Bank Guarantee

Bank Guarantee

Reference No. …………… of

Suit No. ………. of 2000

In the Court of …….…………….

……………. Plaintiff

versus

 

…………. Defendant

Bank Guarantee of ………..

Know all men by these presents that I/we ………………. son of ……………….. by occupation ………………. residing at No. ……………. Calcutta (hereinafter called the defendant and Bank of ………. a body corporated and constituted incorporated under the Banking Companies (Acquisition and Transfer of Undertakings) Act of 1970 and carrying on banking business amongst other places at ……………. and having its registered office …………… outside the jurisdiction of this court (hereinafter called the bank) are jointly and severally held and firmly bounded unto Sri ………….. the District Judge/Registrar of the ………. Court at ……………. his successor or successors-in-office and assigns in the sum of Rs. …………….. (Rupees …………….) only of good and lawful money of the Union of India to be paid to the said Sri …………. (hereinafter called the District Judge/Registrar) his successor or successors-in-office and assigns as the case may be for which payment well and truly to be made I/we the ………….. and we the Bank for ourselves and our respective successors and assigns do hereby jointly and severally bind and oblige ourselves and each and every one of us and them for the whole of the said amount unto the District Judge/Registrar, his successor or successors-in-office and assigns firmly by these presents. We the bank do hereby covenant with the District Judge/Registrar his successor or successors-in-office and assigns that under the Memorandum and Articles of Association we are authorised to stand as guarantor and to execute the necessary bond therefor, and I/we the ……….. and the bank and our respective successors and assigns do hereby further covenant with the District Judge/Registrar, his successor or successors-in-office and assigns that we shall from time to time and at all times hereafter during the continuance of this security at our or their own costs and expenses execute in favour of the District Judge/Registrar his successor or successors-in-office and assigns such further and other assurance as may be required for the purpose of more fully and effectually securing the due payment of the said sum of Rs. ………….. (Rupees …………….) only secured by this bond in accordance with the true intent and meaning thereof And I/we the ………… and we the bank do hereby submit ourselves to the jurisdiction of this court and appoint premises No………………… and C/o. …………… Advocate as our respective addresses for service on us of all writs, proceedings and notices that may be issued, taken or given to us with reference to the condition of this bond or in respect of our liabilities hereunder.

Dated this ………………. day of ………………. 20………

Whereas by an order dated ………… 20 …………. and made by the said High Court/District Judge in the above suit, it was inter alia directed that upon the defendants furnishing security to the satisfaction of the District Judge/Registrar to the extent of Rs. …………. (Rupees …………….) only on or before the ………… day of …………… 20 ………… the defendants would be at liberty to withdraw the sum of Rs. …………. lying in deposit in court And That the defendant would furnish such security by way of bank guarantee in favour of the District Judge/Registrar.

And whereas at a reference held before the District Judge/Registrar of the said court the defendants proposed the Bank of Baroda as their guarantor for the said sum of Rs. …….….. (Rupees ……….) only.

And whereas the bank expressed it willingness to stand as guarantor for the defendants for the said sum of Rs. ……….. (Rupees………….) only.

And whereas the District Judge/Registrar has accepted the said bank as the guarantor for the defendants subject to the said bank along with the defendants executing a bond in favour of the District Judge/Registrar of this court for the sum of Rs. ……….. (Rupees ….) only initially for a period of one year upon the undertaking of the said defendants to have the bank guarantee renewed from year to year at least 14 days before the date of its expiry until final disposal of the said suit or until further order of this court.

Now the conditions of the above written Bond of Obligation are such that this bond shall remain in full force and virtue until final disposal of the above suit or until further order of this court provided further that in so far as the bank is concerned its liability under this bond is restricted to the sum of Rs. ………. (Rupees …………….) only and the guarantee under this bond shall remain in full force and virtue for a period of one year from the date of this bond, i.e., till the …………… day of ………… 19 ………. provided further that if the said……….. fails and/or neglects to renew this bond 14 days before the date of its expiry or within such time before the date of expiry of any subsequent renewal thereof, then and in such an event the bank shall forthwith and of its own accord deposit with the District Judge/Registrar the said sum of Rs. ………… (Rupees ………..) only being the amount secured under this bond together with a further sum of Rs. …………. (Rupees ………….) only being the amount of commission payable on the said sum of Rs. ………… (Rupees ……….) only to the Registrar under the rules of this court the total being Rs. ………….

In witness whereof I/We the said……….. and we the said bank …………. have signed the day, month and year above-written.

Signed, sealed and delivered

by Bank ……….…………….. at

in the presence of:

Dated this……………. day of ………… 19….

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