The Bank Guarantee For Sale is a crucial financial instrument in commercial transactions, particularly in international trade and large-scale purchases. This document, governed by English and Welsh law, is typically used when a buyer requires security against the seller's performance obligations. The guarantee provides assurance that the bank will pay a specified amount if the seller fails to fulfill their contractual obligations. It includes detailed terms about the guarantee amount, validity period, conditions for claims, and documentation requirements. The instrument is subject to UK financial regulations and often follows international banking practices.
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1. Parties: Identification of the bank issuing the guarantee and the beneficiary
2. Background: Context of the guarantee and underlying transaction
3. Definitions: Key terms used in the guarantee including references to relevant legislation (FSMA 2000, Bills of Exchange Act 1882, etc.)
4. Guarantee Amount: Specific sum being guaranteed and currency specifications
5. Terms of Payment: Conditions under which the guarantee can be called and payment mechanisms
6. Validity Period: Duration and expiry of the guarantee, including any extension provisions
7. Compliance Requirements: Reference to regulatory requirements including money laundering and sanctions regulations
8. Governing Law and Jurisdiction: Specification of English and Welsh law as governing law and relevant jurisdiction
1. Transferability Clause: Optional provisions for when the guarantee needs to be transferable to another beneficiary
2. Partial Drawings: Optional provisions allowing for multiple partial claims under the guarantee
3. Counter-Guarantee Provisions: Optional terms covering counter-guarantee arrangements when multiple banks are involved
4. International Banking Practices: Optional reference to ICC Uniform Rules for Demand Guarantees (URDG 758) when applicable
1. Schedule 1 - Form of Demand: Standard format template for making claims under the guarantee
2. Schedule 2 - Supporting Documents: List of required documentation for making valid claims
3. Schedule 3 - Authorized Signatories: List of persons authorized to make claims under the guarantee
4. Schedule 4 - Underlying Contract Details: Summary of the transaction being guaranteed and key commercial terms
Relevant legal definitions
Guarantee Amount
Beneficiary
Business Day
Claim
Conditions Precedent
Counter-Guarantee
Demand
Effective Date
Expiry Date
Event of Default
Force Majeure
Governing Law
Guarantee Period
Instructions
Issuing Bank
Maximum Liability
Notification
Obligations
Payment Date
Principal
Relevant Documents
Sale Agreement
Security
Supporting Documents
Transaction
Underlying Contract
Valid Claim
Working Day
Beneficiary
Business Day
Claim
Conditions Precedent
Counter-Guarantee
Demand
Effective Date
Expiry Date
Event of Default
Force Majeure
Governing Law
Guarantee Period
Instructions
Issuing Bank
Maximum Liability
Notification
Obligations
Payment Date
Principal
Relevant Documents
Sale Agreement
Security
Supporting Documents
Transaction
Underlying Contract
Valid Claim
Working Day
Clauses
Guarantee Amount and Scope
Payment Terms
Validity Period
Demand Requirements
Conditions Precedent
Obligations of the Bank
Representations and Warranties
Documentation Requirements
Notice and Communications
Assignment and Transfer
Force Majeure
Amendments and Variations
Governing Law and Jurisdiction
Bank's Rights and Obligations
Claim Procedures
Default Events
Termination
Waiver
Severability
Costs and Expenses
Indemnification
Confidentiality
Dispute Resolution
Notices
Currency and Payment Methods
Anti-Money Laundering Compliance
Regulatory Compliance
Counter-Guarantee Provisions
Payment Terms
Validity Period
Demand Requirements
Conditions Precedent
Obligations of the Bank
Representations and Warranties
Documentation Requirements
Notice and Communications
Assignment and Transfer
Force Majeure
Amendments and Variations
Governing Law and Jurisdiction
Bank's Rights and Obligations
Claim Procedures
Default Events
Termination
Waiver
Severability
Costs and Expenses
Indemnification
Confidentiality
Dispute Resolution
Notices
Currency and Payment Methods
Anti-Money Laundering Compliance
Regulatory Compliance
Counter-Guarantee Provisions
Relevant Industries
Relevant Teams
Relevant Roles
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