Special Conditions - maeum.ipdisk.co.krmaeum.ipdisk.co.kr/publist/VOL1/maeumnet/2014년...

Samsung-ITD Joint VentureCompany Registration NO.09930003081312034/151 New Petchburi Road, Bang Kapi, Huay Kwang, Bangkok 10310, ThailandTel.: +82-70-7110-9615

SPECIAL TERMS AND CONDITIONSFOR THE SUPPLY OF GOODS

SPECIAL TERMS AND CONDITIONS

FOR THE SUPPLY OF GOODS (VICTAULIC JOINT)

FOR

THE EXPANSION OF LPG FACILITIES AT

KHAO BO YA LPG TERMINAL PROJECT

Std No. : SEC-STC-001 Procurement Team, Plant Division

Issued Date : December 19, 2013

Rev. No.: 4



TABLE OF CONTENTS

1. GENERAL TERMS AND CONDITIONS OF PURCHASE --------------------------------------------------- 3

2. DEFINITIONS AND INTERPRETATION -------------------------------------------------------------------------- 3

3. MATERIAL – GENERAL ---------------------------------------------------------------------------------------------- 4

4. SUBMISSION OF DOCUMENTS ----------------------------------------------------------------------------------- 4

5. TERMS OF PAYMENT ------------------------------------------------------------------------------------------------ 6

6. DELIVERY ---------------------------------------------------------------------------------------------------------------- 7

7. WARRANTY PERIOD ------------------------------------------------------------------------------------------------- 7

8. INSPECTION AND TEST --------------------------------------------------------------------------------------------- 7

9. DELAY LIQUIDATED DAMAGES ---------------------------------------------------------------------------------- 8

10. PERFORMANCE LIQUIDATED DAMAGES --------------------------------------------------------------------- 8

11. LATENT DEFECTS LIABILITY PERIOD -------------------------------------------------------------------------- 8

12. SHIPMENT ---------------------------------------------------------------------------------------------------------------- 9

13. SPARE PARTS AND SPECIAL TOOLS -------------------------------------------------------------------------- 9

14. IDENTIFICATION SYSTEM AND LABELING ------------------------------------------------------------------ 11

15. COMPLIANCE WITH REGULATION ------------------------------------------------------------------------------ 11



Rev. No.: 4



1. PURPOSE

The provisions of the General Terms and Conditions of Purchase are to be read in conjunction with these Special Conditions.

2. DEFINITIONS AND INTERPRETATION

2.1 Date of Initial Acceptance means the date specified in the Certificate of Initial Acceptance for the achievement of Provisional Acceptance as approved by the Owner under clause 2.3. Contractual Initial Acceptance Date is November 02, 2015

2.2 “Liquidated Damages” means Delay Liquidated Damages and Performance Liquidated Damages.

2.3 Initial Acceptance means that the works completed by the Purchaser has passed Acceptance Test (commissioning, reliability run, and performance test, etc. specified in the specification) under the main contract with the Owner, including the stage when the following has occurred:

Mechanical Completion of the entire Facility has been achieved;

Ready for Start-up has been achieved

All Performance Acceptance Guarantees have been achieved, and the

Purchaser has submitted all documents required under main contract with

Owner to verify that all Performance Acceptance Guarantees have been met,

including certified Performance Test results;

2.4 Works means all works to be executed including supply of Goods by the Supplier in accordance with the Contract.

2.5 In this Contract, unless the contrary intension expressly appears;

a) the singular includes the plural and vice versa;

b) if a period of time is specified and dates from a given day or the day of an actual event, it is to

be calculated inclusive of that day;

c) a reference to a day to be interpreted as the period of time commencing at midnight and ending

24 hours later in Korea;

d) a reference to this Contract includes all Schedules and Attachments to this Contract;

e) provisions in including the word “ agree”, ”agreed”, ”consent”, ”approval” or “notice” require

written confirmation.



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3. MATERIAL – GENERAL

3.1 Asbestos shall not be used in the materials and equipment supplied3.2 Paints containing lead shall not be used3.3 Any materials from the People’s Republic of China shall not be used without the Purchaser’s

prior approval in writing

4. SUBMISSION OF DOCUMENTS

4.1 Technical Documents(1) Documentation

All the documents subject to the Contract shall be prepared and submitted as prescribed in the Contract and/or as to the request of Purchaser through mutual agreement for the exceptional.

