A Drawdown Bank Guarantee is commonly used in commercial transactions where parties seek additional security for their contractual obligations. Under English and Welsh law, this instrument provides a robust form of security, allowing beneficiaries to make demands for payment directly to the bank, either in full or in installments. The guarantee's terms typically include the maximum amount, validity period, drawdown conditions, and any supporting documentation requirements. This type of guarantee is particularly valuable in international trade, construction projects, and large commercial transactions where parties seek independent, reliable security from a financial institution.
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1. Parties: Identification of the guarantor bank, beneficiary, and principal obligor
2. Background: Context of the guarantee and reference to underlying transaction
3. Definitions: Key terms used throughout the guarantee
4. Guarantee Amount: Maximum amount guaranteed and currency
5. Drawdown Mechanism: Procedures and conditions for making a demand under the guarantee
6. Expiry: Term of the guarantee and conditions for termination
7. Governing Law and Jurisdiction: Specification of English and Welsh law and courts
1. Transfer and Assignment: Provisions allowing for transfer of the guarantee rights, included when the beneficiary may need to transfer rights under the guarantee
2. Counter-Indemnity: Principal's obligation to indemnify the bank, included when a separate counter-indemnity is not being executed
3. Multiple Drawings: Provisions for partial drawings under the guarantee, included when multiple drawdowns are permitted
1. Form of Demand: Template for making a demand under the guarantee
2. Supporting Documents: List of required documents to accompany demand
3. Fee Schedule: Bank's fees and charges if applicable
Relevant legal definitions
Guarantee
Guaranteed Amount
Beneficiary
Principal
Guarantor
Demand
Drawdown Notice
Business Day
Expiry Date
Effective Date
Event of Default
Maximum Liability
Outstanding Amount
Permitted Drawing
Supporting Documents
Complying Presentation
Bank Charges
Governing Law
Jurisdiction
Notice
Original Guarantee
Related Rights
Security Interest
Underlying Transaction
Working Hours
Guaranteed Amount
Beneficiary
Principal
Guarantor
Demand
Drawdown Notice
Business Day
Expiry Date
Effective Date
Event of Default
Maximum Liability
Outstanding Amount
Permitted Drawing
Supporting Documents
Complying Presentation
Bank Charges
Governing Law
Jurisdiction
Notice
Original Guarantee
Related Rights
Security Interest
Underlying Transaction
Working Hours
Clauses
Guarantee and Indemnity
Maximum Liability
Drawdown Mechanics
Payment Obligations
Duration and Expiry
Demands Under Guarantee
Supporting Documentation
Bank's Rights and Obligations
Assignment and Transfer
Reduction and Reinstatement
Representations and Warranties
Communications
Costs and Expenses
Currency Provisions
Tax Gross-up
Amendments and Waivers
Severability
Counterparts
Third Party Rights
Notices
Set-off Rights
Force Majeure
Governing Law
Jurisdiction
Dispute Resolution
Maximum Liability
Drawdown Mechanics
Payment Obligations
Duration and Expiry
Demands Under Guarantee
Supporting Documentation
Bank's Rights and Obligations
Assignment and Transfer
Reduction and Reinstatement
Representations and Warranties
Communications
Costs and Expenses
Currency Provisions
Tax Gross-up
Amendments and Waivers
Severability
Counterparts
Third Party Rights
Notices
Set-off Rights
Force Majeure
Governing Law
Jurisdiction
Dispute Resolution
Relevant Industries
Relevant Teams
Relevant Roles
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