The Financial Bank Guarantee is a crucial financial instrument in Hong Kong's commercial landscape, commonly used to secure various business obligations and transactions. It serves as a risk mitigation tool where a bank provides an independent undertaking to pay a specified amount upon demand, typically when the principal debtor fails to meet their contractual obligations. The guarantee must comply with Hong Kong banking regulations and financial services requirements, particularly the Banking Ordinance (Cap. 155) and related regulatory guidelines. This document is essential in various contexts, including tender submissions, performance security, advance payment security, and financial obligations in commercial transactions. The guarantee's structure and content reflect Hong Kong banking practice and market standards, incorporating specific provisions for demand mechanisms, validity periods, and enforcement procedures.
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1. Parties: Identifies the guarantor bank, the beneficiary, and the principal debtor/applicant
2. Background: Sets out the context of the underlying transaction and the purpose of the guarantee
3. Definitions: Defines key terms used throughout the guarantee document
4. Guarantee and Indemnity: Core section detailing the bank's guarantee obligations, maximum liability, and nature of the guarantee
5. Demand Requirements: Specifies the form, content and process for making a demand under the guarantee
6. Payment Terms: Details the payment obligations, currency, timing, and method of payment
7. Duration and Expiry: Specifies the effective date, expiry date, and any automatic extension provisions
8. Bank's Rights and Obligations: Sets out the bank's rights, including right of recourse and reimbursement
9. Representations and Warranties: Contains standard banking representations and compliance statements
10. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and jurisdiction for disputes
1. Counter-Indemnity: Additional section when the principal debtor provides indemnity to the bank
2. Transfer and Assignment: Include when the guarantee needs to be transferable
3. Multiple Beneficiaries: Required when there is more than one beneficiary
4. Electronic Presentations: Include when electronic demand submissions are permitted
5. Step-In Rights: Optional section for construction or project guarantees
6. Currency Provisions: Required for cross-border transactions with multiple currencies
7. Tax Provisions: Include when tax implications need to be addressed explicitly
1. Form of Demand: Template for making a compliant demand under the guarantee
2. Underlying Transaction Details: Summary of the principal contract or obligation being guaranteed
3. Fee Schedule: Details of bank's fees, charges and commission
4. Authorized Signatories: List of persons authorized to make demands or give notices
5. Contact Details: Communication details for all parties
6. Form of Extension Request: Template for requesting extension of the guarantee validity
Relevant legal definitions
Authorized Representative
Banking Day
Beneficiary
Business Day
Counter-Indemnity
Demand
Effective Date
Event of Default
Expiry Date
Guarantee Amount
Guarantee Period
Guaranteed Obligations
Hong Kong
HKMA
Interest Rate
Maximum Liability
Notice
Original Guarantee
Parties
Payment Currency
Principal
Principal Debtor
Relevant Jurisdiction
Security
Specified Amount
Subsidiary
Taxes
Transaction Documents
Underlying Contract
Working Day
Banking Day
Beneficiary
Business Day
Counter-Indemnity
Demand
Effective Date
Event of Default
Expiry Date
Guarantee Amount
Guarantee Period
Guaranteed Obligations
Hong Kong
HKMA
Interest Rate
Maximum Liability
Notice
Original Guarantee
Parties
Payment Currency
Principal
Principal Debtor
Relevant Jurisdiction
Security
Specified Amount
Subsidiary
Taxes
Transaction Documents
Underlying Contract
Working Day
Clauses
Guarantee and Indemnity
Payment Obligations
Demand Requirements
Duration and Extension
Assignment and Transfer
Representations and Warranties
Bank's Rights
Beneficiary's Rights
Counter-Indemnity
Currency Provisions
Notices
Set-Off Rights
Amendments
Force Majeure
Severability
Waiver
Confidentiality
Anti-Money Laundering
Compliance with Laws
Costs and Expenses
Tax Provisions
Dispute Resolution
Governing Law and Jurisdiction
Entire Agreement
Counterparts
Payment Obligations
Demand Requirements
Duration and Extension
Assignment and Transfer
Representations and Warranties
Bank's Rights
Beneficiary's Rights
Counter-Indemnity
Currency Provisions
Notices
Set-Off Rights
Amendments
Force Majeure
Severability
Waiver
Confidentiality
Anti-Money Laundering
Compliance with Laws
Costs and Expenses
Tax Provisions
Dispute Resolution
Governing Law and Jurisdiction
Entire Agreement
Counterparts
Relevant Industries
Banking and Financial Services
Construction and Real Estate
International Trade
Manufacturing
Infrastructure Development
Energy and Utilities
Telecommunications
Government and Public Sector
Retail and Commercial
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Commercial Operations
Credit Control
Trade Finance
Project Finance
Banking Operations
Corporate Secretarial
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Contract Manager
Risk Manager
Compliance Officer
Banking Relationship Manager
Project Finance Manager
Trade Finance Manager
Company Secretary
Credit Risk Officer
Commercial Director
Operations Manager
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