The Performance Bank Guarantee In Tender serves as a risk mitigation tool in competitive bidding processes under English and Welsh jurisdiction. It provides financial security to tender issuers, ensuring that only serious bidders participate and that the winning bidder will proceed with the contract. This guarantee typically includes specific details about the tender, guaranteed amount, validity period, and claim conditions. It's particularly crucial in high-value contracts where the tender issuer needs protection against potential default or withdrawal by the bidder. The document follows strict banking protocols and must comply with UK financial regulations and banking practices.
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1. Parties: Identification of the bank (guarantor), principal (tenderer), and beneficiary
2. Background: Context of the tender and reason for guarantee
3. Definitions: Key terms used throughout the guarantee
4. Guarantee Amount: Specific sum being guaranteed and currency details
5. Duration: Validity period of the guarantee including start and end dates
6. Demand Requirements: Process and conditions for making claims under the guarantee
7. Payment Terms: Timeline and method of payment upon valid demand
1. Assignment Clause: Terms specifying whether and how rights under the guarantee may be assigned
2. Counter-Guarantee Provisions: Terms relating to counter-guarantees in international transactions with multiple banks
3. Force Majeure: Provisions dealing with extraordinary circumstances affecting guarantee performance
1. Form of Demand: Standard template for making claims under the guarantee
2. Tender Details: Specific details of the tender being guaranteed including project specifications
3. Supporting Documents: List of required documentation for making valid claims under the guarantee
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