The Drawdown Bank Guarantee is a crucial financial instrument in Canadian commercial transactions where one party requires financial security from another. This document is typically used when a beneficiary needs assurance of payment or performance from a principal, with a bank providing the guarantee. It's particularly relevant in large commercial contracts, infrastructure projects, and international trade transactions where Canadian entities are involved. The guarantee includes specific provisions for drawing down funds, typically requiring notice and specified documentation, and must comply with Canadian federal banking regulations and provincial contract law. The document outlines the maximum guarantee amount, validity period, drawdown mechanisms, and conditions for demand, providing a secure framework for commercial transactions while ensuring regulatory compliance.
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1. Parties: Identification of the Guarantor Bank, the Beneficiary, and the Principal (the party on whose behalf the guarantee is issued)
2. Background: Context of the underlying transaction and purpose of the bank guarantee
3. Definitions: Definitions of key terms used throughout the guarantee
4. Guarantee Amount: Specification of the maximum guarantee amount and currency
5. Guarantee Period: Duration of the guarantee, including effective date and expiry date
6. Drawdown Mechanism: Detailed process for making a demand under the guarantee, including notice requirements and documentation
7. Payment Terms: Timeframe and method for payment upon valid demand
8. Bank's Obligations: Scope and nature of the bank's obligations under the guarantee
9. Reduction Provisions: Mechanisms for reducing the guarantee amount following partial drawings
10. Governing Law and Jurisdiction: Specification of applicable law and courts having jurisdiction
11. Notices: Communication requirements and contact details for all parties
12. Assignment: Provisions regarding transfer or assignment of rights under the guarantee
1. Counter-Indemnity: Terms of counter-indemnity from the Principal to the Bank, used when required by bank policy
2. Multiple Beneficiaries: Additional provisions for cases with more than one beneficiary
3. Foreign Law Requirements: Additional provisions for cross-border guarantees
4. Step-In Rights: Provisions allowing the bank to step into the underlying contract, used in project finance
5. Currency Conversion: Provisions for handling currency conversions, needed for multi-currency guarantees
6. Force Majeure: Provisions dealing with extraordinary events affecting the guarantee
7. Electronic Presentation: Provisions for electronic drawing requests and documentation
8. Partial Drawings: Specific provisions for allowing partial drawings, if applicable
1. Form of Demand: Template for making a demand under the guarantee
2. Required Documents: List and formats of documents required for drawdown
3. Fee Schedule: Details of bank fees and charges
4. Notice Details: Detailed contact information for all parties
5. Underlying Contract Summary: Key details of the contract being guaranteed
6. Drawing Certificate: Standard form of drawing certificate to be used
7. Authorized Signatories: List of persons authorized to make drawings
8. Amendment Procedure: Forms and procedures for requesting amendments to the guarantee
Relevant legal definitions
Guarantee Amount
Drawdown Notice
Expiry Date
Business Day
Banking Day
Effective Date
Principal
Beneficiary
Guarantor Bank
Underlying Contract
Demand
Drawing Certificate
Authorized Representative
Event of Default
Maximum Liability
Guaranteed Obligations
Notice
Payment Date
Reduction Amount
Security Interest
Supporting Documents
Applicable Law
Force Majeure Event
Material Adverse Change
Available Amount
Outstanding Amount
Presentation
Counter-Guarantee
Permitted Transfer
Drawing Amount
Certificate of Compliance
Bank Business Hours
Claim Period
Enforcement Event
Governing Law
Drawdown Notice
Expiry Date
Business Day
Banking Day
Effective Date
Principal
Beneficiary
Guarantor Bank
Underlying Contract
Demand
Drawing Certificate
Authorized Representative
Event of Default
Maximum Liability
Guaranteed Obligations
Notice
Payment Date
Reduction Amount
Security Interest
Supporting Documents
Applicable Law
Force Majeure Event
Material Adverse Change
Available Amount
Outstanding Amount
Presentation
Counter-Guarantee
Permitted Transfer
Drawing Amount
Certificate of Compliance
Bank Business Hours
Claim Period
Enforcement Event
Governing Law
Clauses
Guarantee Obligations
Payment Terms
Drawdown Procedure
Documentary Requirements
Bank's Rights and Obligations
Representations and Warranties
Indemnification
Assignment and Transfer
Amendments
Notices
Enforcement
Governing Law and Jurisdiction
Dispute Resolution
Force Majeure
Severability
Anti-Money Laundering
Confidentiality
Termination
Entire Agreement
Counterparts
Currency Provisions
Time of Essence
Reduction and Cancellation
Validity Period
Set-Off Rights
Compliance with Laws
Electronic Communications
Language of Guarantee
Payment Terms
Drawdown Procedure
Documentary Requirements
Bank's Rights and Obligations
Representations and Warranties
Indemnification
Assignment and Transfer
Amendments
Notices
Enforcement
Governing Law and Jurisdiction
Dispute Resolution
Force Majeure
Severability
Anti-Money Laundering
Confidentiality
Termination
Entire Agreement
Counterparts
Currency Provisions
Time of Essence
Reduction and Cancellation
Validity Period
Set-Off Rights
Compliance with Laws
Electronic Communications
Language of Guarantee
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
International Trade
Energy and Resources
Manufacturing
Real Estate Development
Government and Public Sector
Telecommunications
Mining
Oil and Gas
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Commercial Banking
Trade Finance
Project Finance
Credit Risk
Operations
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Commercial Banking Manager
Trade Finance Manager
Project Finance Manager
Legal Counsel
Contract Manager
Risk Manager
Compliance Officer
Corporate Banking Officer
Credit Risk Officer
Transaction Banking Specialist
Business Development Manager
Senior Relationship Manager
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