Draft a Bank guarantee by a bank in favor of State Government on behalf of 'Y' Ltd. for performance of a construction.

DEED OF GUARANTEE BY A BANK IN FAVOUR OF STATE GOVERNMENT FOR PERFORMANCE OF A CONSTRUCTION THIS DEED OF GUARANTEE made this.......day of...... Two thousand........... between the (Bank)....... (hereinafter called 'the Bank') of the One part and The State of ............ represented by the authorised Representative of Governor, Shri........ (hereinafter called 'I the State") of the other part. WHEREAS by Acceptance of Tender No. ....... dated. ............, made between Y Ltd., a company incorporated under the Companies Act, 2013 having its Registered Office at............ It has been agreed by the Company Y Ltd with the State for the supply of plant, machinery and equipment in accordance with the terms, specifications and conditions therein contained which inter alia to............% of the total value of the contract price, such payment to be secured by a Bank guarantee; AND WHEREAS the bank has, at the request of the Company Y Ltd, agreed to stand surety for and guarantee refund of the said advance in case the plant, machinery and equipment of the value of ₹......... aforesaid is not delivered to the State in accordance with the terms and conditions of the said agreement, and the State agreed to make the said advance on such bank guarantee as aforesaid: NOW THIS DEED WITNESSES AS FOLLOWS: In consideration of the State of............ having agreed to advance a sum of ₹........... to the Company Y Ltd, through the Bank, for the purpose hereinafter indicated, the bank, does hereby guarantee that in case the Company Y Ltd shall fail and/or neglect to supply the State, the plant, machinery and equipment of the value of ₹...... in accordance with the terms, specifications and conditions contained in the Acceptance of Tender dated the............ subject to any amendments or modifications thereof, if any, when made, the bank shall repay to the State such amount or amounts as the bank may be called upon to pay subject to the maximum limit of ₹. This guarantee of the Bank shall be effective immediately upon receipt of the sum of ₹. from the State for and on behalf of the Company Y Ltd and shall continue in force until the supply of plant, machinery and equipment of the value of ₹......... aforesaid is fully executed. The guarantee hereinbefore contained shall not be affected by any change in the constitution of the bank or of the Company Y Ltd nor in the event of any winding up being made against the Company Y Ltd. IN WITNESS WHEREOF the parties hereto have set and subscribed their respective hands and seals the day, month and year first above-written. For and on behalf of the Bank For and on behalf of the State of.... Witness 1 ............ Witness 2 ............