Counter Guarantee in favour of a Bank

Counter Guarantee in favour of a Bank

…………… Bank

In consideration of ………….. Bank having at our request stood as surety for and guaranteed payment of a sum of Rs. ……… to the Registrar of …………. Court in terms of guarantee dated this …………….  day of ……………. 1999 executed by the bank in his favour in Suit No. ………  of (Cause title) in the circumstances mentioned in the said bond we GB and AB of ………………… do hereby covenant and agree by way of counter guarantee that we shall always remain jointly and severally liable to pay and reimburse the Bank or its successor in business to the extent of Rs. ……….  and or any other sum or sums as may be due and owing to the bank or its successor in business on that account inclusive of interest and costs, charges and expenses incurred and to indemnify and keep the bank indemnified against all such payments and all costs, charges and expenses which the bank shall incur or otherwise suffer by reason thereof.

We further declare that this guarantee unless we are otherwise relieved from its performance or non-performance by Statute or adjudication of any court of competent jurisdiction shall be a continuing guarantee and shall not be deemed to have been satisfied until payment or realisation of the amount as hereunder contemplated; Further we declare that the character of this guarantee shall not be affected by death or insolvency of any one or more of us and furthermore that we shall execute and register all further or other deeds and writings as may be required for securing or enforcing the counter guarantee and have all questions or disputes as to the extent of our liability to the bank adjudicated by reference to two arbitrators one to be appointed by the bank and we shall not be discharged by any compromise between the parties in the said suit unless the bank is discharged from its liability by adjudication of the said court.

In witness whereof etc.

Dated this ………..  day of ………….                                             GB

AB

Disclaimer:

The information contains in this web-site is prepared for educational purpose. This site may be used by the students, faculties, independent learners and the learned advocates of all over the world. Researchers all over the world have the access to upload their writes up in this site. In consideration of the people’s participation in the Web Page, the individual, group, organization, business, spectator, or other, does hereby release and forever discharge the Lawyers & Jurists, and its officers, board, and employees, jointly and severally from any and all actions, causes of actions, claims and demands for, upon or by reason of any damage, loss or injury, which hereafter may be sustained by participating their work in the Web Page. This release extends and applies to, and also covers and includes, all unknown, unforeseen, unanticipated and unsuspected injuries, damages, loss and liability and the consequences thereof, as well as those now disclosed and known to exist.  The provisions of any state’s law providing substance that releases shall not extend to claims, demands, injuries, or damages which are known or unsuspected to exist at this time, to the person executing such release, are hereby expressly waived. However the Lawyers & Jurists makes no warranty expressed or implied or assumes any legal liability or responsibility for the accuracy, completeness or usefulness of any information, apparatus, product or process disclosed or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product process or service by trade name, trade mark, manufacturer or otherwise, does not necessarily constitute or imply its endorsement, recommendation or favouring by the Lawyers & Jurists. The views and opinions of the authors expressed in the Web site do not necessarily state or reflect those of the Lawyers & Jurists. Above all, if there is any complaint drop by any independent user to the admin for any contents of this site, the Lawyers & Jurists would remove this immediately from its site.