Bid Guarantee - on demand
Name and address of beneficiary
Date of Expiry
At the request of (name and address of applicant), we hereby guarantee you irrevocably for the above maximum amount to secure that they fulfil their obligations as tenderer in accordance with their bid covering (description of goods/project).
Your claim(s), if any, duly made and presented to us under the guarantee, will be honoured on your first demand also stating that (name of applicant) have not fulfilled their above tender obligations towards you.
Any demand for payment or request for extension under this guarantee must be made via authenticated SWIFT message through your bank confirming that the signatures on your signed written demand are legally binding upon your company.
Where we have received no such claim by (expiry date) at the latest, we stand released from our liability under this guarantee.
We will reduce the guarantee maximum by any such amount, as we have had to pay in order to meet your claim(s) duly made and presented under the guarantee.
When the guarantee expires, please return this document to us.