FORM Group
WARRANTY BOND
Doc. no. FORM_GR-GROUP-SC-PRO_MOD-103-E
Rev. 01
Date 18/02/2020
Page 1 of 2
ON BANK HEADED PAPER (International Bank at least “BBB” rated under S&P)
Messrs …………… …………… …………… …………… [address]
Subject:
[PURCHASE ORDER/SERVICE CONTRACT/WORK CONTRACT / AGREEMENT] No. ______ Warranty Bond
dated
We refer to the subject [PURCHASE ORDER/SERVICE CONTRACT/WORK CONTRACT / AGREEMENT] to
(SUPPLIER/SUB-CONTRACTOR)
(PURCHASER/CONTRACTOR), concerning the [Please define the SUPPLY subject of the captioned PURCHASE ORDER or the SERVICES/WORKS].
awarded
by
It was a material term and condition of the PURCHASE ORDER / SERVICE CONTRACT / WORK CONTRACT / AGREEMENT DOCUMENTS (inter alia) that the PURCHASER / CONTRACTOR was entitled to request a Warranty Bond of __ % ( ___ percent) of the TOTAL PURCHASE ORDER / SERVICE CONTRACT / WORK CONTRACT / AGREEMENT AMOUNT as a guarantee of good performance during the Warranty Period.
We, the undersigned Bank/s (BANK) hereby irrevocably, unconditionally guarantee, as primary obligor and not as surety merely, the payment to the PURCHASER/CONTRACTOR on its first demand, without whatsoever right of objection on our part and without its first claim to the SUPPLIER/SUB-CONTRACTOR of any and every amount stated in a written demand of PURCHASER/CONTRACTOR as a result of failure by the SUPPLIER/SUB-CONTRACTOR to fulfil its obligations under the PURCHASE ORDER / SERVICE CONTRACT / WORK CONTRACT / AGREEMENT DOCUMENTS. The BANK maximum aggregate liability under this guarantee shall be of ____ [currency] _______________ (____ [currency] _________), which is __ % ( ___ percent) of the TOTAL PURCHASE ORDER / SERVICE CONTRACT / WORK CONTRACT / AGREEMENT AMOUNT.
Any payment by us hereunder shall be in ____ [currency] and without any deduction for or on account of any present or future taxes, levies, imposts, duties, charges, fees, deductions of any nature whatsoever and by whomsoever imposed.
This guarantee shall enter into force and effect on the date of its issue and shall remain valid up to [Insert Calendar Date- i.e. 3 (three) months after the expected date of the end of warranty period]; then this Guarantee shall become null and void, whether returned or not to the BANK.
This guarantee shall be governed and construed in all respect in accordance with the Laws of England and Wales without regard to the conflict of law rules thereof and shall be subject to the exclusive jurisdiction of the High Court in London without prejudice to the parties’ right to enforce the decision of the High Court in London in other jurisdictions.
This document is the property of Saipem S.p.A. All rights reserved.
FORM Group
WARRANTY BOND
Doc. no. FORM_GR-GROUP-SC-PRO_MOD-103-E
Rev. 01
Date 18/02/2020
Page 2 of 2
This guarantee is personal to the PURCHASER/CONTRACTOR and may be only assigned in full in favour of its successors and assigns as defined and permitted in accordance with the provisions of the PURCHASE ORDER / SERVICE CONTRACT / WORK CONTRACT / AGREEMENT DOCUMENTS, with the prior consent of the BANK, which shall not unreasonably withheld.
Dated the ______ day of ____________, ________
Yours faithfully,
__________________________ Bank
By
Name
Position ______________________________
This document is the property of Saipem S.p.A. All rights reserved.
Project: Q-21699 - Saipem COMP2 Folder: RFQ Files