Request For Guarantee Form

It is understood that we shall remain entirely responsible to you and hereby indemnify you against all consequences whatsoever direct or indirect resulting from the issue of your letter of guarantee and hereby confer power of attorney to act on our behalf with the beneficiary of this letter of guarantee. We will pay to you on your first demand all amounts which may at any time be paid by you under your letter of guarantee and the amount of any disbursements which may be made or any expenses which may be incurred by you at any time in connection therewith.

You shall be under no obligation to advise us in advance or previously obtain our consent before making any such payments or disbursements as aforesaid and we hereby irrevocably renounce any right to question or oppose the making by you of any such payments of disbursements either before they are made at the time of payment or subsequent thereto.

We authorize you to place immediately a block upon our account/funds for an amount equal to that of the letter of guarantee which you have issued at our request, and in addition you will have the right at any time and without further advice to debit our account with all payments which you may make in connection with your letter of guarantee, and if for any cause whatever you should think fit to do so to debit our account with the full amount of your guarantee now or at any time prior to its return to you or cancellation to your satisfaction and to hold such amount as security to cover our liability to you in connection with your letter of guarantee until our liability, actual or contingent, to you in respect thereof is cancelled to your satisfaction.

All our deposits with you or any other entities of your group whether they are bonds, goods or documents in any form and for any reason whatsoever, will be held in Faisal Investment Bank’s safe custody as a security concerning your obligations emanating from issuing Letter of Guarantee and we hereby authorize you to keep such documents in hand whenever you wish to do so.

You are hereby authorized to debit our account immediately with your commission on the full amount for executing this power of attorney and your actual expenses thereof.

It is also understood that CIB Finance at any time, even during the Letter of Guarantee/ validity, may call for the full cover of Letter of Guarantee amount upto 100%. Hence, we promise to pay such cover, on demand, in cash or in any form at the Bank’s entire option, without any objection from our part.

This undertaking and Indemnity shall be governed by and construed in accordance with the laws of Dubai, United Arab Emirates in the event of any dispute arising under this undertaking and Indemnity.

We indemnify you to issue the guarantee in CIB finance’s standard format unless our signed format is attached.