The Indirect Bank Guarantee is a crucial financial instrument used in Australian commercial transactions where a party requires security for performance or payment obligations. This document type is particularly relevant when direct guarantees are not practical or when local bank confirmation is required in the beneficiary's country. The guarantee involves an intricate structure where the issuing bank instructs another bank (typically in the beneficiary's country) to issue the guarantee based on its counter-guarantee. The document includes specific provisions governing the guarantee amount, validity period, demand requirements, and payment conditions, all structured in compliance with Australian banking regulations and commercial law. This type of guarantee is commonly used in international trade, construction projects, and large commercial transactions where the beneficiary prefers or requires a guarantee from a local bank in their jurisdiction.
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1. Parties: Identification of Principal (applicant), Guarantor (bank), and Beneficiary with full legal names and details
2. Background: Context of the underlying transaction and purpose of the guarantee
3. Definitions and Interpretation: Key terms used in the guarantee and rules for interpretation
4. Guarantee Amount: Specification of the maximum guaranteed sum and currency
5. Scope of Guarantee: Nature and extent of the bank's obligations under the guarantee
6. Duration and Validity: Commencement date, expiry date, and any automatic extension provisions
7. Demand Requirements: Process and conditions for making a claim under the guarantee
8. Payment Terms: Timeline and method for payment upon valid demand
9. Bank's Rights and Obligations: Specific provisions regarding the bank's role and responsibilities
10. Reduction and Release: Conditions for reduction of guarantee amount and release of bank's obligations
11. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
12. Notices: Communication methods and contact details for all parties
1. Counter-Indemnity: Terms of Principal's obligation to indemnify the bank - required when separate counter-indemnity is not executed
2. Multiple Beneficiaries: Special provisions for cases with more than one beneficiary
3. Assignment: Terms allowing/restricting transfer of rights under the guarantee - needed if assignment is contemplated
4. Language: Governing language provisions - required for international guarantees
5. Foreign Law Requirements: Additional provisions required by foreign law - needed for cross-border guarantees
6. Special Conditions: Any unique terms specific to the underlying transaction
7. Electronic Presentation: Provisions for electronic submission of demands - needed if electronic claims are allowed
1. Form of Demand: Template for making a claim under the guarantee
2. Underlying Contract Details: Summary or extract of the contract being guaranteed
3. Authorized Signatories: List of persons authorized to make demands under the guarantee
4. Fee Schedule: Details of bank's fees and charges
5. Supporting Documents: List of required documents for guarantee issuance or claims
6. Communication Procedures: Detailed procedures for making demands and communications
Relevant legal definitions
Advising Bank
Bank Guarantee
Beneficiary
Business Day
Claim
Counter-Guarantee
Demand Notice
Effective Date
Expiry Date
Guarantee Amount
Guarantee Period
Guarantor
Guaranteed Obligations
Issuing Bank
Notice
Permitted Assignment
Principal
Principal Contract
Reduction Amount
Related Entity
Security Interest
Supporting Documents
Underlying Transaction
Bank Guarantee
Beneficiary
Business Day
Claim
Counter-Guarantee
Demand Notice
Effective Date
Expiry Date
Guarantee Amount
Guarantee Period
Guarantor
Guaranteed Obligations
Issuing Bank
Notice
Permitted Assignment
Principal
Principal Contract
Reduction Amount
Related Entity
Security Interest
Supporting Documents
Underlying Transaction
Clauses
Interpretation
Definitions
Bank Obligations
Guarantee Amount
Duration
Demand Requirements
Payment Terms
Reduction and Release
Assignment
Transfer
Amendments
Representations and Warranties
Counter-Indemnity
Notices
Electronic Communications
Currency
Set-Off Rights
Bank's Rights
Force Majeure
Severability
Further Assurance
Costs and Expenses
Confidentiality
Data Protection
Anti-Money Laundering
Governing Law
Jurisdiction
Dispute Resolution
Entire Agreement
Waiver
Time Limits
Definitions
Bank Obligations
Guarantee Amount
Duration
Demand Requirements
Payment Terms
Reduction and Release
Assignment
Transfer
Amendments
Representations and Warranties
Counter-Indemnity
Notices
Electronic Communications
Currency
Set-Off Rights
Bank's Rights
Force Majeure
Severability
Further Assurance
Costs and Expenses
Confidentiality
Data Protection
Anti-Money Laundering
Governing Law
Jurisdiction
Dispute Resolution
Entire Agreement
Waiver
Time Limits
Relevant Industries
Construction and Infrastructure
International Trade
Manufacturing
Real Estate and Property Development
Mining and Resources
Government and Public Sector
Retail and Consumer Goods
Energy and Utilities
Financial Services
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Risk Management
Procurement
Commercial
Trade Finance
Compliance
Project Management
Credit
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Contract Manager
Commercial Director
Risk Manager
Legal Counsel
Company Secretary
Project Manager
Procurement Manager
Trade Finance Manager
Banking Relationship Manager
Credit Manager
Compliance Officer
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