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Perform of ContractcumEquipment Performance Bank Guarantee (To be stamped in accordance with Stamp Act)Ref:Bank Guarantee No. Date:To Name & Address of the Purchaser/Indented Dear Sir, In consideration
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A performance bank guarantee is a type of financial security provided by a guarantor, usually a bank, to the beneficiary (usually the client) to ensure that the contractor will fulfill their obligations in a contract.
Contractors or service providers are generally required to file a performance bank guarantee as part of a contract.
To fill out a performance bank guarantee, the guarantor (usually a bank) will require specific information and documentation, such as contract details, amount of guarantee, parties involved, etc.
The purpose of a performance bank guarantee is to protect the beneficiary in case the contractor fails to fulfill their obligations as stated in the contract.
The performance bank guarantee must include details such as the name of the beneficiary, amount of guarantee, validity period, conditions for making a claim, etc.
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