Sample Deed of Guarantee for
the Performance of a Contract
the Performance of a Contract
THIS DEED OF GUARANTEE
made this …..….…………. day of …..….…………. between Shri …..….…………., son of Shri…………..….………….
resident of…………..….……………………..….………….. (hereinafter called “the Guarantor”),
which expression shall, unless repugnant to the context, include his heirs,
legal representatives, assigns etc of the one part and Shri
………………………………….., son of
………………………………….. resident of
………………………………….. (hereinafter called “the Principal),
which expression shall, unless repugnant to the context, include his heirs,
legal representatives, assigns etc., of the other part.
made this …..….…………. day of …..….…………. between Shri …..….…………., son of Shri…………..….………….
resident of…………..….……………………..….………….. (hereinafter called “the Guarantor”),
which expression shall, unless repugnant to the context, include his heirs,
legal representatives, assigns etc of the one part and Shri
………………………………….., son of
………………………………….. resident of
………………………………….. (hereinafter called “the Principal),
which expression shall, unless repugnant to the context, include his heirs,
legal representatives, assigns etc., of the other part.
WHEREAS BY AN AGREEMENT
DATED…………..….…………. made between Shri…..….…………. son of Shri…..….…………. resident
of……………..….………….. etc., therein referred to as “the Contractor”, of the one
part and the said..….…………. Shri………..….…………. herein referred to as “the
Principal”, of the other part, it was inter alia agreed by and between the
parties as follows:
DATED…………..….…………. made between Shri…..….…………. son of Shri…..….…………. resident
of……………..….………….. etc., therein referred to as “the Contractor”, of the one
part and the said..….…………. Shri………..….…………. herein referred to as “the
Principal”, of the other part, it was inter alia agreed by and between the
parties as follows:
(Here
state the nature of the work to be done by the Contractor);
state the nature of the work to be done by the Contractor);
AND WHEREAS the
said work was entrusted to the Contractor upon the Guarantor having agreed with
the Principal as to its guarantee of performance by the Contractor and to
indemnify and keep indemnified the Principal against all losses, damages,
costs, charges and expenses arising out of performance or non-performance thereof.
Now it is agreed and declared by and between the parties as follows:
said work was entrusted to the Contractor upon the Guarantor having agreed with
the Principal as to its guarantee of performance by the Contractor and to
indemnify and keep indemnified the Principal against all losses, damages,
costs, charges and expenses arising out of performance or non-performance thereof.
Now it is agreed and declared by and between the parties as follows:
1.
The Guarantor will see that the Contractor (unless relieved from the
performance by operation of any clause of the contract or by statute or by
virtue of the decision of any tribunal or court of competent jurisdiction,
shall carry out, execute and perform the contract without any exception or
reservation and in case he commits any breach thereof, the Guarantor will
indemnify and keep indemnified the Principal and his estate against all losses,
damages, costs, expenses or otherwise which he may suffer or otherwise incur by
reason of any act, negligence, default or error in judgement on the part of the
Contractor in performing or non-performing the contract.
The Guarantor will see that the Contractor (unless relieved from the
performance by operation of any clause of the contract or by statute or by
virtue of the decision of any tribunal or court of competent jurisdiction,
shall carry out, execute and perform the contract without any exception or
reservation and in case he commits any breach thereof, the Guarantor will
indemnify and keep indemnified the Principal and his estate against all losses,
damages, costs, expenses or otherwise which he may suffer or otherwise incur by
reason of any act, negligence, default or error in judgement on the part of the
Contractor in performing or non-performing the contract.
2.
In case of any dispute or difference as regards the quantum of such losses,
damages, costs, charges or expenses, the same shall be decided by reference to
arbitration of one architect or engineer if the parties so agree or otherwise
to two architects or engineers, one to be appointed by each, whose decision
shall be final and binding on all parties.
In case of any dispute or difference as regards the quantum of such losses,
damages, costs, charges or expenses, the same shall be decided by reference to
arbitration of one architect or engineer if the parties so agree or otherwise
to two architects or engineers, one to be appointed by each, whose decision
shall be final and binding on all parties.
IN WITNESS WHEREOF,
the parties hereto have hereunto set and subscribed their respective hands and
seals the day, month and the year first above-written.
the parties hereto have hereunto set and subscribed their respective hands and
seals the day, month and the year first above-written.
Signed,
sealed and delivered in the presence of
sealed and delivered in the presence of
1.
Guarantor
Guarantor
2.
Principal
Principal