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ANDHRA BANK SN

This document is a counter guarantee agreement between Andhra Bank and G.Saraiahnaidu, a class II contractor. It states that in consideration for Andhra Bank issuing guarantees on Saraiahnaidu's behalf to the Tanuku Municipality, Saraiahnaidu agrees to: 1) keep Rs. 2,30,000 in fixed deposit with Andhra Bank and provide title deeds and securities as collateral; 2) fully indemnify Andhra Bank for any obligations or liabilities under the guarantees; and 3) pay Andhra Bank on demand for any sums paid under the guarantees plus interest and expenses. The agreement will remain binding until Andhra Bank is discharged from the guarantees.

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90 views2 pages

ANDHRA BANK SN

This document is a counter guarantee agreement between Andhra Bank and G.Saraiahnaidu, a class II contractor. It states that in consideration for Andhra Bank issuing guarantees on Saraiahnaidu's behalf to the Tanuku Municipality, Saraiahnaidu agrees to: 1) keep Rs. 2,30,000 in fixed deposit with Andhra Bank and provide title deeds and securities as collateral; 2) fully indemnify Andhra Bank for any obligations or liabilities under the guarantees; and 3) pay Andhra Bank on demand for any sums paid under the guarantees plus interest and expenses. The agreement will remain binding until Andhra Bank is discharged from the guarantees.

Uploaded by

prasadmvk
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ANDHRA BANK

This indenture of counter guarantee executed on __________ day of ____________


by Sri G.Saraiahnaidu, Class-II Contractor, Varighedu hereinafter called the executants in
favour of Andhra Bank Central Office, Sultan Bazar, Hyderabad, their assigns and
admistrators.

In consideration of your having at our request at the request of Sri G.Saraiahnaidu,


Class-II Contractor, Varighedu executed of agreed to execute guarantee/s in favour of
Commisioner, Tanuku Municipality, Tanuku or such others as may be required from time to
time, up to a limit of Rs. 2,30,000/- outstanding at any time, we undertake and agree with
you, your successors and assign as follows:
1. To Keep : i) a sum of Rs 2,30,000/- under fixed deposit:
ii) title deeds of Sri G.Saraiahnaidu, Class-II Contractor, Varighedu
iii) Securities lodged …………………………………………. With you, towards
security for any monies that you may be called upon to pay under the
aforesaid guarantee/s furnished by you, which you may cancel if
necessary, and adjust the proceeds and / or realize against the
securities.
Cont….2
:2:

2. To keep you fully indemnified and saved harmless in respect of each and every
obligation and liability undertaken / incurred by you (whether directly or indirectly)
under the said guarantee/s or in renewals thereof from time to time, or otherwise
howsoever.

3. To pay to you on demand all sums of monies as you may pay to the beneficiary
under the guarantee/s issued by you, with interest thereon at ____ percent per
annum from the date on which you so pay until repayment by us. The
reasonableness or propriety of any such payment shall not be questioned and shall
be binding on us.

4. To pay to you on demand all costs, charges and expenses (including the legal costs
between attorney and client) paid or incurred by you in any way concerning the
guarantee/s and your obligations and liability hereunder and this counter guarantee
and your rights hereunder.

5. To indemnify you against all loss or damage in the event of any dispute arising with
respect to the obligations under this guarantee from my heirs, executors and
administrators, successors and assigns.

6. This agreement shall be binding on us and our heirs, executors and administrators /
successors and assigns and shall continue to be valid and binding as irrevocable until
you stand discharged from the guarantee/s executed by you, or until such time as we
procure for you the return or discharge of the aforesaid guarantee/s renew thereof.

STATION :

Date :

WITNESSES: EXECUTANTS

1) 1)

2) 2)

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