RINL/VSP/ITD/ /BFG SLAG(FRESH SLAG)/NIT 26 DATED 29/12/2014

Transcription

1 RASHTRIYA ISPAT NIGAM LIMITED VISAKHAPATNAM STEEL PLANT MARKETING DEPARTMENT EXPORTS SECTION Website: SUB: NOTICE INVITING TENDER (NIT) FOR SALE OF MIN 2,00,000 MT (+/-10%) & MAX 4,00,000 MT (+/-10%) OF BLAST FURNACE GRANULATED SLAG (FRESH SLAG) ON MERCHANT EXPORT BASIS. 1.0 RASHTRIYA ISPAT NIGAM LIMITED, VISAKHAPATNAM STEEL PLATN (VSP) INVITES SEALED BIDS FOR SALE OF BLAST FURNACE GRANULATED SLAG (FRESH SLAG) ON EX-PLANT BASIS, ON MERCHANT EXPORT TERMS FOR EXPORT TO ANY COUNTRY FOR TWO YEARS FROM THE DATE OF AGREEMENT. 2.0 INIDCATIVE SPECIFICATION OF BFG SLAG (FRESH) : CaO 34-40% SiO % Al % MgO % FeO % max MnO % Moisture Glass content 13-14% max 90% max 3.0 TOTAL QUANTITY AVAILABLE : MIN 2,00,000 MT (+/-10%) & MAX 4,00,000 MT (+/- 10%) 4.0 PERIOD OF CONTRACT: UPTO TWO YEARS FROM THE DATE OF AGREEEMNT FROM.. TO ) 4.1 COUNTRIES FOR EXPORT: ANY COUNTRY (OTHER THAN BANNED COUNTRIES) 5.0 EARNEST MONEY DEPOSIT (EMD) 5.1 EMD SHALL BE SUBMITTED AT THE RATE OF RS.10 PMT FOR THE QUANTITY QUOTED FOR THE TOTAL CONTRACT PERIOD SUBJECT TO A MAXIMUM OF RS.1 CRORE. 5.2 EMD WILL BE ACCEPTED IN THE FORM OF CROSSED DD/TT/BG/RTGS IN INDIAN Page 1 of 39

2 RUPEES. FORMAT OF BANK GUARANTEE (BG) FOR EMD IS ENCLOSED AT ANNEXURE- A. BG IN THE PRESCRIBED FORMAT WILL BE ACCEPTED FOR THE EMD. THE SAME IS TO BE ESTABLISHED THROUGH VISAKHAPATNAM BRANCH OF ANY SCHEDULED COMMERCIAL BANK (AS PER THE ACT PF RBI) OR ANY SCHEDULED COMMERCIAL BANK AT ANY OTHER PLACE SUBJECT TO THE FOLLOWING CONDITION: i) ANY NOTICE ISSUED BY RINL AT VISAKHAPTNAM BRANCH SHALL BE DEEMED TO BE NOTICE SERVED ON BANK EXECUTING THE BG. ii) CLAIMS SHALL BE PAYABLE AT THIS BRANCH. 5.3 CHEQUES WILL NOT BE ACCEPTED FOR EMD. 5.4 TENDERS (INCLUDING THOSE FROM PSUs OF STATE AND CENTRAL GOVERNMENT) WILL NOT BE ACCEPTED WITHOUT EMD. 5.5 EMD SUBMITTED IN THE FORM OF BG SHALL REMAIN VALID INITIALLY TILL.. (CONTRACT PERIOD) AND MAY BE EXTENDED BY THE TENDERER AS PER THE DIRECTION OF RINL. AFTER ACCEPTANCE OF THE TENDER, EMD OF THE UNSUCCESSFUL TENDERERS SHALL BE RETURNED. 5.6 EMD OF THE SUCCESSFUL TENDERER WILL BE ADJUSTED TOWARDS PERFORMANCE GUARANTEE. ALTERNATIVELY, EMD WILL BE RETURNED ON SUBMISSIONOF BANK GUARANTEE AGAINST PERFORMANCE GUARANTEE. 5.7 EMD SHALL BE FORFEITED WITHOUT REFERENCE, IF THE TENDERER / SUCCESSFUL TENDERER FAILS TO COMPLY WITH ANY OF THE FOLLOWING CONDITIONS: a) TO KEEP THEIR OFFER FIRM AND VALID FOR ACCEPTANCE BY RINL TILL 1700 HRS IST ON 03/02/2015 OR AS EXTENDED BY RINL. b) TO FURNISH PERFORMANCE GUARANTEE (IN CASE EMD IS SUBMITTED IN THE FORM OF BG) WITHIN 15 DAYS FROM THE DATE OF ACCEPTANCE OF THE TENDER. 6.0 PRICE: 6.1 CURRENCY OF PRICE : INDIAN RUPEES 6.2 PRICE : THE TENDERER SHALL QUOTE A PRICE PER MT OF BFG SLAG (FRESH SLAG) FOR EX-PLANT. THE LOADING BY RAIL/ROAD SHALL BE DONE AS PER EXISTING SYSTEM OF SELLER. THE PRICE SHALL BE EXCLUSIVE OF EXCISE DUTY, ED CESS, SALES TAX ETC. 6.3 THE ABOVE QUOTED PRICE PER MT IS INCLUSIVE OF MOISTURE CONTENT IN THE BFG FRESH SLAG. 6.4 INVOICE SHALL BE RAISED FOR THE ACTUAL TONNAGE DELIVERED ON EX- Page 2 of 39