Documents submitted by the Supplier to the Purchaser’s Engineer for review and approval shall generally be checked, reviewed, assessed, approved and commented by the Purchaser’s Engineer within a period of fourteen (14) working days from initial submittal.

Supplier shall resubmit to the extent to comply with the relevant technical requirement for review by purchaser further, within seven (7) working days following Purchaser‘s/ Owner’s notification of any comments or queries on such technical drawings/ documents.

When Supplier receives any comments on their documents submitted, the documents incorporated all the comments shall be resubmitted for approval no later than seven (7) days from the intimation of the comments.

(2) Final DocumentationWhen all technical detail related to the purchase order are confirmed between the Supplier and the Purchaser, the Supplier shall submit one (1) hard copy set of documentations as the final version to the Purchaser. The contents of the hard copy set shall be discussed and fixed upon the Purchaser’s instruction.

(3) Documents and DrawingsThe Supplier shall submit the required quantity of documents and drawings as specified under Vendor Data Requirements in the Material Requisition.

(4) Inspection and Test PlanThe Supplier shall submit The Inspection and Test Plan including Post Test Inspection for approval of Purchaser and/or Owner within three (3) weeks from the date of Purchase Order.

(5) Test and Inspection Report and CertificateThe Supplier shall submit Copies of reports of the tests and/or inspections which shall be performed in accordance with the requirements specified in Technical Specification, and such



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test results are to be retained in accordance with Prudent Engineering Practices or equivalent verification measures.All the materials must be provided and verified with the relevant Certificates such as Mill-Certificate as per the Contract besides the reports mentioned above.

(6) Operation and Maintenance ManualThree (3) CDs and three (3) hard copies of a Operation and Maintenance Manual (O&M Manual) shall be submitted to the Purchaser at least four (4) months prior to the date of delivery.

The Supplier shall subsequently submit the O&M Manual updated and revised as the completion of all parts of the works and all defects and warranty obligations unless otherwise specified in Technical Specification.

Such preliminary draft O&M manual without as built drawing shall include enough information to train owner’s operation and maintenance personnel.

(7) All Project handover documentation stipulated in the Main Contract including but not limited to; drawings showing the finished condition of the Goods, Vendor data book, data sheet, Vendor installation/operation/maintenance manuals, Vendor mechanical catalogues, Vendor manufacturing record books, Vendor recommendations for shipping and storage shall be submitted in English.

(8) Delivery of Hazardous MaterialThe Supplier must not bring on to the Site any Hazardous Material without approval of Purchaser and/or Owner. When it is unavoidable to bring such a material to the Site relevant document like MSDS [Material Safety Data Sheet] shall be provided in advance besides the approval mentioned above.

The Supplier must remove, transport and dispose of, in accordance with all relevant Law, Standards and Prudent Practices for any such material in Thailand and/or the country of origin.

4.2 Commercial Documents

4.2.1 Guarantees

The Supplier shall provide the guarantees specified in Attachments in favor of the Purchaser at the times, and in the amount, manner and form specified in Attachments. The guarantees shall be issued by first class international banks or financial institutions acceptable to the Purchaser and whose acceptance shall not be unreasonably withheld or delayed.

First class international banks or financial institutions acceptable to the Purchaser means that international banks or financial institutions which are listed on the Top 1000 World Banks of “The Banker 2010” or higher than the below rating; - Fitch IBCA(A-), Moody’s Investor Service (A3), Standard and Poor’s (A)

1) Performance Bond / Guarantee:



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Within fourteen (14) days of the notification of contract award, the supplier shall submit a Performance Guarantee for the purpose of due performance of this Contract and guaranteeing completion of all works and payment of any amounts due by Supplier to Purchaser both in a timely manner, of 10% (ten percent) of the Contract Price with a validity up to thirty (30) days after the Final Shipping Date.

2) Warranty Bond / Guarantee:

The Supplier shall submit a Warranty Bond / Guarantee in an amount equal to 10 % (ten percent) of the contract value in the form of Attachment issued by a first class international bank or financial institution for warranty obligation of the supplier. Such Bond / Guarantee shall be submitted 30 days prior to the date of Final Shipping with a validity of twenty four (24) months.

