LETTER OF INDEMNITY (1st Party)
To:
CIMB ISLAMIC BANK BERHAD (671380-H)
Bank Guarantee-i Number:
Bank Guarantee-i Amount:
IN CONSIDERATION of the Bank agreeing at our request, to issue a Bank Guarantee-i (“the Guarantee”) in favour of
/ (”the Beneficiary”) of/ for the sum of
only (the “Guaranteed Sum”),`
WE
HEREBY AGREE AND UNDERTAKE to indemnify and keep indemnified, the Bank, its successors in title and assigns, from any loss, costs, expenses, damages, claims, actions and/or proceedings of any kind whatsoever, including but not limited to any legal costs (on a Solicitor client basis) and/or expenses incurred by the Bank for whatsoever reason, in consequence of and/or arising from the issuance of the Guarantee by the Bank, and/or from any payments made by the Bank under the Guarantee, at its sole discretion, and/or from other costs, expenses, payments and/or liabilities of whatsoever nature or description which may be taken, incurred or suffered by the Bank in connection with or in any manner arising out of the Guarantee issued by the Bank AND WE FURTHER AGREE that our liability aforesaid shall be a continuing liability and shall remain in full force and effect until the Guarantee given by the Bank is released by the Beneficiary and returned to the Bank, and the Bank’s liability under the Guarantee has been fully discharged to the satisfaction of the Bank.
WE HEREBY AGREE
a)that we shall not at any time on or before the Expiry Date more particularly described in the Guarantee, instruct or cause the Bank in anyway whatsoever to revoke the Guarantee or any part thereof; and
b)that the Bank shall have the absolute right and authority in its sole discretion:
(i) on demand from the Beneficiary, forthwith to pay any sum or sums up to the Guaranteed Sum in the Guarantee, without any reference to us, and without any regard or inquiry to any disputes or contestations which may be raised by us and/or any other party, and without having to refer or interpret any document, agreement, understanding or note between us and the Beneficiary, notwithstanding anything contained in the Guarantee;
(ii) to debit and/or set off from any of our accounts with the Bank and/or to set off any monies belonging to us in the Bank’s custody or possession, to effect repayment of any of our liabilities under this Indemnity, and/or to recover any or all of the monies which we owe to the Bank under this Indemnity.
c) without prejudice to any other provision herein, we shall be liable for any goods and services tax payable in connection with or arising out of this application, facility, services or in connection with or arising herein.
WE AGREE that any form of security given by us to the Bank shall become security to cover any or all of our liabilities under this Indemnity and/or the monies owing to the Bank under this Indemnity.
This Letter of Indemnity is governed by the laws of Malaysia and shall have exclusive jurisdiction of the courts of Malaysia.
Dated this / day of / 20……………………………………………….
(Authorised Signatory / ies)
Page 1 of 1TTF 1b/ENGSC-02/2015