BANK GUARANTEE
Total Petrochemicals USA Inc
1201 Louisiana St # 1800, Houston, TX 77002, USA
LAHORE.
At the request of “CUSTOMER NAME” (hereinafter called the Club Card Account Holder), We BANK NAME hereby issue our irrevocable, confirm Guarantee # ___________ for a maximum amount of $. ______________ in consideration of the Club Card Account Holder having entered into a contract dated _____________ (hereinafter called the “Contract”) with Total Petrochemicals USA Inc, (hereinafter called the “Company”) for purchase of Fuel products on Club Card by the Club Card Account Holder from the company against deferred payments of total sales, an amount of $. _____________________ to be paid by the Club Card Account Holder to the company for the sales on Club Cards.
- We, BANK NAME do hereby irrevocably bind ourselves and unconditionally agree and undertake to pay forthwith to the company on first written demand by the company and without prior recourse to the Club Card Account Holder such sum or sums not exceeding $. ____________ as may be demanded by the company. Such first written demand of the company shall only state that the Club Card Account Holder have failed to pay the amount of the products to the company or have contravened any of the terms and condition of the contract. It is understood that any such demand made herein under by the company shall be conclusive evidence of the Club Card Account Holder failure to comply with or fulfill the requirement of the contract.
- We herby agree that the company may claim all or any of the aforesaid amount in US $ at any time after the date of commencement of supply of Fuel products on Club Card under this agreement.
- That we hereby declare and confirm that in case of default by the Club Card Account Holder with regards to the payments or any provision of the agreement, we shall on the first written demand of the company shall immediately become liable to pay the company.
- This Bank Guarantee shall automatically come into force on the date hereof and shall remain in force, operative and binding on us until all the sum due to the company have been paid in full to the company by the Club Account Holder. However, the period of validity of this guarantee is ___________ months from the date of its issuance and the responsibility of the bank shall be extinguished/discharged after 30 days from the date of its expiry and no claim whatsoever will be entertained thereafter irrespective that any amount is payable or not.
- We, BANK NAME shall at all times be bound on the first written demand of the company to pay the company forthwith the amount (or any portion thereof) hereby guaranteed in US $ until we are expressly released and discharged in writing by the company from the liabilities obligation hereby guaranteed.
- Our liability to the company hereunder shall be that of a principal debtor and the company at his option may treat the bank as primarily liable for the aforesaid amount / or any balance, which may at any time be due and payable by us to the company in terms of this Bank guarantee.
- Our obligations as setout herein shall be continuing obligations notwithstanding any change in the constitution of organization of the Club Card Account Holder and notwithstanding any time given, indulgence or forbearance shown by the company not withstanding any amendments or alteration made in the obligations of the Club Card Account Holder or in the terms, condition or covenants between the Club Card Account Holder and the company without our assent or otherwise and not withstanding that any claim by the company against the Club Card Account Holder is disputed or contested or referred for settlement to arbitration or litigations.
- We hereby declare and confirm that under our constitution and all applicable laws and regulation to have the necessary power and authority and all necessary authorization, approval and consent hereunder of Government and other regulatory authorities to enable us to enter, execute, deliver and perform the obligations undertaken by us under this Bank Guarantee and the signatory/(ies) to this guarantee is/are our duly authorized officer/s and the obligation on part contained in this guarantee are valid and legally binding on any enforceable against us.
- Notwithstanding anything contained hereinabove to the contrary, our total liability against this guarantee shall not, in any case exceed $___________ this guarantee shall remain in full force until DATE and we shall be absolved/discharged from our liability hereunder after 30 days from the date of expiry of this guarantee and thereafter no claim shall be entertained by us at any cost.
- After expiry, this guarantee shall become null and void whether it is returned to us for cancellation or not.
- That our liability under this agreement shall not be affected by any dispute or difference between the Club Card Account Holder and the company or any forbearance or indulgence granted by the company to the Club Card Account Holder or any other security held by the Company from the Club Card Account Holder relating to the above mentioned agreement or any variation in the contract or any other matter or thing might otherwise affect our liability
- This Guarantee may be renewed for a further period of _____________ months/years by the mutual consents of the parties.
- This Guarantee shall be governed and construed in accordance with the law of the United States of America.