4.2.2 Shipping Information and Documents

1) Shipping Information

Upon the dispatch of each shipment of Equipment and Construction Equipment, the Supplier must, in writing, notify the Purchaser of the description of the Equipment and the Construction Equipment, the point and means of dispatch and the estimate time and point of delivery at the site. The Supplier must submit to the Purchaser all relevant shipping documents to be agreed in writing between the parties.

2) Shipping Documents

The Supplier shall submit the following shipping documents to the Purchaser’s project site in Thailand for payment by telegraphic transfer or to the bank for payment by letter of credit.

The Supplier shall submit one (1) copy of commercial documents including followings to Purchaser’s head office at 11th floor. Samsung C & T Bldg. Seocho 2-Dong, Seocho-Gu, Seoul, Korea by express courier upon the shipment.

Full set of clean on board Bills of Lading (triplicate) consigned to be informed. Insurance Policy or Certificate(one original two copies) in duplicate endorsed in

blank for 110% of the invoice value, stipulating that claims are payable in the currency of the contract and also indicating a claim settling agent in Thailand. Insurance must include the institute cargo clause: all risk – This requirement shall be applicable for CIF shipment.

Original signed commercial invoice in triplicate Original packing list in triplicate Certificate of Origin issued by Chamber of Commerce in triplicate Inspection and Test Reports including Mill Test Certificates in triplicate and/or

Inspection Release Certificate (one original) Performance Bond

4.2.3 All shipping documents including commercial invoice, packing list and Certificate of Origin shall be marked “Consignee”: To be advised later.

4.2.4 If Purchaser’s address is changed, the Purchaser shall inform the supplier of the changed address and Supplier shall submit all documents to the changed address.



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5. TERMS OF PAYMENT

5.1 Unless otherwise agreed by the parties, all payment shall be made in the currency of United States Dollar (USD) or Thai Baht (THB) by Telegraphic Transfer (TT) and shall be made within forty-five (45) days of receipt of invoice & other documents as agreed and as per the following:

1) Ninety Five percent (95%) of the contract amount by TT against presentation of Shipping documents and related commercial documents such as Invoice, Packing List, Certificate of Origin, Inspection Release Note and relevant Inspection documents or Mill certificates. Detailed payment schedule against achievement of milestones may be arranged and agreed between the supplier and the purchaser.

2) Five (5%) of the Contract amount within forty-five (45) days from receipt of Invoice by TT against presentation of warranty bond at the date of final shipping

5.2 If the payment is made by irrevocable letter of credit, which can be arranged by mutual agreement, the letter of credit in favour of the Supplier shall be raised 8 weeks before contractual FOB delivery date, and the payment term on the face of letter of credit shall be at sight, remittance type.

If any extension of letter of credit is required due to the Supplier’s default, all expenses for such extension shall be borne by the Supplier.

If Purchaser requires confirmed letter of credit, the related expense shall be borne by the Supplier.

6. DELIVERY

6.1 Delivery Date: To be specified in contract document.

6.2 Delivery Term: FOB...named port of shipment, as per the INCOTERMS 2010

Unless otherwise agreed upon between both parties hereto, the Seller shall deliver the Equipment on the basis of FOB liner loading ports for the foreign supply portion of the Equipment and on the basis of Delivery at Site for the local supply portion to be transported by truck, railway or vessel in accordance with the delivery schedule.

The said liner loading ports are limited to Felixstowe in England; Le Havre in France; Rotterdam inthe Netherlands; Antwerp in Belgium (only for container cargo); Hamburg and Bremerhaven in Germany; Long Beach in Los Angeles, Seattle, Oakland, New York and Savannah in the U.S.A.;

Moji, Yokohama, Kobe, Nagoya and Osaka in Japan; Tianjin and Shanghai in China; provided, however, that the Seller may use loading ports other than those described above with the prior written consentof the Purchaser.

6.3 The Supplier shall take over CIF condition based on location, if Purchaser requests.

6.4 Partial shipment shall be prohibited unless it is agreed by the Purchaser. Transhipment shall not be allowed.



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6.5 If Supplier can not meet the contracted delivery time and the site construction schedule is affected, the Purchaser can request other transportation method to Supplier and Supplier shall follow the Purchaser’s request and its expense shall be borne by Supplier.

