We the undersigned bank, hereby irrevocably, unconditionally and independently guarantee to pay to the company within 5 (five) days upon your first written any amount up to prevailing amount of the bond, against your written declaration that Contractor, despite having been summoned in writing, has not carried out an obligation under the terms of the Contract.
This guarantee cannot be assigned unless otherwise set out in this guarantee, capitalized terms used in this guarantee shall be defined as in the Contract.
The bank shall be released in relation to the beneficiary if a demand from the beneficiary for payment does not reach us within the validity period of the letter of guarantee, unless it is expressly agreed prior to the coming to an end of such period that the same is to be renewed.
For Bank Muscat SAOG
AUTHORISED SIGNATORIES.