TO: xxxx SERVICES (SL) LTD.

Xxxx

SIERRA LEONE

 

WHEREAS YOU HAVE CONCLUUED A CONTRACT NO. ZG1009O921-2 DATED SEP, 9 2010(HEREINAFTER CALLED "THE CONTRACT") WITH xxxxx CO., LTD ZHEJIANG CHINA (HEREINAFTER CALLED “CONTRACTOR�?.

FOR CONSTRUCTION OF' 2X500KW DIESEL GENERATOR POWER PLANT PROJEC IT

 

WHEREREAS YOU HAVE AGREEED TO REMIT AN AMOUNT OF USD100,500.00(SAY U.S. DOLLARS ONE HUNDRED THOUSAND FIVE HUNDRED ONLY ) IN FAVOUR OF THE

CONTRACTOR AS ADVANCE PAYMENT AGAINST PRESENTATION OF AN ADVANCE PAYMENT BANK GUARANTEE IN YOUR FAVOUR FOR ALIKE AMOUNT.

 

WE, BANK OF CHINA ZHE.JIANG BRANCH, WITH ADDRESS AT 321 FEND QI ROAD., HANGZHOU ZIIEJIANG CHINA (HEREINAFTER CALLED "TILE BANK�? BY ORDER AND FOR ACCOUNT OF THE CONTRACTOR HEREBY ISSUED A GUARANTEE IN

YOUR FAVOUR FOR USDIO0,500.00(SAY U.S. DOLLARS ONE HUTNDRED THOUSAND FIVE HUNDRED ONLY) AND UNDERTAKE TO REIMBURSE YOU ANY SUM UP TO ABOVE MAXIMUM UPON RECEIPT OF THIS ORIGINAL LETTER OF GUARANTEE AND YOUR FIRST WRITTEN DEMAND STATING THAT THE CONTRACTOR HAS FAILED TO FULFILL THEIR OBLIGATIONS UNDER THE ABOVE CONTRACT IRRESPECTIVE OF ANY OBJECTION MADE BY THE CONTRACTOR.

 

THIS GUARANTEE SHALL COME INTO FORCE UNDER THE CONDITIONS THAT THE CONTRACTOR HAS RECEIVED THE ADVANCE PAYMENT FOR USD 100,500.00 (SAY U.S. DOLLARS ONE HUNDRED THOUSAND FIVE HUNDRED ONLY) INTO THEIR ACCOUNT HELD WITH BANK OF CHINA AND REMAIN VALID UNTIL DEC 10 2010, REGARDLESS OF SUCH DATE BEING OUR BANKING DAY OR NOT.

 

CONSEQUENTLY ALL CLAIMS, IF ANY, HEREUNDER SHALL BE SUBMITTED TO AND REACHED THE BANK NOT LATER THAN THE ABOVE EXPIRY DATE, AFTER WHICH OUR LIABILITY AUTOMATICALLY BECOMES NULL AND VOID AND NO CLAIM WHATEVER CAN BE ACCEPTED BY US.

FOR  PURPOSE OF IDEDENTIFICATION, YOUR D RMAND FOR PAYMEN'T IF ANY SHOULD BE PRESENTED THROUGH    THE INTERMEDIARY OF A FIRST RATE BANK

CONFIRMING THAT THE SIGNATURES THEREON ARE GENUINE AND LEAIALLY BINDING UPON YOUR FIRM.

 

THIS GUARANTEE IS SUBJECT TO URDG, ICC PUBLICATION N'O. 458