7. WARRANTY PERIOD

7.1 Initial Warranty PeriodThe Supplier guarantees the Works and each part of the Works including materials, parts and components and workmanship against any Defect under normal working condition for a period of twenty four ( 24 ) months from the date of final shipping

7.2 Extension of Warranty PeriodThe Warranty period with respect to any Work, Materials or any associated services of the Project, that are repaired, replaced, modified or otherwise altered or corrected after the Initial Acceptance Date of the Project shall extend for twelve ( 12 ) months from the date of its commissioning or reactivation. This guarantee shall extend beyond the date of the Final Acceptance.

8. INSPECTION AND TEST

8.1 Notice of Test and InspectionWhenever the Supplier is ready to carry out any test and/or inspection (including a repeated or new test and/or inspection related with failure to pass tests and inspection), the Supplier must give reasonable advance notice to the Purchaser of the test and/or inspection and of the place and time thereof, unless otherwise specified.

8.2 Provision of AccessThe Supplier must obtain from any relevant third party and/or itself any necessary Permission or consent to enable the Purchaser’s inspector and the Lenders’ Representative to attend the test and/or inspection.

8.3 Factory Acceptance Test (FAT) of Goods provided by the Supplier shall be carried out at a place of manufacture in accordance with specifications and be witnessed by the Purchaser and/or the Owner’s Representative. The FAT must be carried out by the Supplier at his own responsibility and expense.

8.4 Site Acceptance Test (SAT) including performance test and compliance test shall be carried out at work site. The Supplier shall provide adequate and required advice and full support in order to get acceptance of SAT from the Owner. If the Purchaser requests the participation of the Supplier for SAT, the Supplier shall comply with it without any conditions.

8.5 Supplier shall submit to the Purchaser a test and inspection schedule for workshop test and inspection at least sixteen (16) business days prior to the commencement of such inspection and test. Supplier shall provide regular updates of such inspection and test schedule to the Purchaser.

8.6 The presence of the Purchaser and/or Owner Representative during any inspection or test shall in no way relieve Supplier of its responsibility for supplying the materials or system in accordance with the delivery date specified in Purchaser Order.



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8.7 Within 2 days after completion of the test and inspection, the Supplier must provide the Purchaser’s Representative with a certified report of the results of any test and/or inspection.

9. DELAY LIQUIDATED DAMAGES

9.1 Without prejudice to any other rights, the Purchaser may have, if the delivery of the Goods is delayed after the guaranteed delivery time set forth in the Contract, the Supplier shall pay liquidated damages to the Purchaser, for the Goods delayed, at the rate of point one percent (0.1%) of the contract price per day of delay from the day following the due date of delivery up to the date the Owner issues the Certificate of Initial Acceptance.

9.2 The Purchaser has the right to deduct such liquidated damages from the Performance Guarantee or any other guarantees or monies due to the Supplier as provided for in this Contract. If the total cumulative amount of delay liquidated damages exceeds ten percent (10%) of the total contract price, the Purchaser shall have the right to cancel the Contract without prejudice to the Purchaser’s right under the Contract including claim of liquidated damages.

9.3 The Purchaser shall be entitled to claim for any damages in addition to the delay liquidated damages imposed under article 9.2.

10. PERFORMANCE DAMAGES

When delivered Goods cannot meet the quality requirements and acceptance criteria specified in the technical specification at the performance test and compliance test to be carried out in site, the Supplier shall pay Performance Damages to the Purchaser. The details of Performance Damages will be determined before the issue of purchase order. The total liability of the Supplier for Performance Damages under Clause 9 will not exceed One hundred (100)% of the Contract Price.

The total liability of the Supplier for Damages under Clauses 9 and 10 shall not exceed One hundred (100%) of the total Contract Price.

11. LATENT DEFECTS LIABILITY PERIOD

11.1 The supplier guarantees that the Project Works and each part of the Project Works against any defect under normal working conditions for a period of One (1) year from the date of issue of the Certificate of Initial Acceptance.

11.2 If the Purchaser discovers a Latent Defect during the Latent Defect Liability Period, the Purchaser will give the Supplier a written notice and the Supplier, at its discretion and own expense, must remove, alter and/or replace the relevant Project Works within a reasonable time after receiving notice from the Purchaser.

12. SHIPMENT

12.1 In the event that a delay in loading caused by the Supplier results in retention of the vessel, the Supplier shall be liable for any charge of demurrage and dead freight.



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12.2 If any defective material and/or part and/or component is found at site, the Supplier shall repair it and/or replace it by new ones without any delay by the fastest transportation method in order not to impact on the construction schedule.

