PERFORMANCE GUARANTEE
To: ____________________(Beneficiary)
This Guarantee is hereby iued to serve as the Performance Guarantee for Contract No.:_____________ (hereinafter referred to as the “Contract”) dated ____________between ______________ (hereinafter referred to as the “Applicant”, located
at ) and(hereinafter referred to as the “Beneficiary”, located at
(hereinafter referred to as the “Guarantor”, located at hereby unconditionally and irrevocably undertakes to pay to the Beneficiary such amount as required by the Beneficiary, not exceeding
_____________________________________________ ( _________ ) (hereinafter referred to as the “Maximum Amount”) coveringpercent of the price listed in the Contract, immediately following the Guarantor recieving this Guarantee and the Beneficiary’s written demand for payment in accordance with the covenants and terms agreed upon as follows:
(a) Within the effective period of this Guarantee: Upon the Beneficiary’s detemination of
the Applicant’s failure to faithfully perform their duties as required by the Contract and all agreed modifications, additions and alterations thereto(hereinafter referred to as the “Failure to Perform”), the Guarantor shall, upon the receipt of the original of this Performance Guarantee and the demand for payment from the Beneficiary ,
immediately pay the Beneficiary such amount within ___ working days as required by the Beneficiary, but not exceeding the Maximum Amount, to an account under the Beneficiary’s name in the manner specified in the written demand.
(b) The demand for payment should exprely state that the Applicant is in breach of their obligation(s) under the Contract and the particulars pertaining to the Failure to
Perform, the claim amount, and the Beneficiary’s account number.T he demand for payment must be duly signed by the Beneficiary and delivered to the Guarantor
through the local bank of the Beneficiary confirming that the signature(s) thereon are authentic and legally binding upon the Beneficiary.
(c) This Guarantee can be divided into fractional claims, but the total amount claimed under the Guarantee shall not exceed the M aximum Amount .
(d) This Guarantee shall come into effect on the date ofand s hall remain in full force and effect until _____________ (hereinafter referred to as the
“Expiry Date”).Any demand for payment and all corresponding supporting
documents must be received by the Guarantor by no later than 17:00 (Beijing Time) on the Expiry Date , otherwise any obligations or liabilities under the Guarantee shall be fully and automatically discharged and released.
(e) Upon the expiry of this Guarantee , this Guarantee should be returned to the Guarantor.This Guarantee will become null and void on the Expiry Date regardle of whether it is returned to the Guarantor or not.
(f) This Guarantee is neither transferable nor aignable without the prior written consent of Guarantor .
(g) The guarantor will be exempt from all obligations and liabilities under this Guarantee in any of thefollowing circumstances , regardle of whether this Guarantee is returned to the Guarantor:
the Expiry Date of the Guarantee has paed;
the Beneficiary cancels the Guarantee by notice in writing;
the Maximum Amount under the Guarantee has been reached via accumulation
of fractional claims; or
the Guarantor’s obligations and liabilities are to be discharged under
stipulations of the applicable laws and regulations.
(h) This Guarantee is an independent guarantee and stands on its own.The validity of this Guarantee and the Guarantor’s obligations or liabilities hereunder shall not be affected by any provisions of the terms of the principal C ontract and other c ontract s (except contracts to amend this Guarantee made by and between the Applicant and the
Guarantor) , regardle of whether such contract or the terms thereof has been referred to or quoted in this Guarantee.
(i) This Guarantee is subject to the ICC Uniform Rules for Demand Guarantees (“URDG758”).
(j) Any disputes in relation to this Guarantee shall be settled exclusively by the court located at the Guarantor’s place of busine.
(k) Unle otherwise provided in this Guarantee, all notices presented to the Guarantor in accordance with this Guarantee shall be completed in English/Chinese.1[2]
For and on behalf of
The Bank of _______________________ Branch
_____________________________________________
(Seal or S ignature)
________________________________________________________________________________
We, the Applicant, agree with the above guarantee iued by the Guarantor.In accordance with the bank guarantee agreement/bank guarantee application ( and agreement) 1[3] (No.: ______) between our company and the Guarantor, we, the Applicant, agree to aume responsibility for any counter-guarantee against the letter of guarantee iued by the Guarantor.
Please iue this guarantee through ( 银行
(Seal or S ignature)