3 PLANT BASIS WITHOUT DEDUCTION FOR MOISTURE. 6.5 THE TENDERER SHALL QUOTE A PRICE FOR THE QUANTITY QUOTED AND DELIVERY UP TO.. AS PER CONTRACT. 7.0 PAYMENT TERMS: CASH AND CARRY BASIS. DELIVERY ORDER SHALL BE ISSUED AGAINST 100% ADVANCE PAYMENT. MODE OF PAYMENT SHALL BE BY DD/TT/RTGS. 8.0 VALIDITY : TENDER SHALL BE KEPT VALID FOR ACCEPTANCE UPTO 60 DAYS. 9.0 DIVERSION TO DOMESTIC MARKET: IN CASE ANY QUANTITY IS DIVERTED TO THE DOMESTIC MARKET BY THE SUCCESSFUL TENDERER OUT OF THE MATERIAL LIFTED FOR EXPORT PURPOSE, THE SUCCESSFUL TENDERER SHALL MAKE GOOD THE PRICE DIFFERENCE BETWEEN THE LIST PRICE OF BFG SLAG (FRESH SLAG) FOR THE MONTH OF DIVERSION AND EX-WORKS PRICE AGREED WITH THE SUCCESSFUL TENDERER FOR EXPORT INCLUDING THE APPLICABLE EXCISE DUTY AND SALES TAX, ETC. IN CASE OF SHORT FALL (I.E.DIFFERENCE IN ACTUAL QUANTITY LIFTED FOR EXPORT OVER THE QUANTITY FOR WHICH PROOF OF EXPORT IS SUBMITTED) THE SUCCESSFUL TENDERER SHALL MAKE GOOD THE PRICE DIFFERENCE AS ABOVE APART FROM COMPENSATING THE AMOUNTS CLAIMED BY THE STATUTORY AUTHORITIES, IF ANY, IN THIS CONNECTION ALL OTHER TERMS AND CONDITIONS SHALL BE REMAIN UNCHANGED IN CASE OF CONTRADICTION ON ANY ISSUE BETWEEN NOTICE INVITING TENDER (NIT) AND TERMS & CONDITIONS, THE PROVISIONS IN NIT WILL OVER RIDE THE TERMS AND CONDITIONS INSTRUCTIONS TO THE TENDERERS: THE FOLLOWING SHALL BE TAKEN INTO DUE CONSDIERATION WHILE SUBMITTING THEIR OFFER: 12.1 LOADING OF BFG SLAG ( FRESH SLAG) WILL BE ALLOWED ROUND THE CLOCK OR AS EXISTING SYSTEM OF SELLER THE MOVEMENT OF VEHICLES WILL BE RESTIRCTED DURING SAFETY TIMINGS WITHIN THE PLANT THE CAPACITY OF THE WEIGHBRIDGE USED FOR SLAG WEIGHMENT IS 60 MT MAXIMUM TENDER SUBMISSION : 13.1 ALL BIDS SHALL BE FURNISHED IN SEALED COVERS IN THREE PARTS AS INDICATED BELOW SUPERSCRIBING TENDER NOTICE NO.MKTG/ /BFG SLAG (FRESH SLAG)/NIT 26 DT.29/12/2014 FOR BFG SLAG (FRESH) ON EX-PLANT Page 3 of 39

4 BASIS ON MERCHANT EXPORT BASIS, PART-A, PART-B AND PART-C. SEPRATELY ADDRESSED TO DY GENERAL MANAGER(MKTG)ITD, MARKETING DEPARTMENT, VISAKHAPATNAM STEEL PLANT, ADMINISTRATIVE BUILDING, VISAKHAPATNAM , ANDHRA PRADESH, INDIA, PHONE: , FAX: PART-A: IN A SEPARATE SEALED COVER SUPERSCRIBING EMD SHALL CONTAIN EMD ALONG WITH ANNEXURE-1. PART-B: IN A SEPARATE SEALED COVER SUPERSCRIBING TECHNICAL & MERCHANT EXPORT TERMS AND CONDITIONS, AGREEMENT, INTEGRITY PACT ALONG WITH ANNEXURE-2. PART-C: IN A SEPARATE SEALED COVER SUPERSCRIBING PRICE BID SHALL CONTAINPRICE BID IN FORMAT GIVEN AT ANNEXURE-3. PART-A, PART-B AND PART-C SHALL BE PUT IN A SEPARATE SEALED COVER SUPERSCRIBING AS BID FOR BFG SLAG (FRESH SLAG ) ON MERCHANT EXPORT BASIS SEALED BIDS SHALL BE DROPPED INTO A TENDER BOX KEPT IN THE OFFICE OF DGM (MKTG) ITD MARKETING DEPT BEFORE HRS. IST ON 27/01/ TENDERS WITHOUT SUBMISSION OF EMD SHALL NOT BE OPENED AND SHALL NOT BE CONSIDERED FURTHER BIDS RECEIVED BY FAX/ OR LATE BIDS OR BIDS WITH INADEQUATE DETAILS SHALL NOT BE CONSIDERED. PART A AND PART B WILL BE OPENED AT HRS ON 27/01/ AFTER SCRUTINY OF THE TECHNO-COMMERCIAL TERMS AND SEEKING CONFIRMATIONS FOR DELETING/WITHDRAWING DEVIATIONS, IF NECESSARY, PRICE BIDS OF TENDERERS WHOSE TECHNO-COMMERCIAL BIDS ARE ACCEPTABLE WILL ONLY BE OPENED AND CONSIDERED FURTHER THE DATE OF PRICE BID OPENING WILL BE CONVEYED SEPARATELY OR AT 1530 HRS ON 30/01/ IN CASE OF SUCCESSFUL TENDERER REQUIRES LAND OUR SIDE VSP BOUNDARY FOR INTERIM STORAGE PURPOSE, THE SAME CAN BE MADE AVAILABLE BY VSP ON CHARGEABLE BASIS AS PER APPROVED TERMS AND CONDITIONS OF RINL AND SUBJECT TO STATUTORY AUTHORITIES GIVING REQUIERD APPROVALS THE TENDERER IS REQUIRED TO UNCONDITIONALLY ACCEPT THE INTEGRITY PACT ENCLOSED TO THE TENDER DOCUMENT AND SHALL SUBMIT THE SAME DULY SIGNED ALONG WITH HIS OFFER AND NIT TERMS. OFFER OF THE TENDER RECEIVED WITH OUT INTEGRITY PACT DULY Page 4 of 39

5 SIGNED SHALL NOT BE CONSIDERED. PRESENTLY, SRI V VELAYUTHAM, Ex.DG (RD)&SS AND SRI VENUGOPAL K NAIR, IPS (RETD), HAVE BEEN APPOINTED AS EXTERNAL INDEPENDENT MONITORS (EIM) FOR RINL. THE COPY OF INTEGRITY PACT TO BE SIGNED IS ENCLOSED AT ANNEXURE G QUALITY OF THE MATERIAL : THE ANALYSIS REPORT ON THE QUALITY OF BFG SLAG FURNISHED BY THE SELLER IS FINAL AND BINDING ON THE BUYER. HOWEVER, THE BUYER SHALL HAVE A RIGHT TO REJECT BFG SLAG AT THE SELLER S PREMISES IF THE SAME DOES NOT CONFORM TO ACCPETED SPECIFICATIONS, PROVIDED SUCH REJECTION IS EXERCISED BEFORE THE SLAG IS LOADED INTO TRUCK/WAGON. NO CLAIM WHATSOEVER SHALL BE ENTERTAINED AFTER COMMENCEMENT OF LOADING IN THIS REGARD VSP RESERVES THE RIGHT TO CANCEL OR ACCEPT OR REJECT ANY OR ALLBIDS/NIT OR TO APPORTION THE QUANTITIES TO A NUMBER OF BIDDERS IN ANY FORM AND WITHOUT ASSIGNING ANY REASON AND AT SOLE DISCRETION OF VSP AND THE DECISION OF VSP IN THIS REGARD WILL BE FINAL AND BINDING. DGM (MKTG) - ITD Page 5 of 39

