Sample Performance Security

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 Sample Performance Security

 

[insert Bank’s Name, and Address of Issuing Branch or Office]

Beneficiary: [insert name and address of the Employer]

Date: ________________

PERFORMANCE GUARANTEE No.: _______________________

 

We have been informed that [insert name of the Contractor] (hereinafter called “the Contractor”) has entered into Contract No. [insert reference number of the Contract] dated [insert date of the contract] with you, for the execution of [insert name of contract and brief description of Works]  (hereinafter called “the Contract”).

Furthermore, we understand that, according to the conditions of the Contract, a performance guarantee is required.

At the request of the Contractor, we [ XXXXXXXXXXXXXXXX] hereby irrevocably undertake to pay you any sum or sums not exceeding in total an amount of [insert name of the currency and amount in figures] ([amount in words]),[1] such sum being payable in the types and proportions of currencies in which the Contract Price is payable, upon receipt by us of your first demand in writing accompanied by a written statement stating that the Contractor is in breach of its obligation(s) under the Contract, without your needing to prove or to show grounds for your demand or the sum specified therein.

This guarantee shall expire, no later than the . . . . . Day of . . . . . . . . . . , . . . . . .  [2], and any demand for payment under it must be received by us at this office on or before that date. 



 

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