Performance bound.


dear the case as below 

1- the first party awarded a project from the client.

2- after a year the first party faced financial issues.

3- the first party approached the second party to complete the project on his behalf.

4- the second party couldn't apply for Bonds.

5- the second party requested to the first party to keep his bond valid.

6- the second party promised the first party that's the client will not liquidate the bonds of the first party as the second party has a good relationship with the client.

7- the first party and second party and client all agreed on above.

how can put above agreement in legal form?

 

regards 

 
Reply   
 

Hello Mazin!

Going through with limited information, in the agreement, First the client will have to be a confirming party between the arrangement made by the First Party and Second Party with reference to the original contract executed betwen the Client and the First Party. Second, it is worth to mention that on execution of the present agreement it will supersede the previous contract.

Third, the contract must be explicitly clear about the rights, responsibilities and roles of each parties, payment terms, deliverables and schedules to avoid any confusion at the latter stage. 

For further legal assistance in drafting you may call on 9324538481.

 

Regards

Adv. Rohit M. Dalmia

 

 
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