6 ANNEXURE 1 (PART A EMD) (EMD SHALL BE SUBMITTED ALONG WITH THE BID OR BEFORE IN THE FORM OF DD/BG OR RTGS IN INDIAN RUPEES ONLY. PLEASE TICK MARK THE RELEVANT MATTERS BELOW) EMD IS BEING SUBMITTED IN THE FORM OF DD/BG/RTGS FOR AN AMOUNT OF RS.( ). THE RELEVANT DETAILS TOWARDS EMD ARE AS GIVEN BELOW : (A) DD NO. DT.. (B) THE BG TOWARDS EMD IS ENCLOSED BG NO.: DT.. (C) THE RTGS DETAILS TOWARDS EMD IS ENCLOSED:* UTR NO. DATED Station : SIGNATURE OF THE TENDERER / Date : AUTHORISED REPRESENTATIVE IN CASE OF BG, THE BG FORMAT IS ENCLOSED AT ANNEXURE-A (BG FOR EMD). * IF THE PAYMENT OF EMD IS TO BE MADE BY RTGS THE DETAILS OF OUR BANK A/C ARE AS GIVEN AT ANNEXURE A-1. Page 6 of 39

7 ANNEXURE 2 PART B (TECHNICAL BID) PRODUCT : BLAST FURNACE GRANULATED SLAG (FRESH SLAG) GRDE : (CHEMISTRY AS PER THE NIT) TENDERED QUANTITY (MT) : MIN 2,00,000 MT (+/-10%) & MAX 4,00,000 MT (+/-10%) PRODUCT QUANTITY MT PERIOD TENDER QTY QUOTED QTY BFG SLAG (FRESH) MIN 2,00,000 MT (+/- 10%) & MAX 4,00,000 MT (+/-10%) VALIDITY : OUR OFFER IS VALID UPTO 03/02/2015. NOTE : SIGNED NIT OF TENDER OF TENDER NO.MKTG/ /BFG SLAG (FRESH) / NIT 26 DT.29/12/2014, INTEGRITY PACT AND TERMS AND CONDITIONS ARE ENCLOSED TO THE TECHNICAL BID. STATION : SIGNATURE OF THE TENDERER / DATE : AUTHORISED REPRESENTATIVE Page 7 of 39

8 TERMS AND CONDITIONS FOR MERCHANT EXPORTS a) Delivery : Ex- Plant, RINL/VSP b) Payment: Advance payment - INR, along with ED, Ed cess & ST. c) Weighment : Weight at VSP s weighbridge is final d) Price : Rs../- ( Ex-Plant, RINL/VSP) excluding ED, ED Cess, ST, etc e) Test certificate issued by QATD is final. f) The buyer has to submit CT-1 certificate and H form to avail nil ED & VAT respectively. g) The buyer has to submit ARE-1 forms duly signed by him. h) The buyer has to submit Proof of Export within 3 months from the date of dispatch of material from plant. i) Railway Freight/transportation has to borne by the buyer j) The buyer has to sign the Agreement. Page 8 of 39

9 ANNEXURE-3 PART-C (PRICE BID) PRODCUT - BLAST FURNACE GRANULATED SLAG (FRESH SLAG) PRICE (RS/MT) RS.. PMT, EX-PLANT, VISAKHAPTNAM STEEL PLANT, VISAKHAPATNAM, AP, INDIA (EXCLUDING ED, ED CESS AND SALES TAX ETC.) PRICE (IN WORDS): RS. PMT, EX-PLANT, VISAKHAPTNAM STEEL PLANT, VISAKHAPATNAM, AP, INDIA (EXCLUDING ED, ED CESS AND SALES TAX ETC.) (QUANTITY & OTHER DETAILS SHALL BE AS PER TECHNICAL BIDS) STATION DATE: SIGNATURE OF THE TENDERER/ AUTHORIZED REPRESENTATIVE Page 9 of 39

10 PROFORMA BG FOR EMD Annexure-A To Rashtriya Ispat Nigam Limited Visakhapatnam Steel Plant Visakhapatnam BANK GUARANTEE NO. LETTER OF GUARANTEE WHEREAS Rashtriya Ispat Nigam Limited, Visakhapatnam Steel Plant (hereinafter called RINL ) have invited Tender vide Tender No.RINL/VSP/ITD/ /BFG Slag (Fresh Slag)/NIT 26 dt.29/12/2014 (hereinafter referred to as the said Invitation to Tender) for sale of Blast Furnace Granulated Slag (Fresh Slag) from Slag Storage Yard (Fresh) to Merchant Exporters for export to any country on merchant export terms for a period of three years and WHEREAS the said invitation to Tender requires that any eligible tenderer wishing to make an offer in response thereto, shall establish an irrevocable EMD in favour of RINL in the form of Bank Guarantee for an amount of Rs./- for the quantity being quoted shall be initially valid upto 26/01/2017 as guarantee that the tenderer. a) Shall keep his offer firm and valid for acceptance by RINL upto 03/02/2015 or as extended by RINL. b) Shall in the event of the offer being accepted by RINL shall make the payment 100% in advance for the value of BFG Slag (fresh slag) being lifted from time to time. AND WHEREAS M/s.. (hereinafter called as said SELLER) wish to make an offer in response to the said invitation to tender for the purchase of BFG Slag (Fresh Slag) on Ex-plant basis for the value of the material being lifted from time to time. NOW THIS BANK HEREBY GUARANTEES that in the event of the said Tenderer failing to abide by any of the conditions referred to in any of the preceding paragraphs, this bank shall pay (through the.. branch of Visakhapatnam) to Rashtriya Ispat Nigam Limited, Visakhapatnam Steel Plant, Visakhapatnam, INDIA on demand and without protest or demur Rs.../- This Bank further agrees that the decision of RINL as to whether the said Tenderer has committed a breach of any of the conditions referred to in the preceding paragraphs shall be final and binding. THIS BANK FURTHER undertakes that this guarantee shall remain irrevocably valid and in force upto 26/01/2017. For and on behalf of. Name of the Bank Signature Name ( ) Duly constituted attorney and Authrozed signatory Designatiion Name & Address of the Bank Page 10 of 39

