Irrevocable And Unconditional Bank Guarantee Template for Austria

1. Reduction Clause: Optional clause specifying if and how the guarantee amount may be reduced over time - used when the guaranteed obligation decreases progressively

2. Transfer and Assignment: Provisions regarding the transferability of the guarantee - included when transfer rights need to be either permitted or prohibited

3. Language: Clause specifying the prevailing language - included when the guarantee is issued in multiple languages

4. Electronic Demands: Provisions for accepting electronic demands - included when parties agree to allow digital submission of demands

5. Counter-Guarantee: References to any counter-guarantee arrangements - included when the guarantee is issued under a counter-guarantee structure

6. Stamp Duty Declaration: Statement regarding stamp duty obligations - included when required by Austrian tax authorities

7. URDG 758 Application: Clause incorporating URDG 758 rules - included when parties agree to apply these international rules

1. Form of Demand: Template for making a valid demand under the guarantee

2. Underlying Agreement Extract: Relevant extract from the underlying agreement referring to the requirement for the guarantee

3. Authentication Procedures: Details of agreed procedures for authenticating demands, particularly relevant for electronic submissions

4. Authorized Signatories: List of persons authorized to sign demands on behalf of the beneficiary