13. SPARE PARTS AND SPECIAL TOOLS

13.1 Requirements for Spare Parts

(1) Commissioning Spare Parts

The Supplier shall provide all spare parts necessary for the construction, pre-commissioning, commissioning, Start-up and testing of the Facility, up to and including Initial Acceptance. The costs of all such spare parts are included in the Contract Price. A list of these spares must be submitted to the Purchaser for verification and to confirm completeness.

(2) Operating Spare Parts

The Supplier shall submit a list of the spare parts required for two years operation of the supplied equipment (the "Operating Spares") and priced list of the Operating Spares which shall be remain valid for [one (1)] year after the submission. If the Purchaser requests the Supplier, in accordance with the decision of the Owner (PTT), to supply the Operating Spares or certain portion of the Operating Spares, the Supplier shall supply the Operating Spares or certain portion of the Operating Spares as requested by the Purchaser.

(3) Capital Spares

The Supplier shall identify, recommend and agree with the Purchaser/Owner the necessary pieces of Equipment (as opposed to spare parts for Equipment) that Owner should keep as spares (“Capital Spares”).

The Supplier shall provide the engineering and procurement services to purchase those Capital spares.

The cost of such Capital Spares and shipment and preservation costs is not included in the Contract Price. (Optional Proposal)

Each Capital Spare Parts List shall include the following information:

(1) Name of the spare parts

(2) Brief description of the spare parts

(3) Tag Number

(4) Manufacturer’s Part Number

(5) Sketch showing all major dimensions and materials

(6) Specifications of such spare parts

(7) Cross reference to the relevant Equipment drawing

(8) Quantity of each spare part

(9) Unit price



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(10)Total price

(11)Reference Vendor

(12)Country of origin

13.2 Requirements for Special Tools

(1) Special Tools

“Special Tool” means all tools required for the maintenance of the Equipment in the Facility, or to install and set such Equipment, or during the inspection of such Equipment, whose sizes and materials are not readily available in Thailand.

The maintenance manuals to be prepared by Supplier shall reference the Special Tools where appropriate.

Supplier shall submit also drawings showing details and method of use of all Special Tools.

Supplier shall supply one complete set of new an unused Special Tools for the equipment.

13.3 The Supplier shall deliver the Spare Parts and Special Tools to the Purchaser no later thanone (1) month prior to Mechanical Completion Date.(Expected Mechanical Completion date : August 15, 2015)

14. IDENTIFICATION SYSTEM AND LABELING

14.1 The Supplier shall ensure all the supplied materials with identity, equipment and systems include labels identifying components consistent with the P&ID’s and other drawings relating to the component provided. The Supplier shall provide and install labeling for all plant items and systems including piping, valves, actuators, instruments, terminal strips, electrical buses, panels, cubicles, cables, switchboards, motors, pumps, tanks, vessels, rooms, and other mechanical and electrical equipment. The labels shall be plainly readable, sized to be visible from a distance of 10 meters for small equipment, and visible from a distance of 10 meters for large equipment Labels shall not be printed. Labels shall be stamped, engraved or painted. The label material shall be water and UV resistant to heat and corrosion.

15. AFTER SALES SUPPORT

15.1 The Supplier shall provide continuing support and after sales support directly to the Owner. All purchase orders shall contain this specific provision in accordance with the Owner’s requirements.

16. COMPLIANCE WITH REGULATION

16.1 General

All apparatus and material supplied, and all work carried out and matters arising in fulfillment of the Contract shall conform, at the Supplier’s expense, in all respects to all the laws and regulations, by law and requirements of national/local or other authorities, design code and International Standards which are applicable to the Works.



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16.2 Compliance with Local (Thailand) Regulations and Law

In the performance of its obligations under this contract and the carrying out of all Work hereunder, Supplier shall and shall oblige its Subcontractors to, ascertain and comply with all Legal Requirements applicable thereto including, without limitation, those applicable laws relating to manpower, health, safety, environmental protection and hazardous Materials, and Supplier agrees to indemnify, defend and hold harmless Purchaser/Owner and the Purchaser/Owner Indemnities from and against any and all fines and penalties imposed on them by any Governmental Instrumentality and related reasonable costs and expenses, including legal expenses and costs, attributable to any failure of Supplier to comply with such applicable Legal Requirements in connection with the performance of the Work, except to the extent resulting from the intentional acts or the negligence of Purchaser/Owner or Purchaser/Owner Indemnities. Supplier shall further, and shall oblige its Subcontractors to, ascertain and comply with any other laws applicable in relation to the implementation of its obligation under this Contract

16.3 Without limiting the generality of Para. 14.2, Supplier is deemed to have thoroughly investigated all applicable Environmental Laws and requirements prior to Contracted Date in Purchase Order and the application thereof.