11 (RTGS DETAILS) ANNEXURE-A-1 Name of the beneficiary Address Rashtriya Ispat Nigam Limited SBG Byproducts Byproducts Sales Account, Project Office Complex, D Block Visakhapatnam Steel Plant Visakhapatnam Beneficiary bank Allahabad Bank details Bank A/c No Figures Type of Account: Current Micr Code Branch Code Bank Address Dabagardens, Visakhapatnam IFSC Code (Eleven digit) ALLA Please instruct your banker to indicate your Company name in the Structural message report. Page 11 of 39

12 AGREEMENT FOR SALE OF BFG SLAG ( FRESH SLAG) ON MERCHANT EXPORT BASIS AGREEMENT NO. RINL/VSP/MKTG/ITD/BFG SLAG(FRESH SLAG)/ /.., DATED./ This Agreement made this on day of, 2015 Between Rashtriya Ispat Nigam Limited, Visakhapatnam Steel Plant, a Company registered under the Companies Act, 1956 and having its registered office at Administration Building, Visakhapatnam Steel Plant, Visakhapatnam , India hereinafter referred to as the SELLER (which expression shall, unless excluded by or repugnant to the context to be deemed to include its Successors, assigns) of the one part, And M/s., a Company registered under the Companies Act, 1956 and having its registered office at India, hereinafter referred to as the BUYER (which expression shall, unless excluded by or repugnant to the context to be deemed to include its Successors, assigns) on the other part. WHEREAS the BUYER has agreed to enter into an Agreement with the SELLER for their captive for the purchase of BFG Slag ( Fresh Slag) on Merchant Export Basis, starting from the aforesaid date of agreement, i.e. from /../.. to../../.. on the following terms and conditions, which are agreed and reduced into writing. Now these presents witnessed and it is hereby agreed and declared by and between the parties hereto as follows: 1.0 Material: BFG SLAG ( FRESH SLAG) 2.0 Annual Quantity: MIN 2,00,000 MT (+ /- 10%) & MAX 4,00,000 MT (+/-10%) Monthly Quantity: The Buyer shall lift monthly quantity on prorate basis regularly, failing which penalty shall be charged, as mentioned at point Quality/Grade: Test certificate furnished by Seller is final and binding on Buyer. However, the BUYER shall have a right to reject BFG Slag (Fresh Slag) at the SELLER s premises, if the same does not confirm to accepted Specifications, provided such rejection is exercised before the Slag is loaded into trucks/wagons. No claim whatsoever shall be entertained after commencement of loading in this regard. 4.0 Contract Period: From the date of signing the agreement to. Page 12 of 39

13 5.0 Rashtriya Ispat Nigam Limited, Visakhapatnam Steel Plant, Visakhapatnam, hereinafter referred to as the SELLER. 6.0 M/s., India including his successors/assigns hereinafter referred to as the BUYER. 7.0 The BUYER intends to buy from the SELLER, BFG Slag (Fresh Slag), as mentioned at point 1 above on Ex-works basis, Visakhapatnam Steel Plant on Merchant Export basis for export to any country (other than banned countries) and the SELLER intends to sell the same on Merchant Export basis and delivery shall be on Ex-works basis, RINL,VSP, Visakhapatnam, within the contract period as mentioned at point no. 4 above. 8.0 Countries for export: Any country, other than banned countries. 9.0 Delivery Schedule: From the date of signing the agreement to / / Price: Rs. PMT (Ex-Works,VSP). The price is exclusive of ED, Ed cess and VAT etc. The price shall be valid up to TAXES & DUTIES: 11.1 All amounts payable by the BUYER under this agreement are subject to applicability of taxes, levies, cess, duties etc. (Local/State/Central) which shall be borne by the BUYER alone. All taxes, levies, cess, duties etc. (Local/State/Central) as applicable on sale of Steel Products on date of delivery shall be payable by the BUYER at actual and SELLER shall raise invoice accordingly The BUYER shall be entitled to claim any admissible exemption/concessions under Central Excise & Sales tax laws and for that purpose they shall submit all necessary concessional forms/certificates /documents under the statute within the stipulated time under the relevant Act or within agreed time The BUYER (Merchant Exporter) shall submit H Form along with payment to avail nil VAT or as per practice in vogue and execute necessary bond with Central Excise Authorities for lifting the material without payment of Excise Duty and submit a copy of the relevant CT-1 form before issue of Offer letter or Delivery Order on Ex-works basis (Visakhapatnam, AP). The buyer has to send ARE-1 Forms duly singed by him or as per system in vogue. Further, the BUYER shall also furnish proof of Export, shipment wise within 3 months from the date of dispatch of Steel Products or as permitted by the Statutory Authorities DELIVERY PERIOD & MATERIAL: From /../ to../../.. & Material: BFG Slag (Fresh Slag) as mentioned at point 1 above. Page 13 of 39

14 12.1 Material shall be delivered from Ex-Works, Loading point at VSP into trucks/wagons at the SELLER s premises at Visakhapatnam The material is to be lifted by the BUYER in full rake loads/trucks from Ex-Works, RINL/VSP, Visakhapatnam i.e., from the SELLER s premises and the BUYER shall tie up with the Railways/transporters for movement of the entire quantity by rail/road from the SELLER s premises Delivery shall be made by both rail & road means. The responsibility of obtaining permission/approval, if required, from Railways to move the material from the SELLER s premises to the BUYER s premises by rail shall rest with the BUYER. The SELLER shall raise the indent on Railways as per the request of BUYER upon completion of all payment formalities. The BUYER shall arrange trucks on his own and authorize the transporter to lift the material on behalf of the BUYER The loading of material into the wagons will be in BUYER s scope. The BUYER shall not be allowed to pick or choose the material. It is the BUYER s obligation to properly ascertain the logistics requirement and expenses involved The risk and property of the material shall pass on to the BUYER immediately after loading the material into their wagons/trucks at the loading point of the SELLER s premises In case the BUYER cancels the railway indent, the cancellation charges shall be deducted/ recovered from the BUYER and the balance amount only will be refunded to the BUYER or adjusted against subsequent supplies. The demurrage charges if any will be on account of BUYER The BUYER shall follow and comply with and abide by the delivery/dispatch procedure in force at the SELLER s premises from time to time The BUYER shall make all efforts to lift the material uniformly throughout the contract period Entry and Exit for Trucks/Vehicles: Trucks/Vehicles have to enter and exit through BC Gate / BCSY of the SELLER or as per existing system of the SELLER. The movement of trucks/vehicles will be restricted during safety timings within the plant premises of the SELLER The following shall be taken into due consideration while submitting the offer: i) Loading of BFG Slag will be round the clock OR as per existing system of the SELLER. ii) Entry and Exit for vehicles: Vehicles have to enter and exit through BC Gate/BCSY OR as per existing system of the SELLER.. iii) The movement of vehicles will be restricted during safety timings within the plant as per existing system of SELLER. iv) The capacity of the weighbridge used for slag weighment is 60 MT maximum. Page 14 of 39

