The Irrevocable Letter of Guarantee is a crucial financial instrument used in various commercial contexts under Australian law. It is typically employed when a party requires a secure financial commitment from another party in business transactions, tender submissions, or project executions. The document establishes an unconditional obligation by a bank to pay a specified amount to a beneficiary upon compliant presentation of required documents, without reference to the underlying commercial relationship. This type of guarantee is particularly valuable in international trade, construction projects, and large commercial transactions where parties seek robust financial security. The irrevocable nature means it cannot be cancelled or modified without the beneficiary's consent, providing strong protection under Australian banking regulations and contract law.
Your data doesn't train Genie's AI
You keep IP ownership of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
Upload your Doc
1. Bank Details and Reference Number: Full details of the issuing bank, including branch, address, and unique reference number for the guarantee
2. Date: Date of issuance of the letter of guarantee
3. Beneficiary Details: Complete name and address of the party in whose favor the guarantee is being issued
4. Applicant Details: Complete name and address of the party requesting the guarantee
5. Guarantee Amount: The maximum amount of the guarantee, stated in both figures and words
6. Purpose of Guarantee: Clear statement of the underlying transaction or obligation being guaranteed
7. Validity Period: Explicit start and end dates of the guarantee, including any auto-extension clauses
8. Terms of Payment: Conditions under which the guarantee can be called upon and payment procedures
9. Governing Law Declaration: Statement that the guarantee is governed by Australian law
10. Irrevocability Statement: Clear declaration of the irrevocable nature of the guarantee
1. Counter-Guarantee Reference: Include when there is a counter-guarantee from another bank involved
2. Claim Period: Additional details about the period within which claims must be made after expiry, if different from the validity period
3. Reduction Clauses: Include when the guarantee amount may be reduced over time according to specific conditions
4. Assignment Provisions: Include when the guarantee rights may be assignable to third parties
5. Language Declaration: Include when the guarantee might be translated into other languages, specifying which version prevails
6. SWIFT Authentication: Include when the guarantee is transmitted via SWIFT, including authentication details
1. Specimen Claim Format: Standard format for making claims under the guarantee
2. Supporting Documents List: List of documents required to be presented with any claim
3. Authorized Signatories: List of persons authorized to sign claims or modifications to the guarantee
4. Underlying Contract Summary: Brief summary of the main contract or obligation being guaranteed (if applicable)
Relevant legal definitions
Guarantee Amount
Issuing Bank
Beneficiary
Applicant
Validity Date
Expiry Date
Business Day
Claim Notice
Guaranteed Obligations
Payment Demand
Supporting Documents
Governing Law
Authorized Representative
Banking Hours
Place of Presentation
Guarantee Number
Underlying Contract
Maximum Liability
Presentation Date
Complying Presentation
Bank Branch
Counter Guarantee
Jurisdiction
Notice Period
Principal Obligation
Issuing Bank
Beneficiary
Applicant
Validity Date
Expiry Date
Business Day
Claim Notice
Guaranteed Obligations
Payment Demand
Supporting Documents
Governing Law
Authorized Representative
Banking Hours
Place of Presentation
Guarantee Number
Underlying Contract
Maximum Liability
Presentation Date
Complying Presentation
Bank Branch
Counter Guarantee
Jurisdiction
Notice Period
Principal Obligation
Clauses
Guarantee Issuance
Scope of Guarantee
Payment Obligations
Claim Procedures
Document Presentation
Expiry and Validity
Force Majeure
Amendment and Modification
Assignment
Governing Law
Jurisdiction
Notice Requirements
Bank's Rights and Obligations
Beneficiary's Rights
Payment Currency
Reduction Provisions
Authentication
Dispute Resolution
Compliance with Laws
Severability
Scope of Guarantee
Payment Obligations
Claim Procedures
Document Presentation
Expiry and Validity
Force Majeure
Amendment and Modification
Assignment
Governing Law
Jurisdiction
Notice Requirements
Bank's Rights and Obligations
Beneficiary's Rights
Payment Currency
Reduction Provisions
Authentication
Dispute Resolution
Compliance with Laws
Severability
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
International Trade
Manufacturing
Real Estate Development
Mining and Resources
Energy and Utilities
Telecommunications
Government and Public Sector
Retail and Commercial Development
Relevant Teams
Legal
Finance
Treasury
Risk Management
Commercial Operations
Procurement
Contract Administration
Corporate Affairs
Credit
International Trade Operations
Relevant Roles
Chief Financial Officer
Treasury Manager
Financial Controller
Contract Manager
Commercial Director
Risk Manager
Legal Counsel
Banking Relationship Manager
Project Finance Manager
Procurement Manager
Company Secretary
Business Development Director
Credit Risk Officer
Trade Finance Manager
Find the exact document you need
Bank Guarantee Construction Project
An Australian law-governed bank guarantee document providing financial security for construction projects, ensuring principal protection against contractor non-performance.
