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Specimen retention guarantee |
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VOLUME 2 SECTION 6
SPECIMEN RETENTION GUARANTEE (to be completed on paper bearing the letterhead of the financial institution) For the attention of The National Authorising Officer of the EDF in The Gambia,Department of State for Finance and Economic Affairs,The Quadrangle, Banjul, The Gambia > referred to below as the "Contracting authority" Subject: Guarantee No… Retention guarantee for contract <Contractual Number Rehabilitation of Selected Crafts of The Gambia Groundnut Corporation (GGC) River Transport Fleet (Three Tug Boats, Two Motorised Barges, Three Motorised Barges converted into Dummy barges, and Two Dummy Barges)> (please quote number and title in all correspondence) We, the undersigned, <name, and address of financial institution>, hereby irrevocably declare that we guarantee, as primary obligor, and not merely as a surety on behalf of <Contractor's name and address> hereinafter referred as a "Contractor", payment of to the Contracting authority of <indicate the amount>, representing the retention guarantee mentioned in article 47 of the Special Conditions of the contract <contract number and title> concluded between the Contractor and the Contracting authority, hereinafter referred to as "the contract". Payment shall be made without objection or legal proceedings of any kind, upon receipt of your first written claim (sent by registered letter with confirmation of receipt) stating that the Contractor has failed to perform his contractual obligations fully and properly or that the Contract has been terminated. We shall not delay the payment, nor shall we oppose it for any reason whatsoever. We shall inform you in writing as soon as payment has been made. We accept notably that no amendment to the terms of the Contract can release us from our obligation under this guarantee. We waive the right to be informed of any change, addition or amendment to the Contract. We note that the guarantee will be released within 90 days of the issue of the final acceptance certificate [and in any case at the latest on (at the expiry of 18 months after the performance period of the Contract)]. [Any request to pay under the terms of the guarantee must be countersigned by the Head of Delegation of the European Commission in the country of the contracting authority. In case of a temporary substitution of the Contracting authority by the Commission, any request for payment of the guarantee will only bear the signature of the representative of the Commission, whether the Head of Delegation concerned, or the authorised person at Headquarters level The law applicable to this guarantee shall be that of <country of the Contracting Authority/country in which the financial institution issuing the guarantee is established>. Any dispute arising out of or in connection with this guarantee shall be referred to the courts of <name of the country of the Contracting Authority>. The guarantee shall enter into force and take effect upon its signature. Done at ………….., ../../.. Name and first name: ………………………For:……………………] Signature: …………….. [stamp of the body providing the guarantee]
This mention has to be inserted where the law applicable to the guarantee imposes a precise expiry date. |