15 13.0 Performance Guarantee : 13.1 The BUYER shall execute Performance Guarantee equivalent to 5% of the contract value in the form of DD/BG/Bankers Cheque/RTGS. In case of BG, the same has to be submitted as per proforma enclosed at Annexure-B 1. The Performance Guarantee will be discharged on completion of the contract subject to the following: 13.2 In case the BUYER fails to lift the contract quantity during the CONTRACT PERIOD, the seller shall short-close the contract and the seller shall forfeit the entire Performance Guarantee amount Payment Terms : The buyer shall remit in advance 100% value of the material along with the Excise duty, Sales Tax (VAT) and differential price w.r.t SELLER s highest price for issue of Delivery Order. However, the buyer at his option may submit BGs towards value of Excise Duty, Sales Tax (VAT) and differential price w.r.t SELLER highest domestic price as detailed below: a) BG for Excise Duty : This BG covers the value of Excise Duty payable on the quantity covered for one shipment calculated based on the highest domestic price or the Delivery Order price whichever is higher (Annexure-B 2). b) BG for Sales Tax : This BG covers the value of Sales Tax payable without any concessional form on the quantity for one shipment calculated based on the highest domestic price prevailing or the Delivery Order price whichever is higher (Annexure-B 3). c) BG for Differential Price : This BG covers the value difference for the shipment quantity based on the price for which DO is to be issued and the highest domestic price of RINL/VSP ( Annexure B 4) Penalties for short lifting: 15.1 Monthly Penalties: The buyer shall lift a minimum of 75% monthly quantity (i.e.{ contracted quantity / contract period in months} X 75%). In case the BUYER fails to lift the 75% of the monthly quantity in a month, a penalty of Rs.25/- Per MT shall be payabe by the BUYER for the difference between the 75% of the monthly quantity and the actual quantity lifted during the month (i.e.{75% of monthly contracted quantity actual lifted Quantity} X Rs.25) Penalties recovered shall not be refunded even after fulfilment of Annual quantities However, at the end of the year the clauses detailed at 13.1 to 13.2 shall be applicable In order to fulfill the annual contract conditions, the buyer will be allowed to make up back logs arising out of monthly short fails, if any, through fresh slag quantities and / or dump yard slag quantities depending on the availability. The decision of In Charge in this regard shall be final and no claims whatsoever ever shall be entertained on the aspect. Page 15 of 39

16 ANALYSIS REPORT/TEST CERTIFICATE: Test Certificate shall be furnished by the SELLER is final and binding on the BUYER RIGHT OF REJECTION: SELLER will test the material being dispatched generally as per their Standard procedure and the Test Certificate furnished by the SELLER is final and binding on the BUYER. However, the BUYER shall have a right to reject Steel Products, if the same does not conform to BUYER s required specifications, provided such rejection is exercised before the material is loaded into the trucks/wagons at the premises of the SELLER. No right of rejection whatsoever shall be entertained after the commencement of loading. No dispute about quality etc. will be allowed / entertained after the commencement of loading WEIGHMENT: 17.1 The SELLER shall provide necessary facilities at their premises for weighment of the material loaded into wagons/trucks. Weight recorded at the SELLER s weighbridge is final and binding on the buyer and no dispute regarding the same shall be entertained once the material leaves SELLER S premises In case dispatches are made by rail, SELLER will arrange RRs on freight paid basis. The buyer has to pay railway freight in advance for indent the rake. Railways issue RRs as per their practice in vogue. At present RRs are issued as per the weight determined at Railway weighbridge. Any change in practice by railways shall automatically be applicable. Freight charges shall be payable by the BUYER as per the weight recorded in the RRs The BUYER shall ensure loading of the material up to the carrying capacity of the wagons/trucks and in case any wagon/truck is under loaded or over loaded, the applicable charges, if any, shall be to the account of the BUYER Invoices will be raised as per the weight recorded at SELLER s weighbridge PAYMENT: 18.1 The BUYER shall pay in advance 100 % value of the material along with taxes and duties etc., like Excise Duty, Sales Tax (VAT) etc., by way of RTGS/DD/Pay Order/Banker s Cheque or as per agreed terms. Cheque drawn in favour of Rashtriya Ispat Nigam Ltd., payable at Visakhapatnam unless it is specified otherwise, against offer letter, for issue of Delivery Order. In case of LC, negotiable document shall be an offer letter In case the delivery of material is by Rail, necessary freight amount will also be paid in advance by the BUYER along with material cost The amount so collected will be adjusted against the invoices for the actual quantity delivered. Page 16 of 39

