Performance Bank Guarantees are essential financial security instruments in the UAE business landscape, particularly in construction, infrastructure, and large commercial projects. When a contract requires performance security, the contractor or supplier approaches their bank to issue a Performance Bank Guarantee in favor of the project owner or employer. The guarantee typically represents a percentage (usually 5-10%) of the contract value and remains valid throughout the contract period plus any warranty period. The document must comply with UAE Federal Laws, including the Commercial Code and Civil Code, and UAE Central Bank regulations. It provides the beneficiary with immediate access to financial compensation if the principal fails to perform their contractual obligations, subject to the terms and conditions specified in the guarantee.
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1. Bank Details and Reference: Bank's letterhead, reference number, and date of issuance
2. Guarantee Number: Unique identifier for the bank guarantee
3. Beneficiary Details: Full name and address of the party in whose favor the guarantee is issued
4. Applicant Details: Full name and address of the party requesting the guarantee
5. Underlying Contract Reference: Details of the contract or tender being guaranteed including reference numbers and dates
6. Guarantee Amount: The maximum amount guaranteed, expressed in both figures and words
7. Guarantee Validity Period: Clear start and end dates of the guarantee
8. Terms of Demand: Conditions under which the guarantee can be called upon
9. Payment Terms: Timeline and method of payment upon valid demand
10. Governing Law and Jurisdiction: Specification of UAE law and relevant jurisdiction
11. Bank's Undertaking: The main guarantee commitment statement from the bank
12. Authorized Signatories: Space for bank officials' signatures and bank stamp
1. Reduction Clause: Include when the guarantee amount needs to reduce over time according to project milestones
2. Assignment Provisions: Include when the beneficiary might need to assign the guarantee rights
3. Multiple Beneficiaries Clause: Include when there are multiple beneficiaries of the guarantee
4. Language Clause: Include when the guarantee needs to be issued in multiple languages
5. Force Majeure Clause: Include when specific force majeure provisions are required
6. Dispute Resolution Mechanism: Include when specific dispute resolution procedures are required beyond standard court jurisdiction
7. SWIFT Authentication: Include when the guarantee needs to be authenticated via SWIFT
1. Performance Milestones Schedule: Details of project milestones if guarantee amount is linked to performance stages
2. Contract Extract: Relevant excerpts from the underlying contract that are specifically referenced in the guarantee
3. Authority Documentation: Copies of authority documents of signatories if required by bank policy
4. Form of Demand: Prescribed format for making a demand under the guarantee
Relevant legal definitions
Guarantee
Beneficiary
Principal
Underlying Contract
Contract Price
Guarantee Amount
Expiry Date
Demand
Business Day
Payment Period
Governing Law
Jurisdiction
Force Majeure Event
Performance Obligations
Completion Certificate
Project
Warranty Period
Maximum Liability
Relevant Authority
Bank
Defects Liability Period
Authorized Representative
Guaranteed Obligations
Notice
Validity Period
Beneficiary
Principal
Underlying Contract
Contract Price
Guarantee Amount
Expiry Date
Demand
Business Day
Payment Period
Governing Law
Jurisdiction
Force Majeure Event
Performance Obligations
Completion Certificate
Project
Warranty Period
Maximum Liability
Relevant Authority
Bank
Defects Liability Period
Authorized Representative
Guaranteed Obligations
Notice
Validity Period
Clauses
Bank's Undertaking
Guarantee Amount
Duration and Validity
Demand and Payment
Reduction of Liability
Assignment
Governing Law and Jurisdiction
Notice Requirements
Force Majeure
Bank's Rights and Obligations
Beneficiary's Rights
Principal's Obligations
Expiry Conditions
Claims Process
Payment Terms
Document Authentication
Independent Obligation
Amendment and Variation
Multiple Beneficiaries
Language
Dispute Resolution
Stamp Duty and Charges
Severability
Entire Understanding
Guarantee Amount
Duration and Validity
Demand and Payment
Reduction of Liability
Assignment
Governing Law and Jurisdiction
Notice Requirements
Force Majeure
Bank's Rights and Obligations
Beneficiary's Rights
Principal's Obligations
Expiry Conditions
Claims Process
Payment Terms
Document Authentication
Independent Obligation
Amendment and Variation
Multiple Beneficiaries
Language
Dispute Resolution
Stamp Duty and Charges
Severability
Entire Understanding
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
Real Estate Development
Oil and Gas
Manufacturing
Government and Public Sector
Energy and Utilities
Telecommunications
Maritime and Shipping
Healthcare
Education
Retail and Commercial
Relevant Teams
Legal
Finance
Treasury
Procurement
Risk Management
Compliance
Commercial
Operations
Project Management
Business Development
Contract Administration
Relevant Roles
Project Manager
Contract Manager
Legal Counsel
Bank Manager
Treasury Manager
Chief Financial Officer
Commercial Director
Procurement Manager
Risk Manager
Compliance Officer
Business Development Manager
Construction Manager
Operations Director
Company Secretary
Finance Manager
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