The Open Ended Bank Guarantee is a crucial financial instrument in the UAE business landscape, commonly used in government contracts, construction projects, and long-term commercial arrangements. This document is specifically designed to comply with UAE Federal Law No. 18 of 1993 (Commercial Code) and UAE Central Bank regulations. It provides financial security without a specified end date, continuing until explicitly released or returned. The guarantee typically includes the bank's unconditional undertaking to pay, detailed demand procedures, and specific provisions required by UAE law. It's particularly valuable in situations where the duration of the underlying obligation is uncertain or where the beneficiary requires ongoing financial security without periodic renewal requirements. The document must be carefully structured to balance the interests of all parties while ensuring enforceability under UAE jurisdiction.
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1. Parties: Identification of the Bank (Guarantor), the Principal (party requesting the guarantee), and the Beneficiary
2. Background: Context of the guarantee, including the underlying transaction or relationship between Principal and Beneficiary
3. Definitions: Key terms used throughout the guarantee document
4. Guarantee Amount: Specific amount of the guarantee in figures and words
5. Scope of Guarantee: Clear description of the obligations being guaranteed
6. Demand Requirements: Procedures and conditions for making a claim under the guarantee
7. Bank's Undertaking: The bank's unconditional commitment to pay upon valid demand
8. Validity Period: Specification that the guarantee is open-ended and conditions for expiry
9. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction
10. Notice Requirements: Communication procedures between all parties
11. Language: Specification of controlling language version
1. Counter Guarantee: Required when involving an international bank or correspondent bank
2. Assignment Provisions: Include when the guarantee needs to be transferable
3. Reduction Clauses: Include when the guarantee amount may be reduced over time
4. Force Majeure: Include for international guarantees or high-value transactions
5. Anti-Money Laundering Compliance: Include for high-value guarantees or international transactions
6. Electronic Presentation: Include if electronic demands or documentation are permitted
1. Form of Demand: Template for making a valid demand under the guarantee
2. Supporting Documents: List of required documents to be submitted with any demand
3. Bank's Standard Terms and Conditions: General terms applicable to all guarantees issued by the bank
4. Authentication Procedures: Specified format for signatures and authentication requirements
5. Communication Details: Contact information and authorized representatives of all parties
Relevant legal definitions
Applicant
Bank
Beneficiary
Business Day
Counter-Guarantee
Demand
Effective Date
Guarantee Amount
Guarantee Period
Guaranteed Obligations
Original Guarantee
Permitted Assignment
Principal
Release Notice
Supporting Documents
UAE
UAE Business Day
Underlying Contract
Valid Demand
Validity Period
Authentication Method
Authorized Representative
Bank's Undertaking
Claim Notice
Correspondent Bank
Default Event
Dispute
Electronic Presentation
Force Majeure Event
Governing Law
Maximum Liability
Non-Business Day
Notice
Payment Currency
Regulatory Authority
Relevant Jurisdiction
Bank
Beneficiary
Business Day
Counter-Guarantee
Demand
Effective Date
Guarantee Amount
Guarantee Period
Guaranteed Obligations
Original Guarantee
Permitted Assignment
Principal
Release Notice
Supporting Documents
UAE
UAE Business Day
Underlying Contract
Valid Demand
Validity Period
Authentication Method
Authorized Representative
Bank's Undertaking
Claim Notice
Correspondent Bank
Default Event
Dispute
Electronic Presentation
Force Majeure Event
Governing Law
Maximum Liability
Non-Business Day
Notice
Payment Currency
Regulatory Authority
Relevant Jurisdiction
Clauses
Guarantee Issuance
Bank's Undertaking
Payment Obligations
Demand Procedures
Expiry and Release
Assignment
Notices
Representations and Warranties
Counter-Indemnity
Force Majeure
Governing Law
Jurisdiction
Amendment
Severability
Language
Waiver
Set-Off Rights
Compliance with Laws
Anti-Money Laundering
Authentication
Dispute Resolution
Confidentiality
Costs and Expenses
Electronic Communications
Currency Provisions
Entire Agreement
Further Assurance
Third Party Rights
Stamp Duty
Counterparts
Bank's Undertaking
Payment Obligations
Demand Procedures
Expiry and Release
Assignment
Notices
Representations and Warranties
Counter-Indemnity
Force Majeure
Governing Law
Jurisdiction
Amendment
Severability
Language
Waiver
Set-Off Rights
Compliance with Laws
Anti-Money Laundering
Authentication
Dispute Resolution
Confidentiality
Costs and Expenses
Electronic Communications
Currency Provisions
Entire Agreement
Further Assurance
Third Party Rights
Stamp Duty
Counterparts
Relevant Industries
Banking & Financial Services
Construction & Real Estate
Government & Public Sector
International Trade
Infrastructure Development
Manufacturing
Energy & Utilities
Telecommunications
Retail & Commercial
Transportation & Logistics
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Procurement
Commercial
Project Management
Credit Control
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Contract Manager
Legal Counsel
Compliance Officer
Risk Manager
Project Manager
Procurement Manager
Commercial Director
Banking Relationship Manager
Credit Manager
Company Secretary
Business Development Manager
Financial Controller
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