Continuing Guarantee for Payment for Goods Supplied by Shiva.

Continuing Guarantee for Payment for Goods Supplied

THIS AGREEMENT OF GUARANTEE is made BETWEEN A.B., aged . . . . . . . . . . . years, son of . . . . . . . . . . ., resident of . . . . . . . . ., (hereinafter called the ‘‘Surety’’) of the one part AND C.D. Ltd., a manufacturing company constituted under the provisions of the Indian Companies Act, 1956, having its registered office at . . . . . . . . . . (hereinafter called the ‘‘Creditor’’) of the other part.

WHEREAS the Creditor has at the request and on the assurance herein given agreed to supply to E.F. of, etc. goods on credit up to the value of Rupees . . . . . . . . . . . per month on orders placed by the said E.F. from time to time.

NOW IT IS HEREBY AGREED as follows:

1. That the said Creditor shall supply on credit to E.F. all goods manufactured by him as may be ordered from time to time by E.F. up to the value not exceeding Rupees . . . . . . . . . . . per month.

2. That all goods supplied by the said Creditor to E.F. shall be paid for two months after delivery by E.F. and on his failure by the Surety together with interest @. . . . . . . . . . .% per annum from the date of default.

3. That the guarantee herein agreed shall be a continuing one, and irrevocable for a period of one year from the date hereof, but the Surety shall not be liable for any price or interest due on goods supplied during any month exceeding the sum of Rs . . . . . . . . . . . only.

4. That the manner of enforcement of this guarantee shall be by suit or otherwise after one week of service of a demand notice sent by the Creditor to the Surety by registered post at the address herein given.

5. That the rights of the Creditor shall not be affected by—

(i)   E.F. becoming insolvent or joining with any person in partnership.

(ii)   E.F. being entitled to any indulgence under any law for the time being in force.

(iii)   The Creditor showing any indulgence, whatsoever, to E.F.

6. That the Surety shall have the right to demand a full and correct statement of the indebtedness of E.F. supported by vouchers before making payment.

7. That the supply of goods to E.F. and all payments under this guarantee shall be deemed to be at . . . . . . . . . . ., the principal place of business of the said Creditor.

IN WITNESS whereof the said A.B. and C.D. have hereto signed at . . . . . . the . . . . . . . . . . . day of . . . . . . . . . . ., 20 . . . . . . . . . .

Witness:                                                                       Sd. A.B.

Surety.

Sd. C.D.

Creditor.

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