Tender Security Form TENDER SECURITY FORM Whereas.. (hereinafter called the Tenderer ) has submitted its Tender dated.. for the supply of.. (hereinafter called the Tender ).... KNOW BY ALL MEN by these presents that WE... of... having our registered office at.... (hereinafter called the Bank ) are bound unto..... (hereinafter called the University ) in the sum of..... for which payment well and truly to be made to the said University, the Bank binds itself, its successors and assigns by these presents. Sealed with the Common Seal of the said Bank this day of, 2014. THE CONDITIONS of this obligation are: 1. If the Tenderer withdraws its Tender during the period of Tender validity specified by the Tenderer on the Tender Form; or 2. If the Tenderer, having been notified of the acceptance of its Tender by the University during the period of Tender validity: a) fails or refuses to execute the Contract Form, if required; or b) fails or refuses to furnish the Performance Security, in accordance with the Instructions to Tenderers;
We undertake to pay to the University up to the above amount upon receipt of its first written demand, without the University having to substantiate its demand, provided that in its demand the University will note the amount claimed by it is due to it owing to the occurrence of one or both of the two conditions, specifying the occurred condition or conditions. This guarantee will remain in force up to and including 30 days after the period of Tender validity, and any demand in respect thereof should reach the Bank not later than the above date. THE COMMON SEAL OF ( name of Supplier ) } was hereunto affixed by its Secretary, in the } presence of..one of its Directors who } signed same in accordance with the Bye Laws of the } Company in the presence of: } OR Signed and Delivered by the within named Supplier: Name of Supplier in the presence of: )..... ) [Supplier Company Stamp] Signed and Delivered by the within Named Surety (Name of Surety) in the presence of: ).. ) [Stamp of Surety]
Performance Bond TRINIDAD AND TOBAGO BY THIS BOND ( name of Contractor/Supplier) a company duly incorporated under the provisions of the Companies Ordinance Ch. 31 No. 1 and continued under the provisions of the Companies Act Chap. 81.01/Companies Act 1995 of the Laws of Trinidad and Tobago and having its registered office situated at (address of the Contractor/Supplier ) in the Island of Trinidad ( hereinafter referred to as the Contractor ) of the One Part and ( name of surety ) a Company duly incorporated under the provisions of the said Companies Ordinance and having its registered office situated at ( address of surety ) in the Island of Trinidad ( hereinafter referred to as the Surety ) of the Other Part are held and firmly bound unto the University of the West Indies, St. Augustine ( hereinafter referred to as the Employer ) in the sum of... VAT Exclusive for the payment of which sum the Contractor and Surety bind themselves, their successors and assigns jointly and severally by those present. SEALED with our respective Seals and dated this day of 2013. WHEREAS by Letter of Acceptance hereto annexed and marked A bearing date the day of, 2013 and made between the University of the West Indies of the One Part and the Contractor of the Other Part ( hereinafter referred to as the said Agreement ) the Contractor contracted with the Employer to execute and perform the works therein mentioned namely ( state the works to be undertaken ) ( hereinafter referred to as the works ) in the manner and by the time therein specified and subject to such terms, provisions and stipulations as in the said Agreement are particularly set forth
AND WHEREAS the Surety has agreed to become Surety for the due observance and performance by the Contractor of all and several conditions, matters and things under the said Agreement to be done by them observed and performed and done. NOW the condition of the above-written bond is such that if the Contractor or its successors or assigns shall duly perform and observe all the terms and conditions and stipulations of the said Agreement on the Contractor s part be observed, performed and fulfilled and kept according to the true purport, intent and meaning of it or if on default by the Contractor the Surety shall satisfy and discharge the damages sustained by the Employer up to the amount above-written Bond then this obligation shall be null and void but otherwise shall be and remain in full force and effect and no alterations in terms of the said Agreement made between the Employer and the Contractor or in the extent or nature of the works to be constructed, completed and maintained thereunder and no extension of time given by the Employer or the Employer s representatives for the performance of the said Agreement or anything mentioned or contained therein mentioned or contained and on the part of the Contractor or its successors or assigns shall in any way release the Surety from any liability under the above-written bond. THE COMMON SEAL OF (name of Contractor/Supplier) } was hereunto affixed by its Secretary, in the } presence of..one of its Directors who } signed same in accordance with the Bye Laws of the } Company in the presence of: } OR Signed and Delivered by the within named Contractor: )... Name of Contractor in the presence of: Stamp] ) [Contractor/Supplier/Company )
THE COMMON SEAL OF (name of Surety) } was hereunto affixed by its Secretary in the } presence of..one of its Directors who } signed same in accordance with the Bye Laws of the } Company in the presence of: } OR Signed and Delivered by the within Named Surety (Name of Surety) in the presence of: ) ) [Stamp of Surety]
SPECIMEN BANK GUARANTEE FOR PAYMENT OF ADVANCES To: The University of the West Indies, St. Augustine Trinidad & Tobago (Name of Project and Description of Project) For (Name of Department) The University of the West Indies, St. Augustine Trinidad & Tobago, West Indies We the undersigned (name and address of bank).. hereby guarantee as primary obligor and not merely as surety, on behalf of (name and address of suppliers). the payment without contestation and upon receipt of your first written demand, of (amount in words and figures (VAT Exclusive) representing..% of the contract amount. This guarantee shall become effective and operative on receipt of the advance payment on the account of (name and address of suppliers) under the contract agreement. The Employer has agreed to make this advance payment to the Supplier to assist in procurement of the goods/equipment and will be recovered by the Employer from the Supplier in the manner hereinafter appearing. The Guarantor has agreed to guarantee the repayment by the Supplier and recovery of the Advance Payment in manner hereinafter appearing.
NOW IT IS HEREBY AGREED AS FOLLOWS: 1. If the Advance Payment shall not have been recovered by the Employer in manner hereinafter appearing that is to say by deduction in (Number of Installments) equal installments of (Installment Amount) the Supplier as stated in each payment certificate in accordance with the Contract commencing with the first then the Guarantor shall irrevocably and unconditionally indemnify the Employer against all losses damages claims costs and expenses which may be incurred by it by reason of any default on the part of the Supplier in performing and observing the agreements and provisions on its behalf contained in the Contract relating to the Advance Payment and its repayment and recovery. 2. The Guarantor shall not be discharged or released from this Guarantee by any arrangement made between the Supplier and the Employer without the assent of the Guarantor or by an alteration in the obligations undertaken by the Supplier or by any forbearance or forgiveness whether as to payment to performance or otherwise in respect of any matter or thing concerning the Contract provided however that if any part of the Advance Payment is recovered as aforesaid the amount of this Guarantee shall be reduced accordingly by an amount equivalent to the amount so recovered. 3. This Guarantee shall automatically cease on liquidation of the liability for the Advance Payment. 4. This Guarantee is governed under the laws of the Republic of Trinidad and Tobago. We take note that your release of the Guarantee and your advice of release will follow within seven (7) days of the issue of the Acceptance Certificate for (Name of Project & Description of the Works) for the University of the West Indies, St. Augustine, Trinidad and Tobago, West Indies or on the date on which such acceptance is deemed to have been given. Signatures Name of Bank / Surety Name of Supplier