Section 8. The payment so made by the Bank under this Guarantee shall be a valid discharge of Bank's liability

8. The payment so made by the Bank under this Guarantee shall be a valid discharge of Bank's liability for payment thereunder and the Director, Mines /Deputy Commissioner shall have no claim against the Bank for making such payment. 8. Bidding parameters- (1) The Director, Mines / Deputy Commissioner shall specify in the tender document the minimum percentage of the value of mineral despatched, which shall be known as the "reserve price". - (2) The value of mineral despatched shall be an amount equal to the product of,- - (i) mineral despatched in a month; and - (ii) sale price of the mineral (Grade-wise and State-wise) as published by Indian Bureau of Mines for such month of despatch or the price notified by the Director, Mines. - (3) The bidders shall quote, as per the bidding parameter, for the purpose of payment to the State Government, a percentage of value of mineral despatched equal to or above the reserve price and the successful bidder shall pay to the Director, Mines /Deputy Commissioner an amount equal to the product of,- - (i) percentage so quoted; and - (ii) value of mineral despatched. - (4) Where an area is being auctioned for more than one mineral, the percentage of value of mineral despatched as quoted by the successful bidder under sub-rule (3) shall be applicable for the - purpose of payment to the Director, Mines /Deputy Commissioner in respect of each such mineral. - (5) If subsequent to grant of a mining lease, one or more new minerals are discovered, the percentage of value of mineral despatched as quoted by the successful bidder under sub-rule (3) shall be applicable for the purpose of payment to the Director, Mines /Deputy Commissioner in respect of each such mineral.