The said price of Rs.1,65,00,000 (Rs. One crores and sixty five lakhs only) shall be paid by the PCF to the seller in the following manners: on or about 25th of June, 1983 two bank guarantees were executed by Bank of India, Ghaziabad and the bank guarantee 1132 numbered ]7/16 provided,inter alia, as follows: "NOW, THEREFORE, the Bank hereby guarantees to make unconditional payment of Rs.16.5 lacs (Rupees six teen lacs fifty thousand only) to the Federation on demand at its office at Lucknow without any further question or reference to the seller on the seller 's failure to fulfil the terms of the sale on the following terms and conditions (emphasis supplied) A) The sole judge for deciding whether the seller has failed to fulfil the terms of the sale, shall be the PCF.