Bank Guarantee Lost Original Template for the United Arab Emirates

When you lose an original bank guarantee in the United Arab Emirates, you need a Bank Guarantee Lost Original document to formally declare the loss and request a replacement from the issuing bank. This legal document serves as your official statement regarding the circumstances of the loss and provides the necessary legal framework for the bank to issue a duplicate guarantee while protecting all parties involved.

When do you need this document?

You require this document whenever an original bank guarantee has been misplaced, lost, stolen, or destroyed in the UAE. This commonly occurs during office relocations, document filing errors, or when guarantees are lost in transit between parties. The document is essential for construction companies that have lost performance guarantees, trading businesses that have misplaced advance payment guarantees, or any entity that cannot locate their original bank guarantee needed for contract compliance. UAE banks will not issue replacement guarantees without proper loss documentation that meets Central Bank requirements.

Key legal considerations

Your declaration must include comprehensive details about the original guarantee including reference number, amount, beneficiary details, issue date, and expiry date to enable bank verification. You must provide a detailed account of how and when the loss occurred, demonstrating reasonable efforts to locate the document. The indemnification clause is crucial as it protects the bank against potential duplicate claims if the original guarantee is later found and misused. You must undertake to return any recovered original guarantee to the bank and acknowledge that the replacement guarantee will have identical terms to the lost original. The document requires notarization to ensure legal validity and may need attestation depending on the guarantee's purpose and beneficiary requirements.

Legal requirements in United Arab Emirates

Under UAE Federal Law No. 18 of 1993 (Commercial Transactions Law), particularly Articles 414-419, banks must follow specific procedures when replacing lost guarantees. UAE Central Bank Regulation No. 29/2011 mandates that banks verify the authenticity of loss claims and maintain proper documentation before issuing replacements. The UAE Federal Law No. 10 of 1992 (Law of Evidence) establishes the evidentiary requirements for proving document loss, requiring detailed sworn statements and supporting documentation. Your declaration must be made in Arabic or accompanied by certified translations, and corporate entities must provide board resolutions authorizing the declaration. The document must be submitted within reasonable time of discovering the loss, and banks may require additional security or collateral depending on the guarantee amount and risk assessment under UAE Central Bank guidelines.