Vetting of Bank Guarantee

Dated: …………….

Mr. X

Executive Vice President

Arab Bangladesh Bank Limited

Corporate Head Office

BCIC Bhaban

30-31 Dilkusha Commercial Area

Dhaka 1000

Re:      Vetting of Bank Guarantee to be issued by Muscat SAOG, Oman

Dear Sir.

We refer to your letter dated 18.07.2004 regarding the captioned subject.

We have perused the above draft Guarantee and our observations are as follows:

Sl. Clause Observations
01 Clause 02, It is advised to insert “ within 3(three) days” next to word “ interest” in the end of this clause
02 Additional Clauses It is advised to incorporate following additional clauses numbering in order:

  1. The guarantee is extendible at the request of Arab Bangladesh Bank Ltd. in writing.
  1. The claim under this guarantee can be made for the full amount or any part thereof.
  1. In case of delay in making payment, we shall pay delinquent charges at the rate of 20% per anum for a period from the date the payment has been requested by Arab Bangladesh Bank Ltd. until the date of actual payment.
  1. The competent Court of Bangladesh shall finally settle all disputes arising in connection with this guarantee.

Apart from the above observations, the draft Guarantee was found in order.

Should you have any other query, please do not hesitate to contact us.

Thanking you.

Yours faithfully,

For: The Lawyers & Jurists

M.L.Hotel Tower Ltd,

208,Shahid Syed Nazrul Islam Sarani,

Bijoy Nagar, Dhaka-1000.

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