Bank Guarantee in favour of Government
| Updated at | March 2010 |
This agreement is made on this................ day of............ 2000 between the Governor of Bihar (hereinafter called the GOVERNMENT) of the one part and IDBI BANK Ltd. a Banking company registered under the Companies Act 1956 and carrying on business, inter alia, at Bihar hereinafter called the BANK (which expression shall unless the context otherwise requires include its successors) of the second part and Shakunth Builders Ltd. a company registered under the Companies Act 1956 and carrying on business at S.V. Road, Bihar hereinafter called the CONTRACTOR (which term shall include unless repugnant to the context its successors).
Whereas Shakunth Builders Ltd. has been awarded a contract for construction of a housing complex at Purple Bunch, Bihar for Rs. 650 lakhs and is required to deposit security money for Rs. 65 lakhs.
And whereas in consideration of the GOVERNMENT having agreed to exempt the CONTRACTOR from depositing the security deposit of Rs. 65 lakhs under the terms and conditions of the Contract entered into between the GOVERNMENT and the CONTRACTOR on the CONTRACTOR furnishing a BANK Guarantee for security deposit amount in favour of...
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