Assistant Vice President
Manager (F. EX. & Credit)
Arab Bangladesh Bank
BCIB Bhaban, 30-31
Dillkusha Commercial Area
Re: LEGAL OPIONION REGARDING ISSUANCE OF BANK GUARANTEE (PERFORMANCE BOND)
We refer to your letter dated PB/CR/A/1450/2003 on the above subject.
We have been provided with a specimen of Bank Guarantee to be issued to Construction & Maintenance Management Unit, Bogra Division with a request to provide our opinion on the said as to whether the same protect the interest of the Bank.
We suggest revising the guarantee to the draft we have sent to you. Once a Bank Guarantee expires it can not procure an extension. Therefore, we would also advise you to include the clause:
“All claims under this Guarantee must reach us on or before the expiry date i.e. _____ along with the original Bank Guarantee after which date all our liabilities thereunder shall cease to exist and this Guarantee shall become automatically null and void on the Expiry date irrespective of whether the original Bank Guarantee is returned to us.”
Should you require any further information please feel free to contact us.
For: The Lawyers & Jurists
M.L.Hotel Tower Ltd,
208,Shahid Syed Nazrul Islam Sarani,
Bijoy Nagar, Dhaka-1000.