The Bank Guarantee For Performance Security is a crucial financial instrument in Canadian business transactions, particularly for large-scale projects and government contracts. It provides security to project owners by ensuring that contractors will either perform their obligations or compensate for failures through the guarantee. This document becomes relevant when a contractor needs to provide performance security as a condition for contract award or execution. The guarantee typically amounts to 5-10% of the contract value and remains valid throughout the contract period plus a claim period. Under Canadian jurisdiction, these guarantees are regulated by federal banking laws and provincial contract laws, with specific requirements for form, content, and enforcement. The document must clearly state the conditions for claims, the bank's obligations, and the guarantee amount, while ensuring compliance with both Canadian banking regulations and international banking practices.
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1. Bank Details and Reference Number: Full name and address of the issuing bank, guarantee reference number, and date
2. Beneficiary Details: Full name and address of the party receiving the guarantee
3. Principal Details: Full name and address of the party on whose behalf the guarantee is issued
4. Underlying Contract Reference: Details of the primary contract or tender for which the performance security is required
5. Guarantee Amount: The maximum amount guaranteed, stated in both figures and words
6. Guarantee Scope: Clear statement of what the guarantee covers and the bank's obligations
7. Demand Requirements: Specific requirements and format for making a claim under the guarantee
8. Expiry and Claims Period: Validity period of the guarantee and deadline for claims
9. Reduction Provisions: Conditions under which the guarantee amount may be reduced
10. Governing Law and Jurisdiction: Specification of applicable law and courts
11. Bank's Undertaking: The bank's commitment to pay upon compliant demand
1. Multiple Beneficiaries Clause: Required when there are multiple parties entitled to make claims under the guarantee
2. Assignment Provisions: Include when the guarantee needs to be transferable
3. Counter-Guarantee Reference: Required when there is a counter-guarantee from another bank
4. Language Provision: Include when the guarantee may be used in multiple jurisdictions with different languages
5. Force Majeure Clause: Optional clause addressing circumstances beyond control that may affect the guarantee
6. Electronic Presentation Clause: Include when electronic submission of demands is permitted
7. Partial Claims Provision: Include when multiple partial claims are to be permitted
1. Form of Demand: Template for making a compliant demand under the guarantee
2. Performance Metrics: Detailed criteria for performance evaluation, if referenced in the guarantee
3. Authorization Evidence: Copies of corporate authorizations and specimen signatures
4. Underlying Contract Extract: Relevant excerpts from the main contract regarding performance security requirements
Relevant legal definitions
Guarantee
Beneficiary
Principal
Guarantor
Underlying Contract
Performance Security
Expiry Date
Demand
Guaranteed Amount
Business Day
Claim Period
Compliant Demand
Contract Price
Default
Effective Date
Force Majeure
Governing Law
Maximum Liability
Notice
Payment Currency
Performance Obligations
Project
Reduction Certificate
Security Interest
Specimen Signature
Supporting Documents
Valid Claim
Working Hours
Writing
Counter-Guarantee
Beneficiary
Principal
Guarantor
Underlying Contract
Performance Security
Expiry Date
Demand
Guaranteed Amount
Business Day
Claim Period
Compliant Demand
Contract Price
Default
Effective Date
Force Majeure
Governing Law
Maximum Liability
Notice
Payment Currency
Performance Obligations
Project
Reduction Certificate
Security Interest
Specimen Signature
Supporting Documents
Valid Claim
Working Hours
Writing
Counter-Guarantee
Clauses
Parties Identification
Guarantee Amount
Scope of Guarantee
Bank's Undertaking
Demand Requirements
Payment Obligations
Expiry and Duration
Reduction Provisions
Assignment and Transfer
Governing Law and Jurisdiction
Notice Requirements
Amendment and Variation
Force Majeure
Compliance with Laws
Claims Procedure
Supporting Documentation
Multiple Beneficiaries
Currency and Payment
Counter-Guarantee
Termination
Bank's Rights and Obligations
Dispute Resolution
Severability
Electronic Communications
Language
Original Copies
Guarantee Amount
Scope of Guarantee
Bank's Undertaking
Demand Requirements
Payment Obligations
Expiry and Duration
Reduction Provisions
Assignment and Transfer
Governing Law and Jurisdiction
Notice Requirements
Amendment and Variation
Force Majeure
Compliance with Laws
Claims Procedure
Supporting Documentation
Multiple Beneficiaries
Currency and Payment
Counter-Guarantee
Termination
Bank's Rights and Obligations
Dispute Resolution
Severability
Electronic Communications
Language
Original Copies
Relevant Industries
Construction
Infrastructure Development
Energy and Utilities
Mining
Real Estate Development
Manufacturing
Defense Contracting
Government Projects
Telecommunications
Transportation
Oil and Gas
Relevant Teams
Legal
Finance
Treasury
Risk Management
Procurement
Commercial
Operations
Project Management
Compliance
Business Development
Contract Administration
Relevant Roles
Project Manager
Contract Manager
Legal Counsel
Chief Financial Officer
Treasury Manager
Risk Manager
Procurement Manager
Commercial Director
Business Development Manager
Operations Director
Construction Manager
Bid Manager
Company Secretary
Finance Director
Compliance Officer
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