ALLIED BANK LIMITED vs FEDERATION OF PAKISTAN through Collectorate of Customs, Peshawar S — 2023 SCMR 1258 SUPREME-COURT

Case information

Citation: 2023 SCMR 1258 SUPREME-COURT
Court: Supreme Court of Pakistan
Year: 2023
Reporter: SCMR
Parties: ALLIED BANK LIMITED vs FEDERATION OF PAKISTAN through Collectorate of Customs, Peshawar S
Subject matter: Civil
Provisions referred to: S. 126---B; Contract Act

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

ALLIED BANK LIMITED VS FEDERATION OF PAKISTAN through Collectorate of Customs, Peshawar S. 126---Bank guarantee---Contract of guarantee---Scope---Since a guarantee is, for the purposes of the Contract Act, 1872 a contract under the law, the parties to the guarantee are deemed to be regulated by the terms of the guarantee which they have mutually agreed upon keeping in view the legal principle of consensus ad idem (meeting of the minds) when it comes to construction of contracts---Once a guarantee is executed between the parties (i.e. between a guarantor/surety and a creditor), they would be bound by the terms and conditions of the guarantee irrespective of any independent obligation of the principal debtor towards the creditor---Once a bank issues a guarantee, it is duty-bound to pay the beneficiary of a guarantee in terms of the guarantee itself.

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