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Bank Guarantee

This document is a proforma for a Bank Guarantee for Security Deposit required by The Tamil Nadu Dr. M.G.R. Medical University from a Trust/Society. It outlines the terms and conditions under which the bank guarantees payment on behalf of the Trust/Society for a specified security deposit amount. The guarantee remains in effect for five years and is enforceable without the need for prior action against the Trust/Society.

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11 views3 pages

Bank Guarantee

This document is a proforma for a Bank Guarantee for Security Deposit required by The Tamil Nadu Dr. M.G.R. Medical University from a Trust/Society. It outlines the terms and conditions under which the bank guarantees payment on behalf of the Trust/Society for a specified security deposit amount. The guarantee remains in effect for five years and is enforceable without the need for prior action against the Trust/Society.

Uploaded by

dhana302003
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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ANNEXURE - I

PROFORMA FOR BANK GUARANTEE FOR SECURITY DEPOSIT


(To be stamped in accordance with Stamp Act if any, of the country of issuing Bank)

Bank Guarantee No. ……………………..


Date………………………………………
Ref. ………………………………….
To
The Registrar,
The Tamil Nadu Dr. M.G.R. Medical University,
Guindy, Chennai 600 032.

Dear Madam,

I. In accordance with your letter for submitting Bank Guarantee bearing letter
No……………………dated…………………………………………………dated………….............to
M/s……… …………………………………… (thereafter called the Trust/Society), we, the
………………… ………………………..(the Bank) submit the said Bank Guarantee on the following
terms & conditions:

II. M/s. ..........................................................................................(Trust/Society) has approached us to


furnish a Bank Guarantee in your favour on their behalf. Whereas the condition in the order of
Provisional Affiliation that the Trust/Society has to deposit Rs. …………………. (Rupees
………………………………………..) towards the Security Deposit in respect of granting Provisional
Affiliation with The Tamil Nadu Dr. M.G.R. Medical University (hereinafter referred to as the
‘University’) by a Bank Guarantee from a Nationalized Bank for a period of 5 (Five) years.

III. And whereas the Trust/Society desires to secure exemption from deposit of Security Deposit by
cash and has offered to furnish a Bank Guarantee for a sum of Rs. …………………………… to the
University as Security Deposit.
- 2–

IV. Now therefore, we the ……………………….Bank, a body corporate constituted under the Banking
Companies (Acquisition and Transfer of Undertaking) Act 1969 and having Head office at
……………....................................……………… and branch office at
................................................................................(thereinafter referred to as the Bank) do hereby
undertake and agree to pay forthwith on demand in writing by this University without any demur,
reservation or recourse.

V. We, the aforesaid bank, further agree that the University shall be the sole judge of and as to whether
the Trust/Society has committed any breach or breaches of any of the terms, costs, charges and
expenses caused to or suffered by or that may be caused to or suffered by the University on account
thereof to the extent of the Security Deposit required to be deposited by the Trust/Society in respect of
the said Affiliation and the decision of the University in respect of the Trust/Society has committed
such breach or breaches and as to the amount or amounts of loss, damage, costs, charges and expenses
caused to or suffered by or that may be caused to or suffered by the University shall be final and
binding on us.

VI. We, the said Bank further agree that the Guarantee herein contained shall remain in full force and
effect until it is released by the University and it is further declared that it shall not be necessary for the
University to proceed against the Trust/Society before proceeding against the Bank and the Guarantee
herein contained shall be invoked against the Bank without assigning any reason notwithstanding any
security which the University may have obtained or shall be obtained from the Trust/Society at any
time when proceedings are taken against the Bank for whatever amount of may be outstanding or
unrealized under the Guarantee.

VII. The right of the University to recover the said amount of Rs.………………………… (Rupees
………………………………………..) from us in manner aforesaid will not be precluded / affected
even, if disputes have been raised by the said M/s ……………………………………. (Trust/Society)
and / or dispute or disputes are pending before any authority, officer, tribunal and / or, arbitrator(s) etc.
-3-

VIII. Notwithstanding anything stated above, our liability under this guarantee shall be restricted to
Rs.…………………..(Rupees……………………… …………………………………) and our
guarantee shall remain in force from...........................upto ……………………… and unless a demand
or claim under the guarantee is made on us in writing within three months after the aforesaid date i.e.
on or before the ……………….. all your rights under the guarantee shall be forfeited and we shall be
relieved and discharged from all liability thereunder.

Date ……………………… (Signature) ……………………


(Printed Name)
………………Place.................................... (Designation) ………………….

In presence of :
WITNESS (with full name & address) Authorization No.
(1)……………………………………………………
……………………………………………………
(2)……………………………………………………
……………………………………………………

* Please indicate the name and address of the projects / stations / offices where the B. G. is to be
executed.
* Non-Judicial Stamp Paper of Rs.100/- or the value prevailing in the state where executed
whichever is higher.

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