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To : (Contractor)
WHEREAS :-
(B)The terms of the Sub-Contract oblige the Sub-Contractor to provide the Contractor
with an advance payment guarantee upon the terms hereof.
1.Upon receipt of a written demand made by you upon us from time to time or at any
time stating the Sub-Contractor has failed to repay to you the Advance Payment
or any part thereof forthwith following demand of him by your pursuant to the
Sub-Contract, and without the need for you to take legal action against or to
obtain the consent of the Sub-Contractor, and notwithstanding any objection by
the Sub-Contractor and without any further proof or conditions and without any
right of set-off or counterclaim, we shall forthwith pay to you the amount or
amounts specified in such demand or demands, not exceeding in aggregate the
amount of the Advance Payment. Such payment or payments shall be made by
transfer to an account in your name at such bank in such place as you shall direct.
2.Our obligations hereunder shall not be affected by any act, omission, matter or thing
which but for this provision might operate to release or otherwise exonerate us
from our obligations hereunder in whole or in part, including without limitation
and whether or not known to us or you :-
3.This Guarantee shall remain valid and in full force and effect until you shall have
notified us in writing that you have recovered the full amount of the Advance
Payment from the Sub-Contractor in accordance with the Sub-Contract, following
which this Guarantee shall be returned to us for cancellation Provided that in the
event that no demand has been made by you under this Guarantee by
this Guarantee shall then expire and be returned to us for cancellation.
4.Any payment made hereunder shall be made free and clear of, and without deduction
for or on account of, any present or future taxes, duties, charges, fees, deductions
or withholdings of any nature whatsoever and by whomsoever imposed.
6.This Guarantee shall be governed by and construed in accordance with the laws of
Malaysia and we hereby agree to submit tot he non-exclusive jurisdiction of the
Courts of Malaysia over any claim arising out of this Guarantee.
IN WITNESS WHEREOF this Guarantee has been executed on the day
of 2002.
OR
Signed by )
For and on behalf of [Guarantee )
Bank] in the presence of :- )