17 19.0 SAFETY CLAUSE: 19.1 The BUYER shall comply with all Safety and Security Regulations while lifting the material from the premises of SELLER as applicable from time to time. SELLER will have no liability towards any claim regarding injury to the employees of/workers engaged by the BUYER or any damage to any of their machines/equipments etc. BUYER shall keep SELLER indemnified against any such claim/claims The trucks shall be covered with tarpaulin suitably to avoid spillage of material, if required, on the roads (inside and outside the plant) during the transportation. Cost incurred by SELLER due to non-compliance of the above provision shall be recovered from the BUYER A penalty of Rs 1000/- per event (subject to revision, if necessary) will be levied on receipt of any communication from Safety Engineering Department of SELLER, regarding violation of safety rules by the BUYER s personnel, equipment and trucks etc FORECLOSURE: 20.1 In case, the BUYER fails to perform as per the conditions stipulated in this agreement, the agreement shall be foreclosed. The decision of the SELLER regarding this will be final and binding. The amount available after adjusting the damages and other dues, if any, shall be returned to the BUYER In case the SELLER wishes to foreclose the contract in the interest of the company at any point of time, during the contract period, a notice of one week shall be given by the SELLER to the BUYER and after the notice period, the agreement shall be foreclosed. In that case, the amount available after adjusting the damages and all other dues, if any, shall be returned to the BUYER. During the notice period, the BUYER shall perform all their obligations JURISDICTION CLAUSE: It is hereby agreed between the parties that the courts at Visakhapatnam shall have the exclusive jurisdiction in respect of all disputes arising under or out of this agreement FORCE MAJEURE: 22.1 Notwithstanding anything contained in this agreement, the obligation of the SELLER to supply and deliver and the BUYER to purchase and take delivery shall remain suspended and neither of them shall be entitled to claim compensation from the other for any loss or damage caused by such suspension, whether total or partial, if and to the extent that either the SELLER or the BUYER is rendered unable to perform its obligations under this agreement by reasons of restraints by Govt., war, blockade, revolution, insurrection, strikes, acts of God, plague or other epidemics, destruction of material by flood, fire or other natural calamity interfering with the production, loading or discharge. Provided that the Operation of the contract shall be resumed as soon as any such condition or circumstances are removed. Page 17 of 39

18 Provided further that at all times this clause shall not be construed as releasing the SELLER and/or the BUYER from any liability in respect of willful refusal to effect or receive supplies or willful default or neglect in doing so On the occurrence of Force Majeure as above, the affected party shall give to the other, notice in writing of such occurrence with all details and supporting evidence thereof, within FIFTEEN days of such occurrence In case of Force Majeure conditions prevail for the period in excess of NINETY days; either party shall have the option to cancel this agreement, by notice in writing to other party in respect of the undelivered quantity of the materials without, however, any right against or being responsible to the other party for such cancellations. Upon such cancellation, the SELLER shall return the balance amount available after adjusting the outstanding damages and all other dues, if any, till the date of such notice ARBITRATION: 23.1 If at any time, any question, dispute or difference whatsoever arises between the SELLER and the BUYER upon or in relation to or in connection with the contract/agreement, either party may forthwith notify the other in writing of the existence of such question, dispute or difference and the same shall be referred to the adjudication of sole arbitrator to be nominated by the Chairman-cum-Managing Director, RINL, Visakhapatnam Steel Plant. In case designation of the Chairman-cum-Managing Director is changed or his office is abolished, the officer who for the time being is entrusted with the functions of the Chairman-cum-Managing Director, RINL, Visakhapatnam Steel Plant by whatsoever designation such officer is called, shall nominate the sole arbitrator to adjudicate upon the disputes and there shall be no objection to any such nomination / appointment on the ground that the sole arbitrator is an officer / employee of the Visakhapatnam Steel Plant The decision of the sole Arbitrator shall be final and binding on both the parties to this Agreement. The arbitration proceedings shall be governed by the Arbitration and Conciliation Act 1996 and rules framed there under. The venue of Arbitration shall be Visakhapatnam only The Arbitrator s fee, expenses and all other costs and other expenses relating to the holding of arbitration shall be borne by both the parties equally. However, the fees and expenses of the Advocates and expenses relating to the presentation of witness shall be borne by the respective parties. Should the Arbitrator give a specific award in respect of costs then it would prevail ASSIGNMENTS: The BUYER/SELLER shall not assign their rights and obligations under the terms of this agreement to any party other than its legal successor without the written consent of the other party ENTIRE AGREEMENT: The terms and conditions herein contained shall constitute the entire Agreement and understanding between the parties hereto and shall supersede all other communications which Page 18 of 39

19 were made prior to signing of this Agreement, whether written or oral, between the parties hereto with respect to the subject matter hereof AMENDMENT OF AGREEMENT: Any clause which is hindering the operation of the agreement or due to any changes in ground situation at either end, can be reviewed. Any amendment to this agreement shall be made in writing by both parties hereto and specifically stated to be an amendment to this agreement WAIVER: 27.1 Non-enforcement by either party of any of the provisions of this Agreement shall not operate or constitute as a waiver of the provision itself or any subsequent breach thereof The validity of the Agreement shall not be affected should one or more of its stipulations be or become legally invalid. In such a case, the parties shall negotiate in good faith to replace the invalid clause by a stipulation which is in accordance with the applicable law and which shall be as close as possible to the party s intent Should the fulfillment of this contract be rendered impossible by any Executive or Legislation Act done by or on behalf of the government, this contract or any unfulfilled part thereof shall be cancelled without any financial liabilities whatever, to either party. IN WITNESS WHEREOF the parties hereto have executed and signed this agreement on day of.., Executed for and on behalf of Visakhapatnam Steel Plant, RASHTRIYA ISPAT NIGAM LIMITED by NAME: Witness: SIGNATURE: SIGNATURE: SIGNATURE: Executed for and on behalf of M/s Name: Designation M/s SIGNATURE: Witness: 1) SIGNATURE: 2) SIGNATURE: Page 19 of 39

20 Annexure-B 1 PROFORMA BG FOR PERFORMANCE GUARANTEE NAME AND ADDRESS OF THE BANK BG ISSUED ON BEHALF OF: LIMIT OF LIABILITY: DATE OF EXPIRY: BG CLAIM PERIOD: AGREEMENT NO & DATE: FOR: MERCHANT EXPORT OF BFG SLAG (FRESH SLAG) TO RASHTRIYA ISPAT NIGAM LIMITED VISAKHAPATNAM STEEL PLANT VISAKHAPATNAM Dear Sirs, In consideration of M/s.Rashtriya Ispat Nigam Limited, Visakhapatnam Steel Plant, a Company incorporated under the Company s Act, 1956, wholly owned by Government of India having its registered office at Administrative Building, Visakhapatnam , AP (hereinafter referred to as the Seller ) having agreed to accept BG of Rs of M/s (hereinafter called as Buyer ) under the terms and conditions of agreement No. dt.. for. months for Merchant Export of BFG Slag (Fresh Slag) on comprehensive job basis and as per agreement dt. (hereinafter referred to as the said contract ) for due performance/fulfillment of all the terms and conditions contained in the said contract, (hereinafter called as said Bank ) hereby covenant and agree with you as under: 1) We undertake to indemnify you and keep you indemnified from any loss from time to time to the extent of Rs.. suffered by or that may be caused to or suffered by you by reason of any breach or any breaches on the part of the Buyer of any of the terms and conditions contained in the said contract and in the event the Buyer shall make any defaults in carrying out lifting of BFG Slag (Fresh Slag) under the said contract or otherwise in the observance and performance of any of the terms and conditions relating thereto, we shall forthwith without any protest or demur pay to you such sum or sums not exceeding in total the said sum of Rs..... as may be claimed by you as your losses and / or damages, cost, charges or expenses by reasons of such default/defaults on the part of the Buyer. 2) Notwithstanding anything to the contrary, your decision as to whether the Buyer has made any such default or defaults and the amount or amounts which you are entitled by reason thereof will be binding on us we shall not be entitled to ask you to establish your claim or claims under this guarantee but will pay the same on demand without objections. Page 20 of 39

