ADVANCE PAYMENT SECURITY (1)
___, dated ___________
To: _____________[insert the Investor’s name]
(hereinafter referred to as the Investor )
[insert contract name and number]
According to the provisions on advance payment defined in General conditions of contract, ____[insert name and address of Bidder] (hereinafter referred to as the Bidder) shall submit the Investor a bank guarantee to ensure the proper use of advance amount ____ [insert value in figures and words and currency] for the implementation of the contract;
We, ____ [insert the bank’s name] in ____[insert name of country or territory] with registered head office located at ____[insert the bank’s location(2)] (hereinafter referred to as the “bank”), hereby unconditionally and irrevocably agree, without requesting the consideration of the Bidder, to pay the Investor any sums not exceeding in total an amount of ____[insert value in figures and words and currency as specified in Section 15.1 of Particular conditions of contract of RFP].
In addition, we agree that any changes, supplements or amendments of the conditions of the contract or of any documents related to the contract signed between the Bidder and the Investor shall not change any of our obligations under this security.
The value of this security shall be gradually reduced corresponding to the amount of advance returned by the Investor through the payment periods stipulated in Article 5 of the contract after the bidder presents a written confirmation of the Investor on the amount returned in the payment periods.
This advance payment security takes effect from the date of receipt of advance payment by the Bidder to ________ (3) or when the Investor recovers the full amount of advance payment, whichever occurs earlier.
Legal representative of Bank
[full name, position, signature and seal]
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