A Contract of Indemnity and Guarantee is essential in UAE business transactions where parties seek financial security and risk protection. This document is commonly used in commercial lending, construction projects, and corporate transactions within the UAE, providing a dual mechanism of security through both guarantee and indemnity provisions. The agreement must comply with UAE Civil Code requirements and often includes provisions for Sharia compliance. It's particularly relevant in situations where a party needs assurance of performance or payment from a third party, or protection against specific losses. The document typically details the scope of guaranteed obligations, trigger events for enforcement, claim procedures, and the extent of indemnification, all structured within the UAE legal framework.
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1. Parties: Identification of the Guarantor/Indemnifier, the Beneficiary, and the Principal Debtor (if applicable)
2. Background: Context of the guarantee/indemnity, including details of the primary obligation being guaranteed
3. Definitions: Key terms used throughout the agreement, including 'Guaranteed Obligations', 'Indemnified Matters', and 'Enforcement Events'
4. Guarantee: The scope and nature of the guarantee, including whether it is conditional or unconditional, and any limitations
5. Indemnity: The scope of the indemnity obligation, triggering events, and coverage
6. Primary and Independent Obligation: Confirmation that the obligations are primary and independent of the underlying obligation
7. Representations and Warranties: Statements of fact and assurances from the Guarantor/Indemnifier
8. Payment Provisions: Terms regarding timing, currency, and method of payments
9. Enforcement and Claims: Process and conditions for making claims under the guarantee or indemnity
10. Duration and Release: Term of the guarantee/indemnity and conditions for release
11. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction provisions
1. Islamic Finance Compliance: Required when the agreement needs to be Sharia-compliant, including specific provisions to ensure compliance with Islamic finance principles
2. Security: Include when additional security is being provided to support the guarantee/indemnity
3. Counter-Indemnity: Required when there is a counter-indemnity arrangement from the principal debtor to the guarantor
4. Assignment and Transfer: Include when the rights under the guarantee/indemnity need to be transferable
5. Multiple Guarantors: Required when there are multiple guarantors, defining joint and several liability
6. Currency Provisions: Include for cross-border transactions involving multiple currencies
7. Step-In Rights: Include when the guarantor has rights to step into the position of the principal debtor
8. Costs and Expenses: Optional detailed section on allocation of costs and expenses
1. Form of Demand: Template for making claims under the guarantee/indemnity
2. Guaranteed Obligations: Detailed description of the obligations being guaranteed
3. Security Documents: List and copies of any related security documents
4. Payment Details: Bank account and payment instruction details
5. Conditions Precedent: List of conditions that must be satisfied before the guarantee/indemnity becomes effective
6. Notice Details: Contact information and addresses for serving notices
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