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Bank's Advance Payment Guarantee Unconditional

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Bank's Advance Payment Guarantee - Unconditional

To: (......)

PURSUANT TO the Contract No. (......) concluded between you and (......) ("the Applicant") you are required to make an advance payment to the Applicant of (......) ((......)) (the Advance Payment)

NOW WE (......) at the request of the Applicant HEREBY GUARANTEE to repay to you, upon receipt of your first written demand, an amount up to (......) ((......)) in the event of the Applicant having failed to fulfil the terms and conditions of the Contract.

The demand must include a statement that

(1) the Applicant has failed to fulfil the terms and conditions of the Contract, and

(2) the amount demanded has not otherwise been paid either directly or indirectly by or for the Applicant.

Such statement shall be accepted by us a conclusive evidence that the amount demanded is due to you.

The demand must be received by us by no later than (......) 20.. after which date our obligations under this Guarantee shall expire and become null and void. The original of this document must be returned to us immediately after the expiry date.

This Guarantee shall take effect upon the receipt by us of written confirmation by the Applicant that it has received the Advance Payment, notice of which will be sent to you.

This Guarantee shall be governed by and construed in accordance with the laws of (......). Any dispute arising in connection with this Guarantee shall be...

(Excerpt)

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