The text of one percent ''Bid bond'':
Quote:
At request of ....................................please issue on our full
responsibility and against our counter indemnity no .............. your(tender)
guarantee for .............. favour
.....................................................as follows:
Quote:
Our guarantee No: .................................... as
......................................... is willing to participate in the
tender .................................... therefore we hereby become surety
for the above named in the amount of ...............................................
(in word). in the event that we are notified by
.................................... that the offer of the above-named is
accepted but the said firm has refused to sign the contract or to submit the
guarantee for due performance of the contract within the stated period, we
undertake to pay the above-mentioned amount of
.................................... in favour of
.......................................... as soon as we receive the first
written demand of ............................ without any need to prove the
correctness or accuracy of same or to issue any form or to take any act through
administrative or legal channels. this guarantee is valid up to the close of
business on ............. it is extendable for any period that may be requested
by .................... and in the event of our not being able or not being
willing to extend the period of the guarantee or if
.................................... does not take the necessary action to have
guarantee extended or does not so instruct this bank we undertake that without
any need for a fresh demand in this connection we shall pay the above sum in
favour of
........................................................................
Bank ...
Central branch
In consideration of your issuing at our request, a guarantee
in favour of .................................... for the amount of
.................................... as requested above, we hereby undertake to
indemnify you against all losses, expenses or damages which may arise out of
any claim made as result of your having given such a guarantee, and we hereby
undertake to reimburse you without delay and at your first demand, without it
being necessary to produce or adduce any proof(s) or any judicial or
administrative proceedings whatsoever in support of your claim, any amount you
may be called upon to pay under the said guarantee.
We further agree that any request made upon you by the beneficiaries for
payment of any sum shall constitute a sufficient authority to you for making
such payment without any obligation on your part to inquire whether such amount
is in fact due to them. while this indemnity covers payment by us to you in the
event stated above, it must be understood that our liability hereunder will not
exceed the aggregate amount of ................ plus your commission and
charges.
We finally agree that this indemnity as well as all matters connected therewith
shall be construed and decided in conformity with
the Iranian law.
This counter indemnity is valid until .................. (plus fifteen days for
mailing time) and will be extended for any period asked for by
...................... should the bank not be in a position or do not agree to
extend this guarantee and/or if ......................... fail to provide the
means for its extension and make the bank agree to such extension, then the
bank undertakes to pay the amount referred to above to or to the order of Bank
..., without its being necessary for the latter to make a new claim.
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