A Conditional Bank Guarantee is commonly used in commercial transactions where parties seek financial security with specific safeguards. Under English and Welsh law, this instrument requires the beneficiary to demonstrate that predetermined conditions have been met before payment can be claimed. The guarantee typically includes details of the underlying transaction, conditions for payment, validity period, and claim procedures. It differs from demand guarantees by requiring documentary evidence of default or specific conditions being met, rather than allowing payment on simple demand.
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1. Parties: Identifies the guarantor bank, the applicant, and the beneficiary
2. Background: Explains the underlying transaction and purpose of the guarantee
3. Definitions: Key terms used throughout the guarantee
4. Guarantee Amount: Specifies the maximum sum guaranteed
5. Conditions for Payment: Detailed circumstances under which the guarantee can be called
6. Expiry and Return: Terms regarding validity period and return of guarantee
7. Governing Law and Jurisdiction: Specifies applicable law and courts
1. Assignment Provisions: Optional section used when the guarantee needs to be transferable, typically included when beneficiary might need to transfer rights
2. Counter-Indemnity: Optional section for bank's right to reimbursement from applicant, included when separate counter-indemnity is not executed
3. Reduction Clauses: Optional section for provisions reducing guarantee amount over time, used for long-term guarantees with declining exposure
1. Form of Demand: Template for making claims under the guarantee
2. Underlying Contract Details: Summary of the contract being guaranteed
3. Supporting Documents: List of required documents for claim submission
Relevant legal definitions
Guarantee Amount
Effective Date
Expiry Date
Beneficiary
Applicant
Guarantor
Conditions
Demand
Business Day
Underlying Contract
Supporting Documents
Claim Period
Force Majeure
Material Adverse Change
Permitted Transfer
Guarantee Documents
Event of Default
Maximum Liability
Claim Notice
Banking Hours
Governing Law
Jurisdiction
Authorized Signatory
Related Rights
Payment Currency
Specified Account
Trigger Event
Relevant Authority
Compliance Requirements
Guarantee Obligations
Effective Date
Expiry Date
Beneficiary
Applicant
Guarantor
Conditions
Demand
Business Day
Underlying Contract
Supporting Documents
Claim Period
Force Majeure
Material Adverse Change
Permitted Transfer
Guarantee Documents
Event of Default
Maximum Liability
Claim Notice
Banking Hours
Governing Law
Jurisdiction
Authorized Signatory
Related Rights
Payment Currency
Specified Account
Trigger Event
Relevant Authority
Compliance Requirements
Guarantee Obligations
Clauses
Guarantee Obligations
Payment Terms
Conditions Precedent
Claim Procedure
Documentary Requirements
Expiry and Termination
Assignment and Transfer
Amendments
Force Majeure
Representations and Warranties
Counter-Indemnity
Default Events
Notice Requirements
Set-Off Rights
Currency Provisions
Compliance
Dispute Resolution
Severability
Confidentiality
Governing Law and Jurisdiction
Waiver
Entire Agreement
Third Party Rights
Time Limits
Costs and Expenses
Bank's Rights and Obligations
Reduction Mechanisms
Documentation Requirements
Enforcement
Communications
Payment Terms
Conditions Precedent
Claim Procedure
Documentary Requirements
Expiry and Termination
Assignment and Transfer
Amendments
Force Majeure
Representations and Warranties
Counter-Indemnity
Default Events
Notice Requirements
Set-Off Rights
Currency Provisions
Compliance
Dispute Resolution
Severability
Confidentiality
Governing Law and Jurisdiction
Waiver
Entire Agreement
Third Party Rights
Time Limits
Costs and Expenses
Bank's Rights and Obligations
Reduction Mechanisms
Documentation Requirements
Enforcement
Communications
Relevant Industries
Relevant Teams
Relevant Roles
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