find out more
Indemnity Bond For Bank Guarantee
An Australian law-governed indemnity agreement protecting banks against losses arising from issued bank guarantees.
find out more
Bank Guarantee For House Deposit
An Australian banking instrument where a bank guarantees payment of a property deposit to a vendor, replacing the need for a cash deposit in property purchases.
find out more
Business Loan Guarantee
An Australian-law governed Business Loan Guarantee agreement establishing a guarantor's commitment to secure a borrower's loan obligations.
find out more
Performance Bond Guarantee
An Australian law-governed financial guarantee instrument where a bank/financial institution guarantees a contractor's performance obligations to a project owner, providing financial security through an unconditional payment undertaking.
find out more
Cash Deposit Guarantee
An Australian-law governed guarantee instrument where a financial institution provides security backed by a cash deposit, subject to Australian banking regulations and financial services laws.
find out more
Bank Warranty Letter
An Australian-law governed bank document providing a financial guarantee to a beneficiary, representing the bank's commitment to pay a specified sum upon compliant demand.
find out more
Guarantee Letter For Bank Loan
An Australian-compliant banking document where a guarantor legally commits to repaying a borrower's loan in case of default, subject to federal banking and consumer protection regulations.
find out more
Online Banking Security Guarantee
An Australian law-governed agreement establishing security measures and obligations for online banking services between financial institutions and their customers.
find out more
Guarantee Of Safe Deposit Of Money In Banks
An Australian banking document that provides legal guarantee for the safe deposit of funds in banking institutions, compliant with Australian banking regulations and consumer protection laws.
find out more
Corporate Guarantee And Bank Guarantee
An Australian law-governed guarantee document establishing corporate and/or bank-backed financial security for commercial obligations.
find out more
Bank Personal Guarantee
An Australian-compliant legal document where an individual guarantees to repay another party's bank debt obligations, subject to federal banking and consumer protection laws.
find out more
Bank Loan Personal Guarantee
An Australian-law governed personal guarantee agreement where an individual guarantees a bank loan, establishing legal obligations for loan repayment in case of borrower default.
find out more
Bank Guarantee In Lieu Of Security Deposit
An Australian law-governed financial instrument where a bank guarantees payment to a beneficiary in place of a cash security deposit.
find out more
Bank Guarantee For Sale
An Australian-law governed bank guarantee document where a bank guarantees payment to a seller on behalf of a buyer in a commercial transaction.
find out more
Bank Guarantee Bond In Lieu Of Security Deposit
An Australian law-governed bank guarantee that replaces a cash security deposit, providing financial security through an unconditional bank undertaking to pay upon demand.
find out more
Contra Bank Guarantee
An Australian law-governed Contra Bank Guarantee establishing reciprocal bank guarantees between two parties with their respective banks.
