The Irrevocable And Unconditional Bank Guarantee is a fundamental financial instrument widely used in UAE commercial transactions, particularly in construction, government contracts, and international trade. It provides security to beneficiaries by ensuring guaranteed payment from a bank without the need to prove default or breach by the principal. This document is governed by UAE Federal Law No. 18 of 1993 (Commercial Transactions Law) and UAE Central Bank regulations, requiring specific formatting and content to ensure enforceability. The guarantee typically includes details of all parties, the guaranteed amount, validity period, and claim procedures, while emphasizing its irrevocable and unconditional nature. It's particularly important in sectors where significant financial commitments are involved, such as bid bonds, performance bonds, or advance payment guarantees.
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1. Bank Details and Reference: Full details of the issuing bank, guarantee reference number, and date of issuance
2. Beneficiary Details: Complete identification of the beneficiary including name, address, and registration details
3. Applicant Details: Complete identification of the party requesting the guarantee (the principal)
4. Guarantee Amount: The maximum amount guaranteed, expressed in both numbers and words
5. Underlying Transaction: Reference to the primary contract or obligation being guaranteed
6. Guarantee Terms: Clear statement of the irrevocable and unconditional nature of the guarantee
7. Payment Conditions: Specific conditions under which the bank will make payment upon first written demand
8. Validity Period: Start date and expiry date of the guarantee
9. Claim Procedure: Process for making claims under the guarantee
10. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant courts
1. Language Provision: Required when the guarantee is issued in dual language format, specifying which version prevails
2. Assignment Clause: Include when the guarantee needs to be transferable
3. Reduction Clause: Include when the guarantee amount can be reduced progressively
4. Multiple Beneficiaries: Required when there is more than one beneficiary
5. Counter-Guarantee Reference: Include when the guarantee is issued based on a counter-guarantee from another bank
6. Force Majeure: Optional clause addressing extraordinary circumstances that might affect the guarantee
7. Electronic Presentation: Include when electronic submission of claims is permitted
1. Form of Demand: Template for submitting a claim under the guarantee
2. Supporting Documents: List of required documents to be submitted with any claim
3. Authentication Method: Details of how the bank will verify the authenticity of claims
4. Contact Details: List of authorized contact persons and addresses for notices
Relevant legal definitions
Guarantee
Bank
Beneficiary
Principal
Guaranteed Amount
Underlying Contract
Demand
Business Day
Expiry Date
Effective Date
Claim Notice
Supporting Documents
Maximum Liability
Authorized Representative
Payment Currency
Force Majeure Event
Governing Law
Jurisdiction
Banking Hours
Counter-Guarantee
Guarantee Reference Number
Original Guarantee
SWIFT
UAE Central Bank
Applicable Laws
Event of Default
Presentation
Business Hours
Notice Details
Reduction Schedule
Bank
Beneficiary
Principal
Guaranteed Amount
Underlying Contract
Demand
Business Day
Expiry Date
Effective Date
Claim Notice
Supporting Documents
Maximum Liability
Authorized Representative
Payment Currency
Force Majeure Event
Governing Law
Jurisdiction
Banking Hours
Counter-Guarantee
Guarantee Reference Number
Original Guarantee
SWIFT
UAE Central Bank
Applicable Laws
Event of Default
Presentation
Business Hours
Notice Details
Reduction Schedule
Clauses
Guarantee Amount
Payment Obligation
Irrevocability
Unconditional Payment
Term and Duration
Demand Procedure
Claim Requirements
Assignment and Transfer
Governing Law
Jurisdiction
Force Majeure
Notices
Amendment
Reduction
Language
Severability
Stamp Duty
Bank's Rights and Obligations
Authentication
Expiry
Multiple Demands
Counter Indemnity
Waiver
Partial Invalidity
Compliance with Laws
Electronic Communications
Costs and Expenses
Payment Obligation
Irrevocability
Unconditional Payment
Term and Duration
Demand Procedure
Claim Requirements
Assignment and Transfer
Governing Law
Jurisdiction
Force Majeure
Notices
Amendment
Reduction
Language
Severability
Stamp Duty
Bank's Rights and Obligations
Authentication
Expiry
Multiple Demands
Counter Indemnity
Waiver
Partial Invalidity
Compliance with Laws
Electronic Communications
Costs and Expenses
Relevant Industries
Construction
Real Estate Development
International Trade
Manufacturing
Oil & Gas
Infrastructure Development
Government Contracting
Telecommunications
Banking & Finance
Transportation & Logistics
Energy
Defense Contracting
Relevant Teams
Legal
Finance
Treasury
Procurement
Risk Management
Commercial
Compliance
Credit
Business Development
Project Management
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Contract Manager
Legal Counsel
Project Manager
Procurement Manager
Risk Manager
Commercial Director
Business Development Manager
Banking Relationship Manager
Compliance Officer
Credit Risk Officer
Company Secretary
General Counsel
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