Document background
The Bank Guarantee Transferable is a specialized financial instrument used in commercial transactions where the payment security needs to be transferable between different parties. This document is particularly relevant in complex project financing, international trade, and large-scale commercial transactions under Belgian jurisdiction. It enables the initial beneficiary to transfer their rights under the guarantee to subsequent beneficiaries, subject to specific conditions and bank approval. The guarantee must comply with Belgian banking laws, the Civil Code, and EU financial regulations, while also considering international banking practices such as the ICC Uniform Rules for Demand Guarantees. This type of bank guarantee is commonly used when the underlying commercial relationship may involve multiple parties over time or when the beneficiary needs the flexibility to transfer their rights under the guarantee.