21 3) The seller shall have the fullest liberty to claim payment of the amount or amounts from time to time under this guarantee, subject to the ceiling limit of Rs. as referred to above and this guarantee shall not become invalid or in fructuous because of the partial demand made by the seller upon us on payment under the circumstances stipulated herein above and this guarantee shall hold good in favour of the Seller to the extent of the balance amount covered under this guarantee. 4) This guarantee shall continue and hold good until it is released by you on the application by the Buyer after expiry or the relative guarantee period of the said contract and after the Buyer had discharged all his obligation under the said contract and produced a certificate of the due completion of the contract under the said contract. 5) You will have the fullest liberty without our consent and without affecting this guarantee from time to time to vary and of the terms and conditions of the said contract or extend time of performance of the contract or to postpone for any time or from time to time any of your rights or powers against the Buyer and either to enforce or forebear to enforce any of the terms and conditions of the said contract and we shall not be released from our liability under this guarantee by the exercise of your liberty with reference to matters aforesaid or by reason of any time being given to the Buyer or any other forbearance, act or omission on your part or any indulgence by you to the Buyer or by any variation or modification of the said contract or any other act, matter or thing whatsoever which under the law relating to sureties would but for the provisions hereto have the effect of so releasing us from our liability hereunder provided always nothing herein contained will enlarge our liability herein beyond the limit of Rs.. as the aforesaid or extend the period of guarantee beyond the said date of.. (date) unless expressly agreed to by us in writing. 6) This guarantee shall not in any way be affected by your taking or giving up any securities from the Buyer or any other person, firm or company on its behalf or by the winding up, dissolution, insolvency, reconstruction or death as the case may be of the Buyer. 7) In order to give full effect to the guarantee herein contained you shall be entitled to act as if we were your principal debtors in respect of all your claims against the Buyer hereby guaranteed by us and as aforesaid and we hereby expressly waive all our rights of suretyship and other rights, if any which are in any way inconsistent with the above or any other provisions of this guarantee. 8) Subject to the maximum limit of our liability as aforesaid this guarantee will cover all your claim or claims against the Buyer from time to time arising out of or in relation to the said contract and in respect of which a demand or notice in writing is received by us. 9) This guarantee and the powers and provisions herein contained are in addition to and not by way of limitation of or substitution of any other guarantee or guarantees hereto given to you by us (whether jointly with other or alone) and now existing uncancelled and that this guarantee is not intended to and shall not revoke or limit such guarantee or guarantees. Page 21 of 39

22 10) This guarantee shall not be effected by any change in the constitution of the Buyer or us nor shall it be affected by any change in your constitution or by any amalgamations or absorption or reconstruction thereof or therewith but will ensure for and be available to and enforceable by the absorbing or amalgamated reconstructed company or concern. 11) This guarantee during its currency shall not be revoked by us except with your previous consent in writing. 12) It shall not be necessary for you to proceed against the Buyer before proceeding against us and the guarantee herein contained shall be enforceable against us, not withstanding any security which you may have obtained or obtain from Buyer at any time or when proceedings are taken against us hereunder be outstanding or realized. Not withstanding anything contained herein above: a) Our liability under this guarantee shall not exceed Rs b) The BG shall be valid upto (date) c) We are liable to pay the guaranteed amount or any part thereof under this BG only if a written claim or demand is made by the Seller on or before.. (date) 13) We (mention the name of bank), hereby agree that any claim due and arising under this guarantee shall be enforceable against our Bank s branch (mentioning the name and address of branch) at Visakhapatnam and they shall honour such demand in any case not later than next working day. Dated.. day of Yours faithfully, Page 22 of 39

23 PROFORMA BG FOR Excise 12.36% Annexure-B 2 NAME AND ADDRESS OF THE BANK: BG ISSUED ON BEHALF OF: LIMIT OF LIABILITY: DATE OF EXPIRY: BG CLAIM PERIOD: AGREEMENT NO. & DATE: TO RASHTRIYA ISPATNIGAM LIMITED VISAKHPATNAM STEEL PLANT VISAKHAPATNAM INDIA Dear Sirs, In consideration of M/s Rashtriya Ispat Nigam Limited, Visakhapatnam Steel Plant, Visakhapatnam (herein after called the seller ) having agreed to enter into agreement with under terms and conditions of agreement No Dt. (herein after called as said agreement) made between M/s Rashtriya Ispat Nigam Limited and M/s (herein after referred to as Buyer ) for sale of Blast Furnace Granulated Slag (Fresh Slag) in bulk on production of a BG for Rs. we, (Name of the Bank), do hereby under take to pay to Seller an amount not exceeding Rs. against the Excise Duty (12.36 %) on the highest domestic price or DO price which ever is higher for the quantity lifted from the plant, on violation in exporting the material as indicated in the said agreement with respect to offer letters issued by the Seller. 2. We, (Name of the Bank) do hereby undertake to pay the amounts due and payable under this guarantee without any demur, and merely on a demand from the seller stating that the amount claimed is due by way of loss or damage cause to or would be caused to or suffered by the Seller by reason of any breach by the Buyer of any of the terms or conditions contained in the said agreement or by reason of the buyer failure to export the said material. Not withstanding anything to the contrary your decision as to whether the Buyer has made any such breach or failed to perform and the amount or amounts to which you are entitled by reason thereof will be binding on us and we shall not be entitled to ask you to establish your claim or claims under this guarantee but will pay the same on demand without any objection. However, our liability under this guarantee shall be restricted to an amount not exceeding Rs.. We (Name of the Bank), further agree that the guarantee herein contained shall remain in full force and effect during the period that would be taken for the performance of the said agreement and that it shall continue to be enforceable till all the dues of the seller under or by virtue of the said agreement has been fully paid and its claims Page 23 of 39

