The Standby Bank Guarantee is a crucial financial instrument in UAE commercial transactions, providing security and risk mitigation for various business dealings. It is commonly used in contexts ranging from construction projects to international trade, where one party seeks financial assurance of the other party's performance. The document must comply with UAE Federal Law No. 18 of 1993 (Commercial Code), UAE Federal Decree Law No. 14 of 2018 (Central Bank Law), and relevant Central Bank circulars. A Standby Bank Guarantee typically includes detailed information about all parties involved, the guaranteed amount, trigger events for payment, validity period, and claim procedures. It serves as an independent obligation of the issuing bank, separate from the underlying commercial contract, and can be structured to accommodate various commercial requirements while maintaining compliance with UAE banking regulations.
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1. Bank Details and Reference: Complete details of the issuing bank, including branch, reference numbers and date of issuance
2. Beneficiary Details: Full name and address of the party in whose favor the guarantee is issued
3. Guarantee Amount: The maximum amount of the guarantee expressed in both numbers and words, including the currency
4. Principal/Applicant Details: Full details of the party requesting the guarantee
5. Underlying Transaction: Reference to the primary contract or obligation being guaranteed
6. Purpose of Guarantee: Clear statement of the specific purpose and scope of the guarantee
7. Conditions for Payment: Specific conditions under which the guarantee can be called upon
8. Expiry Details: Clear statement of the expiry date and any conditions affecting validity
9. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant courts' jurisdiction
10. Claim Procedure: Detailed process for making claims under the guarantee
1. Language Provision: Required when the guarantee is issued in multiple languages, specifying which version prevails
2. Reduction Clause: Include when the guarantee amount may be reduced over time according to specific conditions
3. Assignment Provisions: Required when the guarantee needs to be transferable
4. Counter-Guarantee Reference: Include when the guarantee is issued based on a counter-guarantee from another bank
5. Special Conditions: Any specific conditions required by the underlying transaction or parties' agreement
6. URDG 758 Incorporation: Optional clause incorporating ICC Uniform Rules for Demand Guarantees
1. Form of Demand: Template for making a compliant demand under the guarantee
2. Supporting Documents: List and/or copies of documents required to be presented with any demand
3. Authentication Details: SWIFT or other authentication details if applicable
4. Underlying Contract Extract: Relevant excerpts from the underlying contract referring to the guarantee requirements
Relevant legal definitions
Guarantee
Beneficiary
Principal
Guaranteed Amount
Expiry Date
Demand
Business Day
Banking Day
Underlying Contract
Guaranteed Obligations
Event of Default
Claim Notice
Supporting Documents
Payment Period
Governing Law
Jurisdiction
Force Majeure
Valid Claim
Guarantee Period
Maximum Liability
Permitted Assignment
Counter-Guarantee
SWIFT
Authorized Representative
Presentation
Non-Business Day
Original Guarantee
Bank's Undertaking
Complying Presentation
Guarantee Currency
Beneficiary
Principal
Guaranteed Amount
Expiry Date
Demand
Business Day
Banking Day
Underlying Contract
Guaranteed Obligations
Event of Default
Claim Notice
Supporting Documents
Payment Period
Governing Law
Jurisdiction
Force Majeure
Valid Claim
Guarantee Period
Maximum Liability
Permitted Assignment
Counter-Guarantee
SWIFT
Authorized Representative
Presentation
Non-Business Day
Original Guarantee
Bank's Undertaking
Complying Presentation
Guarantee Currency
Clauses
Bank Undertaking
Guarantee Amount
Payment Terms
Demand Requirements
Expiry and Validity
Governing Law and Jurisdiction
Assignment and Transfer
Claim Procedure
Documentary Requirements
Bank's Rights and Obligations
Reduction and Release
Force Majeure
Notices
Language
Multiple Demands
Currency Provisions
Authentication
Amendments
Independence of Guarantee
Counter-Guarantee Provisions
Guarantee Amount
Payment Terms
Demand Requirements
Expiry and Validity
Governing Law and Jurisdiction
Assignment and Transfer
Claim Procedure
Documentary Requirements
Bank's Rights and Obligations
Reduction and Release
Force Majeure
Notices
Language
Multiple Demands
Currency Provisions
Authentication
Amendments
Independence of Guarantee
Counter-Guarantee Provisions
Relevant Industries
Banking & Financial Services
Construction & Real Estate
International Trade
Manufacturing
Energy & Utilities
Infrastructure Development
Telecommunications
Government & Public Sector
Retail & Commerce
Transportation & Logistics
Relevant Teams
Legal
Compliance
Treasury
Trade Finance
Risk Management
Corporate Banking
Commercial Banking
Operations
Credit
Finance
Relevant Roles
Treasury Manager
Credit Risk Officer
Trade Finance Manager
Commercial Banking Officer
Legal Counsel
Compliance Officer
Relationship Manager
Project Manager
Contract Manager
Chief Financial Officer
Financial Controller
Banking Operations Manager
Trade Finance Specialist
Corporate Banking Manager
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