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Warranty Bond Unconditional
Note: The following forms and documents are prepared by the above under the laws and practice prevailing as of [Date]. Seldom is a model form or document directly suitable to a transaction without adaptation to the particularities and circumstances of the matter.
Warranty Bond- Unconditional
PURSUANT TO the Contract No. (......) concluded between you and (......) ("the Applicant") the Applicant is required to provide a Bank Warranty Bond for an amount of (......) ((......)) being (......)% of the Contract value.
NOW WE (......) at the request of the Applicant HEREBY GUARANTEE from the date hereof to pay to you, upon receipt of your first written demand an amount up to (......) ((......)) in the event of the Applicant having failed to fulfil the terms of the Warranty obligations under the Contract.
The demand must include a statement that
(1) the Applicant has failed to fulfil the terms and conditions of the warranty obligations of the Contract, and
(2) the amount demanded has not otherwise been paid either directly or indirectly by or for the Applicant.
Such statement shall be accepted by us as conclusive evidence that the amount demanded is due to you.
The demand must be received by us by no later then (......) 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 be governed by and construed in accordance with the laws of (......). Any dispute arising in connection with this Guarantee shall be finally settled by arbitration under the Rules of Conciliation and Arbitration of (......) by one or more arbitrators appointed pursuant to the Rules.
The place of arbitration shall be (......).
Dated the (......) day of 20..
Signed by: (......)