reference to TIPL and / or without questioning the legal relationship subsisting between the TIPL and BENEFICIARY and / or irrespective of any dispute whatsoever that may be raised by TIPL with BENEFICIARY or with the Bank as regards maintainability legality or validity of such demand. 3

4 B. The Bank agrees that the decision of BENEFICIARY as to whether TIPL has failed to pay partly or fully the assured return for the demised period or any part thereof payable under the said Agreement and as to the amount payable to BENEFICIARY by the Bank hereunder shall be final and binding on the Bank. However, liability under this guarantee shall be restricted to an amount not exceeding INR. XXXX /- (YYYYY). C. BENEFICIARY and TIPL shall have the fullest liberty without the Bank s consent and without affecting in any manner the Bank s obligations hereunder to vary any of the terms and conditions of the said Agreement or to extend time of performance of any obligations by TIPL from time to time or to postpone for any time or from time to time any of the powers exercisable by BENEFICIARY against TIPL and to forbear or to enforce any of the terms and conditions relating to the said Agreement and the Bank shall not be relieved from its liability by reason of any variation or extension being granted to TIPL or forbearance act or omission on the part of BENEFICIARY or any indulgence by BENEFICIARY to the said Agreement or to give such matter or thing whatsoever which under the law relating to sureties would but for this provision, have effect of so relieving the Bank of its liabilities under the Guarantee. Provided that no such amendment, variation, extension of time shall not directly or indirectly, enlarge or enhance the value or tenure of the Guarantee or the nature and/or have the effect of extension of the obligations of the bank beyond what is stated in below notwithstanding clause of this guarantee. D. This Guarantee is a continuing Guarantee during its currency and shall not be considered as wholly or partially satisfied by the payment or liquidation at any time hereafter of any sum or sums of money for the time being due from TIPL but shall, subject to the extent of liability, of the Bank to cover and be a security for all further sums due at any time hereinafter. However, liability under this guarantee shall be restricted to an amount not exceeding INR. XXXX /- (YYYYY). 4

5 E. This Guarantee not be affected in any manner by any change in the constitution or location of TIPL and the liability of the Bank under this guarantee shall continue in spite of such changes. F. The Guarantee shall not be affected in any manner by any change in the constitution of BENEFICIARY. G. The Guarantee shall not be varied or rescinded unilaterally by the Bank. H. The neglect or forbearance of BENEFICIARY in enforcing payments of any moneys the payment whereof is intended to be hereby secured or the giving of time of any other indulgence by BENEFICIARY for the payment thereof shall not in any way release the Bank from its liability hereunder. PROVIDED ALWAYS THAT: A. To the extent of the Bank's liability, as aforesaid this Guarantee shall also be valid in respect of total assured return amount under the agreement, payable by TIPL to BENEFICIARY during the period ZZZZZ to ZZZZZZZ, which is also the claiming period available to BENEFICIARY. B. The Bank shall not revoke this Guarantee during its currency except with the previous consent of BENEFICIARY in writing. C. This Guarantee can be assigned with the prior consent of the Bank in writing. D. THE BANK agrees to the jurisdiction of the appropriate court at Delhi in the event of any dispute between the parties here to arising out of or in connection with this guarantee. E. The Bank shall be liable to pay the guaranteed amount or any part thereof under this Bank Guarantee only and only if BENEFICIARY serves a written claim or demand upon the Bank at State Bank of India, Ajmal Khan Road, Karol Bagh, New Delhi on or before ZZZZZZZ. 5

6 Notwithstanding anything contained herein above: - I. Our liability under this Bank Guarantee shall not exceed its INR. XXXX /- (YYYYY). II. This Bank Guarantee shall be valid up to ZZZZZZZ and we are liable to pay the guaranteed amount or any part thereof under this Bank Guarantee only and only if BENEFICIARY serve upon us a written claim or demand at State Bank of India, Ajmal Khan Road, Karol Bagh, New Delhi on or before ZZZZZZZ. The undersigned being duly authorized by bank has hereunder set his hand this day of 2014 at. Stamp & Seal of the Bankers 6

Bank Guarantee WHEREAS

Bank Guarantee WHEREAS Bank Guarantee This guarantee is issued by (name of Scheduled Commercial bank) a body corporate constituted under the Act 19, having its Head Office at (hereinafter referred to as the Bank which term shall