From:Issue Date

Abcd & Co.Guarantee No.

AddressAmount

Expiy Date 200__

MOL Pakistan Oil & Gas Co. B.V.

Islamabad Br. Office

F-7/3 Islamabad

Pakistan

Pak Oil and Gas Company

MOL Pakistan Oil and Gas Co. B.V. organized and existing under the law of Netherlands and having its Branch Office at (hereinafter called “COMPANY”)

Where As

  1. By a contract for the transportation of crude oil from Manzalai gas Field to Attock Refinery Ltd-Rawalpindi or POL Decanting Facility at Khaur as prescribed in the Contract No. (hereinafter referred to as the “CONTRACT”) between M/s organized existing under the laws of Pakistan and having its office at , Pakistan (hereinafter called the “CONTRACTOR”) of the one part and COMPANY of the other part, the CONTRACTOR agrees to perform work in accordance with the CONTRACT.
  2. In response to the request made by CONTRACTOR, we, (hereinafter called the “GUARANTOR”) hereby irrevocably and unconditionally guarantee the sum of Rs. in favour of COMPANY being the amount of performance bond required for the above stated CONTRACT. The sum shall become payable by us immediately on first demand by COMPANY without proof or conditions notwithstanding any contestation or protest by the CONTRACTOR or any third party.
  3. The GUARANTOR shall not be discharged or released from this bond by an agreement made between the CONTRACTOR and COMPANY and / or any other CONTRACTOR with or without the consent of the GUARANTOR or by any alteration in the obligations undertaken by the CONTRACTOR or by any forbearance whether as to payment, time, performances or otherwise, or by any change in name or constitution of COMPANY or CONTRACTOR.
  4. This performance bond is a continuing security and accordingly shall remain in operation until sixty (60) days after the end of the duration of the CONTRACT or any extension thereto or thirty (30) days after the early termination of the CONTRACT, but not later than the expiry of the guarantee of expiry date 200__.
  5. The GUARANTOR agrees that this performance bond is given regardless of whether or not the sum outstanding occasioned by the loss, damages, costs or expenses howsoever arising, incurred by the COMPNAY is recoverable by legal action or arbitration.
  6. IN WITNESS whereof this performance bond has been duly executed by on issue date day of 200__ for and on behalf of M/s (CONTRACTOR) having its branch office at
  7. Notwithstanding anything mentioned herein before our total liability under this bond shall not exceed the sum of Rs. (amount in word only) and your claim if any lodged in writing at our counters on or before expiry date 200__ will be paid in Pak Rs. if any claim which should have been made under this bond is not made and by us in the manner and within the time stipulated aforesaid, such omission on your part will release and discharge us from all obligations under this guarantee regardless of whether it is returned to us or not.