The Advising Bank In Bank Guarantee document is essential when a bank acts as an advisor in guarantee transactions under English and Welsh law. This document becomes necessary when an issuing bank requires a local bank to verify and communicate guarantee terms to beneficiaries, particularly in international transactions. It details the scope of the advising bank's services, liability limitations, and compliance requirements with UK banking regulations. The document protects the advising bank while ensuring transparent communication between all parties involved in the guarantee arrangement.
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1. Parties: Identification of the bank and beneficiary
2. Background: Context and purpose of the bank guarantee
3. Definitions: Key terms used throughout the document
4. Guarantee Amount: Specific amount being guaranteed and currency details
5. Duration: Validity period of the guarantee including effective date and expiry conditions
6. Payment Terms: Conditions and process for claiming under the guarantee including timing and documentation requirements
7. Governing Law: Specification of English and Welsh law as the governing law
1. Counter-Indemnity: Terms protecting the bank against losses, used for high-value guarantees or higher-risk transactions
2. Assignment Provisions: Terms regarding transfer of rights under the guarantee, included when transfer rights are contemplated
3. Multiple Beneficiaries: Provisions for multiple beneficiary arrangements, used when guarantee benefits multiple parties
1. Form of Demand: Standard template for making claims under the guarantee
2. Supporting Documents: List of required documentation for claims and verification procedures
3. Fee Schedule: Details of bank charges and fees associated with the guarantee
4. Underlying Transaction Details: Description of the transaction being guaranteed and related contractual obligations
Relevant legal definitions
Advising Bank
Issuing Bank
Beneficiary
Applicant
Guarantee
Bank Guarantee
Counter-Guarantee
Demand
Expiry Date
Effective Date
Guarantee Amount
Governing Law
Business Day
Banking Day
Force Majeure
Underlying Transaction
Supporting Documents
Presentation
Non-Complying Presentation
Complying Presentation
Authentication
SWIFT
Correspondent Bank
Advising Fee
Amendment
ICC URDG 758
Event of Default
Notice
Paying Bank
Principal
Claim
Maximum Liability Amount
Applicable Law
Authorized Representative
Security Interest
Issuing Bank
Beneficiary
Applicant
Guarantee
Bank Guarantee
Counter-Guarantee
Demand
Expiry Date
Effective Date
Guarantee Amount
Governing Law
Business Day
Banking Day
Force Majeure
Underlying Transaction
Supporting Documents
Presentation
Non-Complying Presentation
Complying Presentation
Authentication
SWIFT
Correspondent Bank
Advising Fee
Amendment
ICC URDG 758
Event of Default
Notice
Paying Bank
Principal
Claim
Maximum Liability Amount
Applicable Law
Authorized Representative
Security Interest
Clauses
Scope of Advisory Services
Verification Obligations
Authentication Procedures
Communication Methods
Fees and Charges
Liability Limitations
Force Majeure
Confidentiality
Anti-Money Laundering
Sanctions Compliance
Document Examination
Notice Requirements
Amendments
Termination
Assignment
Severability
Entire Agreement
Waiver
Indemnification
Dispute Resolution
Governing Law
Jurisdiction
Payment Terms
Bank's Rights and Obligations
Documentation Requirements
Representations and Warranties
Record Keeping
Regulatory Compliance
Service Level Standards
Electronic Banking Provisions
Verification Obligations
Authentication Procedures
Communication Methods
Fees and Charges
Liability Limitations
Force Majeure
Confidentiality
Anti-Money Laundering
Sanctions Compliance
Document Examination
Notice Requirements
Amendments
Termination
Assignment
Severability
Entire Agreement
Waiver
Indemnification
Dispute Resolution
Governing Law
Jurisdiction
Payment Terms
Bank's Rights and Obligations
Documentation Requirements
Representations and Warranties
Record Keeping
Regulatory Compliance
Service Level Standards
Electronic Banking Provisions
Relevant Industries
Relevant Teams
Relevant Roles
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