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International Bank Guarantees
1. BANKS'S ADVANCE PAYMENT GUARANTEE - CONDITIONAL
PURSUANT TO the Contract No. (......) concluded between you and (......) ("the Applicant") you are required to make an advance payment to the Applicant of (......) ((......)) (the Advance Payment)
NOW WE (......) at the request of the Applicant HEREBY GUARANTEE to repay to you, upon receipt of your first written demand and amount up to (......) ((......)) in the event of the Applicant having failed to fulfil the terms and conditions of the Contract.
The demand must include a statement that
(1) the Applicant has failed to fulfil the terms and conditions of the Contract, and
(2) the amount demanded has not otherwise been paid either directly or indirectly by or for the Applicant.
The statement must be supported by
(1) an arbitration award made in your favour, or
(2) the Applicant's written approval to the demand and itsamount.
The demand and supporting documentation must be received by us by no later than (......) 20.. after which date our obligations under this Guarantee shall expire and become null and void. The original of this document must be returned to us immediately after the expiry date. This Guarantee shall take effect upon the receipt by us of written confirmation by the Applicant that it has received the Advance Payment, notice of which will be sent to you. This Guarantee shall be subject to the Uniform Rules for Tender Performance and Repayment Guarantees (Contract Guarantees) of the International Chamber of Commerce (Publication No. 325).
Any dispute arising in connection with this Guarantee shall be finally settled by arbitration under the Rules of Conciliation and Arbitration of (...8...) by one or more arbitrators appointed pursuant to the Rules. This Guarantee shall be governed by and construed in accordance with the law of (......) The place of arbitration shall be (......)
Dated the (......) day of 20..
Signed by (......)
*** If Required By State Law ***
This Section for Notary:
State of _________
County of ________ [COUNTY]
On [DATE] before me, [NAME OF NOTARY], notary, personally appeared [NAME OF PERSON(S) INVOLVED], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____