1) there would be clause in bank guarantee that society can encash BG in case builder commits breach of contract

2) there is no sample format

3) it depends upon facts of each case

if u will provide the format then the builder's bank may not agree

so the builder can obtain a format from his bank which will issue the BG

you can also go to the society's bank and request for its format

every bank has their own format

Sample is available to bank and it should be irrevocable.

Hello

You may find the format at the following link, usually the formats are like this, but you should get in touch with a lawyer before finalizing the same:

https://www.npci.org.in/sites/default/files/Annexure-A3-PerformanceBankGuarantee.pdf

Regards

Sir the bank guarantee format is as prescribed by the bank further check the guarantee should not be conditional and further the condition and amount should be clear.

Each draft for guarantee is prepared according to the terms it can be conditional as well as unconditional also.

There are plenty of samples available bank wise on google you can refer same though for your purpose one has to be specially drafted.

1) The Developer should give Bank Guarantee of 20% price of Redevelopment Project.

2) A bank guarantee is essentially a promissory provision on a loan indicating that if the borrower of the loan defaults on repayment, the bank will cover the amount of default. This is a crucial provision to convince multiple companies to work together to complete a long-term project.

3) You can contact me so I will provide you details format

Sample formats are available with the bank as well as on their websites as each bank has a different format for BG.

Housing redevelopment refers to the process of reconstruction of a residential premise by demolition of the existing structure and construction of a new one as per approvals from the Municipal Corporation.

With redevelopment, the members get a new building, more space and monetary benefits without spending any money from their own pockets.

The housing society should insist on a bank guarantee, which would take care of monetary compensation to ensure the project is not delayed or stopped midway. "The successful bidder has to give a bank guarantee equivalent to 20 percent of the total project cost.

The agreement should mention the time of completion of the project, the size of the new houses, the mode and nature of monetary compensation, if it's a one-time payment, reimbursement of rent, or a mix of both.The developer also has to offers a monthly compensation in advance along with the brokerage and transportation charge that the tenant has to incur while securing an alternate accommodation.

Redevelopment is usually burdened with bitterness and complaints of high-handedness and corruption against the Managing Committee of the society, which is why society members should always appoint a lawyer before signing a contract with the builder."Builder should be transparent, reliable and trustworthy. The most recommended way to choose a builder is to go by the tendering system.