( 1 ) GENERAL proposition do not solve concrete cases. Justice Holmes has said. While the law generally stated is that liability arising out of the unilateral contracts of commercial credits, such as letters of credit, bank guarantees and performance bonds is absolute, the intention of the parties as gathered from a reasonable construction of the language of the particular contract must ultimately govern the decision of the court as to the arising of the liability thereunder. The terms of a particular document may even constitute an exception to the general rule.

( 2 ) THE bank guarantee furnished by the Punjab National Bank (defendants-respondents 2 and 3) in favour of M/s. Harprashad and Co. Ltd. (appellant-defendant No. 1) contains the following material words :

"in case M/s. Sudershan Steel Rolling Mills fails in the judgment of M/s. Harprashad and Company Ltd. to carry out fulfil any of the obligations assumed under the said contract, we undertake to promptly pay the Punjab National Bank, Parliament Street, New Delhi, in favour of M/s. Harprashad and Company Ltd. or to their order merely upon receipt of first written notice, any amount up to Rs. 2,l3,6l8. 00 that