GARANTIA REDUTÍVEL POR RESTITUIÇÃO DE ADIANTAMENTO EMITIDO PELO BANCO DE UM SUBCONTRATANTE EM FAVOR DO BANCO DO CONTRATANTE PRINCIPAL

 	We, .............. hereinafter called the guarantor, hereby irrevocably and unconditionally guarantee the payment of ... to you, representing the amount of the advance payment and according covenant and agree as follows: 
	A. On the failure of ... to fulfill any of the conditions of the subcontract as determined by you in your absolute judgment the guarantor shall, on demand made by you in writing and not withstanding any objection by ..., forthwith pay you any such amount or amounts as you shall require, not exceeding on agregate the above mentioned amount of ...
	B. The covenant herein contained constitutes an unconditional and irrevocable direct obligation of the guarantor. No alteration in the terms of the subcontract or any extent or nature of the work to be performance thereunder and no allowance of time by you or other forbearance or concession or any other act or omission by you which, but for this provision, may exonerate or discharge the guarantor shall in any way relieve the guarantor any liability hereunder.
 	C. The value of this guarantee shall be reduced in proportion to the value of work executed, as stated in the payment certificates signed by both contractor and subcontractor. The guarantee expires when the certificate of completion is issued.
	D. The contractor binds himself to inform the subcontractor by registered letter of any failure of the subcontractor to meet his obligations under the subcontract as soon as the contractor finds that the he has cause to demand payment under this guarantee. Moreover, the contractor binds himself to observe a deadline of 14 calendar days from the date of the above-mentioned registered letter to the date on which the claim for damages is lodged with us.
	E. This guarantee is governed by and shall be construed in accordance with the laws and regulations of the Netherlands.