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FINALMOMBASA PORT AREA ROAD DEVELOPMENT PROJECTBIDDING DOCUMENTS FOR THE CONSTRUCTION OF MWACHE JUNCTION TSUNZA MTEZA SECTION (PACKAGE 2) ICB No.:KeNHA/1519/2017 VOLUME 3 SECTION VII: General Conditions

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How to fill out form of demand guarantee

01

Step 1: Obtain the demand guarantee form from the issuing bank or financial institution.

02

Step 2: Fill in the required details such as the beneficiary's name, amount of guarantee, expiry date, and purpose of the guarantee.

03

Step 3: Sign the form and have it verified by an authorized signatory from your company.

04

Step 4: Submit the completed form along with any supporting documents to the issuing bank for processing.

Who needs form of demand guarantee?

01

Companies or individuals involved in international trade who require assurance of payment from a third party.

02

Contractors participating in bidding processes that require a guarantee of performance or payment.

03

Banks or financial institutions that want to secure their financial transactions with a reliable guarantee.

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What is form of demand guarantee?

A form of demand guarantee is a financial instrument that ensures payment will be made to a specified party upon demand, typically used in contractual agreements to guarantee performance or payment obligations.

Who is required to file form of demand guarantee?

Typically, the party responsible for fulfilling the contractual obligations, such as the contractor or service provider, is required to file the form of demand guarantee.

How to fill out form of demand guarantee?

To fill out the form of demand guarantee, enter the required details including the names and addresses of the parties involved, the conditions under which the guarantee can be invoked, the amount guaranteed, and any relevant dates.

What is the purpose of form of demand guarantee?

The purpose of a form of demand guarantee is to provide assurance to the beneficiary that they will receive compensation if the principal fails to meet their contractual obligations.

What information must be reported on form of demand guarantee?

Information that must be reported includes the beneficiary's and principal's details, the amount of the guarantee, the terms and conditions for invocation, and any expiration date of the guarantee.

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