Performance bond

PerformancebondDate:______________To:________________DearSirs,PERFORMANCEGUARANTEEFORCONTRACTNO:_______TITLE:______________________(CompanyName)Thatinconsiderationof(hereinafterreferredtoas'NPOG')enteringintoacontractfortheConstruction,CommissioningandHandoverofFieldSurfaceFacilities.('CONTRACT')dated________dayof________________with________hereinafterreferredtoas'CONTRACTOR(S)'''We,________acompanyincorporatedunderthelawsof________withaprincipalbusinessaddressat________(hereinafterreferredtoas'GUARANTOR')doherebyenterintothefollowingundertakingswithNPOG:(a)GuaranteefullandcompleteperformanceofallobligationsofCONTRACTOR(s)underthesaidCONTRACTandallchangeordersthereunderandamendmentsthereofwhichmaysubsepuentlybedulyexecutedbyCONTRACTOR(s).(b)ShouldCONTRACTORinanyrespectfailtoperformthesaidobligationscontainedinthesaidCONTRACTorcommitsanybreachthereof,weasGUARANTORshallourselvesperformortakewhateverstepsasmaybenecessarytoachieveperformanceoftheobligationsthereof,inaccordancewithtermsofthesaidCONTRACTandtheGUARANTORshallassumeanyloss,damages,costsandexpensesarisingfromthesaidfailureorbreachforwhichCONTRACTOR(s)maybemadeavailablethereunder;MUGLADBASINOILDEVELOPMENTPROJEDTELELDSURFACEFACILITIES(FSF)CONTRACTNO:NPOG/30/98-163(c)wetheGUARANTORshallnotbedischargedorreleasedfromourundertakingshereunderbyanywaiverorforebearancebyNPOGwhetherastopayment,time,performance,orotherwise.(d)IntheeventandforthedurationthattheGUARANTORassumestheobligatinosofCONTRACTORunderthesaidCONTRACTabove,theGUARANTORshallbeentitledtoalloftherightsandbenefitstowhichCONTRACTORisentitledunderCONTRACT.(e)ForthepurposeofthisGuaranteeandthesaidCONTRACT,theCONTRACTORdoesherebyagreetosubmittotheexclusivejurisdictionoftheBritishCourts.(f)ThisGuaranteeshallinuretothebenefitofNPOGanditssuccessorsandassigns,andshallbebindingupontheGUARANTORanditssuccessorsandassigns.(g)Thisguaranteeshallbeeffectiveasofthe________dayof____________.INWITNESSWHEREOF,THEGUARANTORhascausedthisGuaranteetobedulyexecutedbyitsauthorizedrepresentativeonthis____________dayof____________.Forandonbehalf:____________________(Company)signature:___________name:_______________designation:__________WITNESSSignature:____________Name:_______________Designation:__________Date:________________