Dear Sir,
We have to give bank guarantee to our customer for one of the job. Our Mumbai bank is not ready to include following clause in BG. I would like to know what will be the problem to bank to include this clause?
This Guarantee shall be governed by, and construed in accordance with, the laws of India. The Guarantor irrevocably agrees that any legal action, suit or proceeding arising out of or relating to this Guarantee shall be adjudicated in accordance with the provisions of the Arbitration and Conciliation Act, 1996 and the seat of arbitration shall be at Hyderabad.
Please advice.
