Download Exhibit J - Standard Bank Guarantee

Exhibit J - Standard Bank Guarantee
Prepayment is limited to 1/3 of contract value. If prepayment is agreed, the supplier must
provide a bank guarantee, as follows:
Bank guarantee
Guarantee no.:
From:
To:
Institute of Marine Research
Nordnesgt. 50
NO-5005 Bergen (Norway)
(DATE)
ON DEMAND BANK GUARANTEE
We have been informed that our customer, ………….., (hereinafter called the “Contractor”),
has entered into a contract with you dated…………,( hereinafter called the “Contract”),
concerning deployment and installation of umbilical cables and subsea distribution units with
a contract price of ……………
According to the terms of the Contract the Company shall receive advance payment of the
contract price in the form of [ ] pre-delivery instalments in the amount of ……………. equal
to …% of the Contract value, provided that a refund guarantee is issued covering the advance
payment and the value of the Contractor’s Supplies.
As guarantor, we ……………….(the Bank), hereby irrevocably undertake to pay to you, any
amount up to a maximum of
………..…………………………………..
(i) representing the pre-delivery instalments and (ii) an amount equal to the costs of any
Contractor’s Supplies (hereinafter the “Guarantee Amount”)
Exhibit J – Tender 2016/12
within five – 5 – working days from the date of receipt of your first written demand signed by
the [ name of position ] of the Institute of Marine Research stating that the amount claimed
has fallen due and that the Company has failed to fulfil its contractual obligation(s) under the
Contract.
This guarantee is independent of the Contract. Our undertaking hereunder is not subject to any
claims or defences arising from the Contract, and your demand alone shall be deemed as
sufficient evidence that a claim has fallen due. Any reference in this guarantee to the Contract
is made solely for the purpose of identifying it.
Your demand may be served on us either by hand or by authenticated SWIFT via your bank.
For the purpose of identification, your demand for payment has to be presented through the
intermediary of one of our correspondent banks confirming that the signature thereon is
legally binding upon you.
This guarantee is valid until ……………1 and expires in full and automatically, should your
written request for payment not be in our possession at our above stated address on or before
that date, regardless of such date being a banking day or not.
This guarantee shall come into force and become effective automatically after receipt by the
Company of the first pre-delivery instalment under the Contract in their account number
…………… maintained with (name of Bank).
The Guarantee Amount will be reduced by each payment made by us to you under this
guarantee.
The rights arising under this guarantee may not be assigned without our prior written consent.
This guarantee is governed by and shall be constructed in accordance with Norwegian law.
All disputes arising out of or in relation to this guarantee shall be brought before the Bergen
District Court, Norway.
Place/Date
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1
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The date for delivery and acceptance of the Cable and Subsea Distribution Units