16.4 If Supplier becomes aware of any divergence between any applicable Legal Requirements and the Design Basis, other scope documents or any other provision of this Contract or any error in the Design Basis or other Scope Documents, it shall immediately give Purchaser written notice specifying the divergence and shall without undue delay, inform Purchaser in writing of its proposed amendment for removing divergence. Upon agreement on the amendment, Supplier shall, entirely at its own costs and expenses (except Changes caused by an event of Force Majeure) complete the Work in accordance with such amendment; provided that such divergence is attributable to Supplier’s failure to perform or comply with its obligations under this Contract.

16.5 All testing on equipment like cranes, monorails, hoists, air receivers, etc., clearances and

endorsements to be carried out by persons as required by local regulations shall be the responsibility of the Supplier unless otherwise agreed between Purchaser and Supplier.

Attachments : 1. Performance Guarantee Specimen2. Warranty Guarantee Specimen



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Performance Guarantee SpecimenDate : ______________Samsung-ITD Joint VentureCompany Registration NO.09930003081312034/151 New Petchburi Road, Bang Kapi, Huay Kwang, Bangkok 10310, ThailandTel.: +82-70-7110-9615

Dear Sirs,

Performance Guarantee No. ________Amount : USD________Purchase Order No. ___________ dated ___________

We, ABC Bank, ______________(address)___________________ , refer to Purchase Order No. ____________ issued by Samsung-ITD Joint Venture Corporation to BCD Company, ________ _____(address)______________ (hereinafter called the Seller) for the supply of _____ _(description of items)_________ for (Project Name) and acknowledge that a bank guarantee for USD________ being 10% of the contract value is required as a Performance Guarantee.

On behalf of the Seller we, ABC Bank, hereby irrevocably and unconditionally undertake to pay you any amount or amounts up to an aggregate amount of USD________, despite any objection by the Seller, immediately upon receipt of your first demand in writing accompanied by your signed declaration stating that the amount claimed is due by reason of the Seller having failed to fulfill their obligation(s) in accordance with the terms and conditions of Purchase Order No. ___________ dated __________. The demand and declaration shall be accepted as conclusive evidence that the amount claimed is due to you under this guarantee.

This guarantee will expire no later than __________ and any claims hereunder must be received by us at our office on or before ____________, after which this guarantee will become of no effect.

This guarantee is personal to yourselves and is not transferable or assignable.

Yours faithfully,

Name of Bank & Signed



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Attachment #1



Warranty Guarantee SpecimenDate : ______________Samsung-ITD Joint VentureCompany Registration NO.09930003081312034/151 New Petchburi Road, Bang Kapi, Huay Kwang, Bangkok 10310, ThailandTel.: +82-70-7110-9615

Dear Sirs,

Warranty Guarantee No. ________Amount : USD________Purchase Order No. ___________ dated ___________

We, ABC Bank, ______________(address)___________________ , refer to Purchase Order No. ____________ issued by Samsung-ITD Joint Venture to BCD Company, ________ _____(address)______________ (hereinafter called the Seller) for the supply of _____ _(description of items)_________ for (Project Name) and acknowledge that a bank guarantee for USD________ being 10% of the contract value is required as a Warranty Guarantee.

On behalf of the Seller we, ABC Bank, hereby irrevocably and unconditionally undertake to pay you any amount or amounts up to an aggregate amount of USD________, despite any objection by the Seller, immediately upon receipt of your first demand in writing accompanied by your signed declaration stating that the amount claimed is due by reason of the Seller having failed to fulfill their obligation(s) in accordance with the terms and conditions of Purchase Order No. __________ dated __________. The demand and declaration shall be accepted as conclusive evidence that the amount claimed is due to you under this guarantee.

This guarantee will expire no later than ___________ and any claims hereunder must be received by us at our office on or before ___________, after which this guarantee will become of no effect.

This guarantee is personal to yourselves and is not transferable or assignable.

Yours faithfully,

Name of Bank & Signed



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