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Id. No. ………………….
GUARANTEE No. ………….
We have been informed that …………………………………………. (hereinafter called the „ Supplier“) have concluded with you the Agreement No. ………….. dd. …………. (hereinafter called the „Agreement“) related to the delivery of ………………... According to the conditions of the Agreement the amount of …………………………….. say: ………………………………… (hereinafter called the „withheld amount“) is to be withheld. According to the Agreement the withheld amount can be released to the Supplier against presentation of a bank guarantee covering a fulfilment of Supplier´s obligations during the warranty period in compliance with the Agreement, including the remediation of defects.
At the request of the Supplier we, (name, address and next identification of bank)...... , issue in your favour an irrevocable guarantee up to the withheld amount credited to theSupplier´s account No. ………………… held with us, but not exceeding the total amount of
......
(say: ...... ).
We hereby irrevocably undertake to pay, without any objection and without any contestation based on the underlying obligation, any amount claimed by yourselves up to the withheld amount credited to the Supplier´s account No. ………………… held with us, but not exceeding the total amount of ...... (say: ...... ) within 7 working days to an account nominated by you upon receipt of your first written and duly signed request for payment, issued and presented to us in accordance with all conditions of this guarantee, and containing your written statement that ...... …………………...... have failed to fulfill their obligations emanating from the Agreement No...... dd. …………… during the warranty period.
For the purpose of identification, your request for payment has to reach us in a form of registered letter through the intermediary of your bank confirming that the signatures appearing on your request for payment are authentic and legally binding your company.
This guarantee comes into force upon crediting of the withheld amount of ...... to the Supplier´s account No...... held with (name of bank)......
The amount of this guarantee shall be reduced by any payment effected by ourselves under this guarantee. Upon payment of the total guarantee amount this guarantee becomes null and void.
This guarantee becomes null and void upon receipt by ourselves of the original of this letter of guarantee returned to us prior to the below mentioned expiry date.
This guarantee becomes null and void upon receipt by ourselves of a message from your bank sent to us prior to the below mentioned expiry date by means of an authenticated SWIFT message containing your statement that this guarantee becomes null and void and that you have no claim towards us emanating from this guarantee.
This guarantee is valid until ...... Your request for payment under this guarantee has to be delivered to our address: (name and address of the bank)...... on …………… at the latest. After ………….. this guarantee expires in full, irrespective of whether the original of this letter of guarantee is returned to us or not.
Please return the original of this letter of guarantee even if this guarantee has expired.
This guarantee is not transferable and cannot be ceded, assigned or pledged to third persons. This guarantee shall be governed by the laws of the Czech Republic and any dispute arising out of this guarantee shall be resolved by the Court with relevant jurisdiction in the Czech Republic.
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(name of bank)