The Composite Bank Guarantee is a sophisticated financial instrument utilized when multiple beneficiaries or facilities need to be secured under a single guarantee structure. This document type is particularly relevant in complex commercial transactions governed by Hong Kong law, where having separate guarantees would be impractical or inefficient. It includes detailed provisions for the rights and obligations of all parties, specific demand and payment mechanisms, and clear procedures for enforcement. The guarantee typically supports various commercial arrangements such as project financing, trading facilities, or multiple credit lines. The document must comply with Hong Kong banking regulations and financial services laws while maintaining the flexibility to accommodate different commercial requirements. Essential elements include the specification of maximum liability amounts, demand procedures, expiry conditions, and the relationship between multiple beneficiaries.
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1. Parties: Identification of the Bank (Guarantor), the Principal (Applicant), and multiple Beneficiaries
2. Background: Context of the guarantee, reference to underlying agreements, and purpose of the composite guarantee
3. Definitions: Definitions of key terms used throughout the guarantee, including Guaranteed Sum, Expiry Date, and Demand
4. Guarantee and Indemnity: Core guarantee obligations, maximum liability amount, and indemnity provisions
5. Scope of Guarantee: Details of facilities/obligations covered under the composite guarantee
6. Independent Payment Obligation: Establishing the guarantee as an independent obligation from underlying contracts
7. Demand Requirements: Process and format for making demands under the guarantee
8. Payment Terms: Timeline and method for payment upon valid demand
9. Duration and Expiry: Term of the guarantee, conditions for extension, and expiry provisions
10. Bank's Rights and Protections: Rights of the bank including set-off and protection provisions
11. Governing Law and Jurisdiction: Hong Kong law as governing law and jurisdiction clause
1. Multiple Beneficiary Provisions: Specific provisions governing relationship between multiple beneficiaries, used when beneficiaries have different rights or ranking
2. Transfer and Assignment: Provisions regarding transfer of guarantee rights, included when transfer rights are to be permitted
3. Counter-Indemnity: Principal's obligation to indemnify the bank, included when separate counter-indemnity not executed
4. Electronic Presentations: Provisions for electronic demands and notices, included when electronic submissions are permitted
5. Currency Provisions: Detailed currency conversion provisions, included for multi-currency facilities
6. Step-In Rights: Rights of beneficiaries to step into underlying contracts, included in project finance contexts
7. Reduction Provisions: Mechanisms for reducing guarantee amount over time, included for performance guarantees
1. Form of Demand: Template for making valid demands under the guarantee
2. Underlying Facilities: Details of all facilities/obligations covered by the composite guarantee
3. Beneficiary Details: Complete details of all beneficiaries and their respective rights/limits
4. Fee Schedule: Schedule of fees and charges payable to the bank
5. Authorized Signatories: List of authorized signatories for each party
6. Form of Extension Request: Template for requesting extension of the guarantee
7. Required Supporting Documents: List of documents required to accompany demands
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