VMC Draft BG Soft

BANK GUARANTEE FOR SECURITY DEPOSIT
To
The Commissioner
Vijayawada Municipal Corporation,
Vijayawada – 520 001,
Krishna District.(A.P)
Whereas M/s. Bhagyanagar Gas Limited., having its registered office at Parisram Bhavan, APIDC
Building, Basheer Bagh, Hyderabad-500004, India (hereinafter called ‘’Contractor’’) has undertaken,
in pursuance of Lt. No. RC. E11-147706/2017, Dated 15.03.2018 for Laying of MDPE pipe line by HDD
Technology and open cut method to Ramakrishnapuram area cross roads and Devinagar total length
of 9848 mtrs
And whereas it has been stipulated by your goodselves ‘’commissioner, Vijayawada municipal
corporation’’ in the said work that Bhagyanagar gas Limited (contractor) shall furnish you with a
bank guarantee by a scheduled bank for the sum specified therein as security Deposit for compliance
with obligations in accordance with the work.
And whereas ICICI Bank Ltd, A schedule bank in India incorporated under the provisions of the
companies Act, 1956 and having its registered office at Commercial Banking,1-11251/19/A, Ist Floor,
Jayalakshmi Tower, Motilal Nehru Nagar, Prakash Nagar, Begumpet, Hyderabad – 500 016 have
agreed to give the bank guarantee.
Sealed with round seal of bank this 17th April 2018.
Now therefore we hereby affirm that we ICICI Bank Ltd A schedule bank in India incorporated under
the provisions of the companies Act, 1956 and having its registered office at Commercial Banking,
1-11251/19/A, Ist Floor, Jayalakshmi Tower, Motilal Nehru Nagar, Prakash Nagar, Begumpet,
Hyderabad – 500 016, are the guarantor and responsible to you, on behalf of the contractor, up to a
total of Rs. 5,23,400/- (Rupees: Five Lakh Twenty Three Thousand Four Hundred Only) such sum
being payable and we undertake to pay you, against any loss or suffered or would be suffered by the
principle, by reason of any breach of terms of conditions contained in the said proceedings.
We ICICI Bank Ltd, A schedule bank in India incorporated under the provisions of the companies Act,
1956 and having its registered office at Commercial Banking, 1-11251/19/A, Ist Floor, Jayalakshmi
Tower, Motilal Nehru Nagar, Prakash Nagar, Begumpet, Hyderabad – 500 016, hereby undertake to
pay the amount due and payable under this guarantee without any demur merely on written
demand from the principal stating that amount claimed is on account of making good and executed
trench for laying of underground MDPE pipe line of proper filling as to restore the land in the same
condition as it was before digging the trench. However our liability under this guarantee shall be
restricted to Rs. 5,23,400/- (Rupees: Five Lakh Twenty Three Thousand Four Hundred Only).
We hereby waive the necessity of your demanding to or other modification of the terms of the
proceedings or of the work to be performed there under which may be made between you and the
contractor shall in any way release us from any liability under this guarantee, and we hereby waive
notice of any such change, addition or modification.
The ability of the guarantor under this guarantee shall not exceed to Rs. 5,23,400/- (Rupees: Five
Lakh Twenty Three Thousand Four Hundred Only) (the ‘’Guaranteed Amount’’).
“ This Bank Guarantee shall be effective only when the Bank Guarantee message is transmitted by
the issuing bank through SFMS to State Bank of India, VMC Branch, Vijayawada, Andhra Pradesh
having its IFSC Code: SBIN0010046 and written communication to that effect is issued by Bank of
Beneficiary ”
This Guarantee shall be valid up to one year i.e. 18.04.2019 (the ‘’Expiry Date’’)
Notwithstanding anything to the contrary contained herein, no obligation of the guarantor to pay
any amount under this guarantee shall arise prior to the fulfillment of the following conditions
Precedent:
(a) Written claim/demand(s) in terms of this guarantee of an aggregate amount less than or
equal to the guaranteed amount is/are made by the beneficiary hereunder; and
(b) Such Written claim/demand(s) is/are delivered to the guarantor on or before the Expiry
date at the ICICI Bank Ltd located at Commercial Banking, 1-11251/19/A, Ist Floor,
Jayalakshmi Tower, Motilal Nehru Nagar, Prakash Nagar, Begumpet, Hyderabad – 500 016.
For ICICI BANK
Authorized Signatories
Signature: -_________________________ Signature: -_________________________
Name: _____________________________ Name: _____________________________
Signature Code:______________________ Signature Code:______________________

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BANK GUARANTEE FOR SECURITY DEPOSIT

Sealed with round seal of bank this 17th April 2018.

For ICICI BANK

Signature: -_ Signature: -_

Name: _ Name: _

Signature Code: Signature Code:

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