Bank guarantee

ASHWANI GAGNEJA (Querist) 05 February 2012 This query is : Resolved
I have received an Order from a Company. Terms are 40% advance and balance against delivery ( which will be made in 3/4 lots.

40% advance will be adjusted against each supply and will be totally adjusted in the last lot. But, the purchaser inspite of adjustment of total advance can press for the Bank Guarantee.

Will be grateful, if some leaned lawyer advises me to make an agreement with purchaser so that I am safe.

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DEFENSE ADVOCATE.-firmaction@g (Expert) 05 February 2012
You should advice from local advocate showing all papers.

Advocate. Arunagiri (Expert) 05 February 2012
Nothing wrong in giving bank guarantee. You can enter a suitable agreement. Take the help of a professional for drafting the same.

Devajyoti Barman (Expert) 05 February 2012
You have to engage an advocate for doing this.
We not provide any ready made draft.

Sankaranarayanan (Expert) 06 February 2012
Where r u from

M V Gupta (Expert) 06 February 2012
Supply contracts are also made by exchange of letters which contain detailed terms and conditions of time for supply, quality of goods to be supplied, quantity, mode of delivery(at supplier's godown or customer's door step), insurance etc. The terms differ depending on the nature of goods to be supplied etc. Hence if you cannot decide on all these matters better get the letters drafted by an advocate.

prabhakar singh (Expert) 07 February 2012
Mr.Gupta has guided you well yet you can not avoid personal services of a lawyer at local level.

V R SHROFF (Expert) 07 February 2012
conslt local Advocate for bank gur & related matter. u may consult even a Tax consultant.

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