REQUEST FOR PROPOSAL (RFP)
RFP REF No. IOB/CO/INSP/TENDER/01/2021-22 DATED 01-03-2021
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AND WHEREAS pursuant to RFP, the Contract, Annexure, Schedule, Forms and
the other related documents (hereinafter collectively referred to as “the said
documents”, INDIAN OVERSEAS BANK has agreed to avail from M/s [•]and M/s.
[•] has agreed to provide to the Bank [•] (please mention the services
obtained from bidder), more particularly described in the said documents
(hereinafter collectively referred to as “the Services”), subject to payment of
the contract price as stated in the said documents (the Contract Price) and
also subject to the terms, conditions, covenants, provisions and stipulations
contained the said documents.
AND WHEREAS the Successful Bidder has duly signed the said documents.
ANDWHEREAS in terms of the said documents, the Successful Bidder has
agreed to provide the Services and to procure an unconditional and
irrevocable performance bank guarantee, in favor of INDIAN OVERSEAS BANK,
from a bank acceptable to INDIAN OVERSEAS BANK for securing [•] towards
the faithful observance and performance by the Successful Bidder of the
terms, conditions, covenants, stipulations, provisions of the said documents.
AND WHEREAS at the request of the Successful Bidder, and in consideration of
the bank having entered into Contract with the Successful Bidder, the
Guarantor has agreed to guarantee the Bank, payment of the [•] % of the
Contract Price amounting to [•] (in words) towards faithful observance and
performance by the Successful Bidder of the terms of the said document
NOW, THEREFORE, THIS AGREEMENT WITNESSETH AS FOLLOWS:
The words and expressions not specifically defined shall have the same
meanings as are respectively assigned to them in the RFP
1. The Guarantor hereby guarantees and undertakes to pay, on demand,
to INDIAN OVERSEAS BANK at its office at Chennai forthwith an amount
of Rs[•] or any part thereof, as the case may be, as aforesaid due to
INDIAN OVERSEAS BANK from the Successful Bidder, towards any loss,
costs, damages, etc. suffered by INDIAN OVERSEAS BANK on account of
default of the Successful Bidder in the faithful observance and
performance of the terms, conditions, covenants, stipulations, provisions
of the said documents, without any demur, reservation, contest,
recourse or protest or without any reference to the Successful Bidder.
Any such demand or claim made by INDIAN OVERSEAS BANK, on the
Guarantor shall be final, conclusive and binding notwithstanding any
difference or any dispute between INDIAN OVERSEAS BANK and the
Successful Bidder or any dispute between INDIAN OVERSEAS BANK and
the Successful Bidder pending before any Court, Tribunal, Arbitrator, or
any other authority.
2. The Guarantor agrees and undertakes not to revoke this Guarantee
during the currency of these presents/the said documents, without the