BANKGUARANTEEforPERFORMANCESECURITY.docVIP

BANK GUARANTEE for PERFORMANCE SECURITY Beneficiary: Xiang Lu Petrochemicals (ZhangZhou) Co., Ltd. Advising Bank: With reference to the Purchase Order No. for the Supply of dated _ _ _ _ _ _ _ _ _ (hereinafter referred to as the P/O) concluded between the Beneficiary, Xiang Lu Petrochemicals (ZhangZhou) Co., Ltd. (hereinafter referred to as [XLPZZ]) and the Applicant, _ _ _ _ _ _ _ _ (hereinafter referred to as the SELLER). The Seller has to deposit with XLPZZ a Performance Security for the proper and faithful performance of the Order in the amount of US$_ _ _ _ _ _ _ (SAY US DOLLARS_ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ONLY) which is ten (10) percent of the total P/O price, we, (Bank Name) , as instructed by the SELLER, agree unconditionally to irrevocably guarantee as primary obligor and not as surety merely, the payment to XLPZZ on its first demand in writing, without whatsoever right of objection on our part and without its first claim to the SELLER, in the amount not exceeding US$_ _ _ _ in the event of the obligations expressed in the above mentioned P/O have not been fulfilled by the SELLER, giving XLPZZ the right of claim for penalty, damages, liquidated damages or any expenses which the SELLER may become liable to XLPZZ under the P/O. We further agree that no extension of time, changes in, addition to the other modification of terms of the P/O or GOODS to be supplied thereunder, or of the Specifications or other P/O Documents, which may be made between XLPZZ and the SELLER, shall in any way release us from any liability under the performance security, and we shall thereby waive notice of any such extension of time, change, addition or modification. This LETTER of GUARANTEE shall be valid and in full effect from the signing date of the formal purchase order till B/L date of the last major shipment plus one month (Performance Bond will be exchanged with the Warranty Bond within this one month)，irrespective of this Letter of