find out more
Bank Guarantee For Tender Security
An Australian-compliant financial instrument issued by a bank to secure a bidder's obligations in a tender process, providing financial protection to the tender issuer.
find out more
Bank Guarantee And Lc
An Australian-law governed financial instrument establishing terms and conditions for bank guarantees and letters of credit, ensuring secure commercial transactions.
find out more
Term Deposit Guarantee
An Australian legal document establishing a guarantee arrangement for a term deposit, setting out the guarantor's obligations and the terms of the guarantee in compliance with Australian banking and financial services laws.
find out more
Guarantor Letter For Bank Loan
An Australian legal document where a guarantor commits to securing a borrower's loan obligations to a bank, complying with Australian banking and consumer protection laws.
find out more
Bank Guarantor Letter
An Australian law-governed bank guarantee document where a bank provides an independent undertaking to pay a specified sum to a beneficiary upon demand, subject to stated terms and conditions.
find out more
Original Bank Guarantee
An Australian-law governed bank guarantee where a bank commits to pay a specified sum to a beneficiary upon defined conditions or default events.
find out more
Performance Guarantee In Tender
An Australian law-governed financial security instrument where a guarantor (typically a bank) guarantees a tenderer's performance obligations in a tender process.
find out more
Assurance Of Support Bank Guarantee
An Australian bank guarantee document that provides financial security to the government for an Assurance of Support arrangement in immigration applications.
find out more
Authorization Letter To Collect Bank Guarantee
An Australian-compliant formal authorization document that enables a designated party to collect a bank guarantee on behalf of the guarantee holder.
find out more
Indirect Bank Guarantee
An Australian law-governed bank guarantee document where a bank provides payment security to a beneficiary through an intermediary bank on behalf of a principal.
find out more
Corporate Guarantee For Bank Loan
An Australian law-governed agreement where a corporate entity guarantees a bank loan, securing the borrower's obligations to the lender.
find out more
Bid Security Bank Guarantee
An Australian law-governed bank guarantee that provides financial security to a tender issuer against a bidder's failure to honor their bid obligations.
find out more
Bank Guarantee For Deposit
An Australian-compliant bank guarantee document providing financial security for deposits, issued by a bank as an unconditional payment undertaking.
find out more
Surety Bond Bank Guarantee
An Australian-law governed bank guarantee document where a bank provides independent financial security to a beneficiary on behalf of its customer.
find out more
Standby Letter Of Credit For Lease
An Australian-law governed banking instrument that provides security for lease obligations, allowing landlords to claim payment from a bank if tenants default on lease terms.
find out more
Bank Guarantee Transferable
Australian law-compliant transferable bank guarantee template establishing payment obligations and transfer rights under Australian banking regulations.
find out more
Bank Guarantee For Rent
An Australian legal document where a bank guarantees payment to a landlord in place of a rental security deposit, governed by federal banking and state property laws.
find out more
Unlimited Bank Guarantee
An Australian law-governed unlimited bank guarantee providing unconditional payment security from a bank to a beneficiary without any cap on liability.
find out more
Standby Bank Guarantee
An Australian law-governed bank undertaking to pay a specified sum to a beneficiary upon receiving a compliant demand, serving as security in commercial transactions.
find out more
Financial Guarantee And Performance Guarantee
An Australian law-governed guarantee document securing both financial obligations and performance requirements, with specific enforcement mechanisms under Australian jurisdiction.
find out more
Domestic Bank Guarantee
An Australian law-governed financial instrument where a bank guarantees payment to a beneficiary upon demand, subject to specified conditions.
find out more
Bank Guarantee For Tender
An Australian law-governed bank guarantee document providing financial security to protect tender issuers against non-performance or withdrawal of bids by tenderers.
find out more
Non Financial Guarantee
An Australian law-governed guarantee document securing non-monetary obligations or performance commitments between parties, establishing enforcement mechanisms and claim procedures.
find out more
Genie’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; Genie’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)
.png)