Bank Guarantee for replacing Security Deposit from cash to B.

To,
RITES LTD.
Unit No-1122-1132
11th Floor, DLF Cyber City,
Infocity Road, Chandaka Industrial Estate
Patia, Bhubaneswar-751024

In consideration of the Employer having agreed under the terms and conditions of
contract made vide his Letter of Acceptance (LOA) No
RITES/BBSR/MCL/Bhubaneswari Phase II /Package III/2022/09 dated
10.01.2023 between MCL( the Employer ) represented by RITES Ltd for and on behalf
of the Employer as an Agent/Power of Attorney Holder and Shree Balaji Engicons
Limited, Belpahar (R.S.), District Jharsuguda, Pin 768217, (hereinafter called "the
said Contractor) for the work (hereinafter called the said Agreement") the Employer
having agreed to release a part of Security Deposit against production of a irrevocable
Bank Guarantee by the said contractor for Rs. 1,35,00,000/- (Rupees One Crore Thirty-
Five Lakh Only) as a Security/Guarantee for compliance of his obligations in accordance
with the terms and conditions in the said Agreement,
1. We the State Bank Of India having our registered of ice at State Bank
Bhawan,Madam Cama Road, Nariman point,Mumbai-400021,India and one
of its branches at SME Branch, State Bank Of India, Jharsuguda, Station
Square 1st Floor, SBI Main Branch Building, Beheramal Jharsuguda Odisha-
768204 (hereinafter referred to as " the Bank” hereby undertake to pay to the
RITES LTD acting for and on behalf of the Employer as an A gent/Power of
Attorney Holder, an amount not exceeding Rs. 1,35,00,000/- (Rupees One Crore
Thirty-Five Lakh Only) on demand by RITES Ltd for and on behalf of the
Employer as an Agent/Power of Attorney Holder.
2. We the State Bank Of India having our registered of ice at State Bank
Bhawan,Madam Cama Road, Nariman point,Mumbai-400021,India and one
of its branches at SME Branch, State Bank Of India, Jharsuguda, Station
Square 1st Floor, SBI Main Branch Building, Beheramal Jharsuguda Odisha-
768204 do hereby undertake to pay the amounts due and payable under this
Guarantee without any demur, merely on a demand from by RITES Ltd for and on
behalf of the Employer as an Agent/Power of Attorney Holder stating that the
amount claimed is required to meet the recoveries due or likely to be due from
the said Contractor. Any such demand made on the Bank shall be conclusive as
regards the amount due and payable by the Bank under this Guarantee. However,
our liability under this Guarantee shall be restricted to an amount not exceeding
Rs. 1,35,00,000/- (Rupees One Crore Thirty-Five Lakh Only).
3. We, the said Bank further under take to pay to the Employer represented by
RITES Ltd. for and on behalf of the Employer as an A gent/Power of Attorney
Holder any money so demanded not withstanding any dispute or disputes raised
by the Contractor in any suit or proceeding pending before any court or Tribunal
 relating there to, our liabilities under this present being absolute and
unequivocal. The payment so made by us under this B ond shall be a valid
discharge of our liability for payment thereunder and the Contractor shall have
no claim against us for making such payment.
4. We the State Bank Of India having our registered of ice at State Bank Bhawan,
Madam Cama Road, Nariman point,Mumbai-400021,India and one of its
branches at SME Branch, State Bank Of India, Jharsuguda, Station Square 1st
Floor, SBI Main Branch Building, Beheramal Jharsuguda Odisha-768204
further agree that the Guarantee herein contained shall remain in full force and
effect during the period that would be taken for the performance of the said
Agreement and that it shall continue to be enforceable till all dues of the
Employer represented by RITES Ltd for and on behalf of the Employer as an
Agent/Power of Attorney Holder under or by virtue of the said Agreement have
been fully paid and its claims satis ied or discharged or till Engineer-in-Charge
on behalf of the Employer represented by RITES Ltd for and on behalf of the
Employer as an Agent/Power of Attorney Holder certi ied that the terms and
conditions of the said Agreement have been fully and properly carried out by the
said Contractor and accordingly discharges this Guarantee.
5. We the State Bank Of India having our registered of ice at State Bank
Bhawan,Madam Cama Road, Nariman point,Mumbai-400021,India and one
of its branches at SME Branch, State Bank Of India, Jharsuguda, Station
Square 1st Floor, SBI Main Branch Building, Beheramal Jharsuguda Odisha-
768204 further agree with the Employer presented by RITES Ltd for and on
behalf of the Employer as an Agent/Power of Attorney Holder that the Employer
shall have the fullest liberty without our consent and without affecting in any
manner our obligations hereunder to vary any of the terms and conditions of the
said Agreement or to extend time of performance by the said Contractor from
time to time or to postpone for any time or from time to time any of the powers
exercisable by the Employer against the said Contractor (s) and to forbear or
enforce any of the terms and conditions relating to the said Agreement and we
shall not be relieved from our liability by reason of any such variation, or
extension being granted to the said Contractor or for any forbearance, act of
omission on the part of the Employer or any indulgence by the Employer to the
said Contractor or by any such matter or thing whatsoever which under the law
relating to sureties would, but for this provision, have effect of so relieving us.
6. This Guarantee will not be discharged due to the change in the constitution of the
Bank or the Contractor.
7. This Guarantee will neither be cancelled nor revoked by the bank without the
written authorization of the bene iciary (RITES Ltd.). For this purpose the
bene iciary would inform the Bank of their authorized signatories together with
the specimen signatures.
8. This Guarantee shall be valid up to 31/01/2025 unless extended on demand by
the Employer represented by RITES Ltd for and on behalf of the Employer as an
Agent/Power of Attorney Holder. Notwithstanding anything mentioned above,
our liability against this guarantee is restricted to Rs. 1,35,00,000/- (Rupees One
Crore Thirty-Five Lakh Only). and unless a claim in writing is lodged with us
 within six months of the date of expiry or the extended date of expiry of this
Guarantee, all our liabilities under this Guarantee shall stand discharged.

Notwithstanding anything contained herein:

1. Our liability under this bank shall not exceed Rs. 1,35,00,000/- (Rupees One Crore
Thirty-Five Lakh Only).

2. This Guarantee shall be valid upto 31.01.2025.

3. We are liable to pay the guaranteed amount or any part thereof under this Bank
Guarantee only and if you serve upon us a written claim or demand made in the manner
prescribed in this Bank Guarantee on or before 31/07/2025 at our SME Branch,
Jharsuguda Station Squre at 1st Floor. SBI Main Branch Building, Beheramal, OMPLine,
Jharsuguda Odisha-768204.

Dated the ___________day of _________________for_______________ (indicate the name of the