24 satisfied or discharged provided always this guarantee shall in no event remain in force after (date). 3. We (Name of the Bank), further agree with the seller that the seller shall have the fullest liberty without our consent and without affecting in any manner our obligations here under to vary any of the terms and conditions of the said agreement or to extend time of performance by the said buyer from time to time or to postpone for any time or from time to time any of the powers exercisable by the seller against the said buyer and to forbear or enforce any of the terms and conditions relating to the said agreement and we shall not be reveled from our liability by reason of any such variation, or extension being granted to the buyer or for any forbearance, act or omission on the part of the seller or any indulgence by the seller to the said buyer or by any such matter or thing what so ever which under the law relating to sureties would, but for this provision have effect of so relieving us. 4. In order to give full effect to the guarantee herein contained you shall be entitled to act as if we were your principal debtors in respect of all your claims against the buyer hereby guaranteed by us and as aforesaid and we hereby expressly waive all our rights of surety ship and other rights, if any, which are in any way inconsistent with the above or any other provisions of this guarantee. 5. It shall not be necessary for you to proceed against the Buyer before proceeding against us and the guarantee herein contained shall be enforceable against us, not withstanding any security which you may have obtained or obtain from buyer at any time or when proceedings are taken against us hereunder be outstanding or realized. 6. This guarantee shall not be affected by any change in the constitution of the buyer or us nor shall it be affected by any change in your constitution by any amalgamation or absorption or reconstruction thereof or therewith but will ensure for and be available to and enforceable by the absorbing or amalgamated reconstructed seller or concern. 7. We (Name of the Bank), lastly undertake not to revoke this guarantee during its currency except with the previous consent of the sellers in writing. 8. Notwithstanding anything contained herein above, our liability under this guarantee is restricted to Rs.. This guarantee will remain in force upto date). 9. We are liable to pay the guaranteed amount or any part thereof under this BG only and only if a written claim or demand is made by you on or before (date), with claim period of 6 months i.e., (date). Page 24 of 39

25 Notwithstanding anything contained herein above: 1. Our liability under this guarantee shall not exceed Rs.. 2. The BG shall be valid upto (date). 3. We are liable to pay the guaranteed amount or any part thereof under this BG only if a written claim or demand is made by the Company on or before (date). 10. We (mentioned the name of bank), hereby agree that any claim due and arising under this guarantee shall be enforceable against our bank s branch (mentioning the name and address of branch) at Visakhapatnam and they shall honor such demand in any case not later than next working day. Dated day of Yours faithfully Page 25 of 39

26 PROFORMA BG FOR Sales 5% Annexure-B 3 NAME AND ADDRESS OF THE BANK: BG ISSUED ON BEHALF OF: LIMIT OF LIABILITY: DATE OF EXPIRY: BG CLAIM PERIOD: AGREEMENT NO. & DATE: TO RASHTRIYA ISPATNIGAM LIMITED VISAKHPATNAM STEEL PLANT VISAKHAPATNAM INDIA Dear Sirs, In consideration of M/s Rashtriya Ispat Nigam Limited, Visakhapatnam Steel Plant (herein after called the seller ) having agreed to enter into agreement with under the terms and conditions of agreement No Dt. ( herein after called the said agreement) made between M/s Rashtriya Ispat Nigam Limited and M/s ( herein after referred to as Buyer ) for sale of Blast Furnace Granulated Slag (Fresh Slag) in bulk on production of a BG for Rs. we, (Name of the Bank), do hereby under take to pay to Seller an amount not exceeding Rs. against the Sales Tax (5%) on the highest domestic price or DO price which ever is higher for the quantity lifted from the plant, on violation in exporting the material as indicated in the said agreement with respect to offer letters issued by the Seller. 2. We, (Name of the Bank) do hereby undertake to pay the amounts due and payable under this guarantee without any demur, and merely on a demand from the seller stating that the amount claimed is due by way of loss or damage cause to or would be caused to or suffered by the Seller by reason of any breach by the Buyer of any of the terms or conditions contained in the said agreement or by reason of the buyer failure to export the said material. Not withstanding anything to the contrary your decision as to whether the Buyer has made any such breach or failed to perform and the amount or amounts to which you are entitled by reason thereof will be binding on us and we shall not be entitled to ask you to establish your claim or claims under this guarantee but will pay the same on demand without any objection. However, our liability under this guarantee shall be restricted to an amount not exceeding Rs.. 3. We (Name of the Bank), further agree that the guarantee herein contained shall remain in full force and effect during the period that would be taken for the performance of the said agreement and that it shall continue to be enforceable till all the dues of the seller under or by virtue of the said agreement has been fully paid and its claims Page 26 of 39

27 satisfied or discharged provided always this guarantee shall in no event remain in force after (date). 4. We (Name of the Bank), further agree with the seller that the seller shall have the fullest liberty without our consent and without affecting in any manner our obligations here under to vary any of the terms and conditions of the said agreement or to extend time of performance by the said buyer from time to time or to postpone for any time or from time to time any of the powers exercisable by the seller against the said buyer and to forbear or enforce any of the terms and conditions relating to the said agreement and we shall not be reveled from our liability by reason of any such variation, or extension being granted to the buyer or for any forbearance, act or omission on the part of the seller or any indulgence by the seller to the said buyer or by any such matter or thing what so ever which under the law relating to sureties would, but for this provision have effect of so relieving us. 5. In order to give full effect to the guarantee herein contained you shall be entitled to act as if we were your principal debtors in respect of all your claims against the buyer hereby guaranteed by us and as aforesaid and we hereby expressly waive all our rights of surety ship and other rights, if any, which are in any way inconsistent with the above or any other provisions of this guarantee. 6. It shall not be necessary for you to proceed against the Buyer before proceeding against us and the guarantee herein contained shall be enforceable against us, not withstanding any security which you may have obtained or obtain from buyer at any time or when proceedings are taken against us hereunder be outstanding or realized. 7. This guarantee shall not be affected by any change in the constitution of the buyer or us nor shall it be affected by any change in your constitution by any amalgamation or absorption or reconstruction thereof or therewith but will ensure for and be available to and enforceable by the absorbing or amalgamated reconstructed seller or concern. 8. We (Name of the Bank), lastly undertake not to revoke this guarantee during its currency except with the previous consent of the sellers in writing. 9. Notwithstanding anything contained herein above, our liability under this guarantee is restricted to Rs.. This guarantee will remain in force upto date). 10. We are liable to pay the guaranteed amount or any part thereof under this BG only and only if a written claim or demand is made by you on or before (date), with claim period of 6 months i.e., (date). Page 27 of 39