Agreement

Contract Security

 

 

Agreement

Procurement Reference No:

This Agreement is made the day of the month of , between of (hereinafter called the "Procuring Entity") and of (hereinafter called the "Supplier").

WHEREAS

(a) The Procuring Entity has requested the Supplier to provide certain services (hereinafter called the "Services") as defined herein and attached to this Contract;

(b) The Supplier having represented to the Procuring Entity that it has the required skills, personnel and technical resources, has agreed to provide the Services on the terms and conditions set forth in this Contract;

NOW THEREFORE the parties hereto hereby agree as follows:

1. In this Agreement words and expressions shall have the same meanings as are respectively assigned to them in the Contract referred to.

2. In consideration of the payments to be made by the Procuring Entity to the Supplier as indicated in this Agreement, the Supplier hereby covenants with the Procuring Entity to provide the Services in conformity in all respects with the provisions of the Contract.

3. The Procuring Entity hereby covenants to pay the Supplier in consideration of the provision of the Services, the Contract Price of Ethiopian Birr __________________ or such other sum as may become payable under the provisions of the Contract at the times and in the manner prescribed by the Contract.

IN WITNESS WHEREOF, the Parties hereto have caused this Contract to be signed in their respective names as of the day and year first above written.

 

Signed by _______________________________(for the Procuring Entity)

Name:__________________________________ Authorised Representative

Position:_________________________________

Signed by ________________________________ (for the Supplier)

Name:___________________________________ Authorised Representative

Position:__________________________________

Witnesses

1. --------------------

2. --------------------

Appendices

 

Appendix A Terms of Reference

 

 

 

Appendix B Key Personnel

 

 

 

Appendix C Breakdown of Contract Price

 

 

Note to Bidders: The Contract Security should be on the letterhead of the issuing Financial Institution and should be signed by a person with the proper authority to sign documents that are binding on the Financial Institution.

Contract Security

(Bank Guarantee)

Date: [insert date (as day, month, and year) of Contract Security]

 

To: [insert complete name of Procuring Entity]

WHEREAS [insert name complete of Supplier] (hereinafter "the Supplier") has undertaken, pursuant to Contract No. [insert procurement reference number] dated [insert day, month and year] to provide [brief description of the Services] (hereinafter "the Contract").

AND WHEREAS it has been stipulated by you in the aforementioned Contract that the Supplier shall furnish you with a security [insert type of security] issued by a reputable guarantor for the sum specified therein as security for compliance with the Supplier’s performance obligations in accordance with the Contract.

AND WHEREAS the undersigned [insert complete name of Guarantor], legally domiciled in [insert complete address of Guarantor], (hereinafter the "Guarantor"), have agreed to give the Supplier a security:

THEREFORE WE hereby affirm that we are Guarantors and responsible to you, on behalf of the Supplier, up to a total of [insert currency and amount of guarantee in words and figures] and we undertake to pay you, upon your first written demand declaring the Supplier to be in default under the Contract, without cavil or argument, any sum or sums within the limits of [insert currency and amount of guarantee in words and figures] as aforesaid, without your needing to prove or to show grounds or reasons for your demand or the sum specified therein.

This security is valid until the [insert number] day of [insert month], [insert year].

This guarantee is subject to the Uniform Rules for Demand Guarantees, ICC Publication No. 458.

 

Name: [insert complete name of person signing the Contract Security]

In the capacity of [insert legal capacity of person signing the Contract Security]

 

Signed: [signature of person whose name and capacity are shown above]

Duly authorised to sign the Contract Security for and on behalf of: [insert complete name of Financial Institution]

Dated on _______ day of __________________, _______ [insert date of signing]