The Irrevocable Letter of Guarantee is a fundamental financial instrument utilized in various commercial contexts under Maltese law. It is typically required when one party needs to provide financial security to another in transactions such as construction projects, tender submissions, advance payments, or performance obligations. The document represents an unconditional commitment from a bank or financial institution to pay a specified amount upon demand, subject to any stated conditions. Under Maltese jurisdiction, these guarantees are governed by the Civil Code and Banking Act, incorporating relevant EU regulations. The guarantee's irrevocable nature means it cannot be cancelled or amended without the beneficiary's consent, providing robust protection for commercial transactions. This instrument is particularly valuable in international trade and cross-border transactions where Malta's position as a financial services hub makes it a preferred jurisdiction.
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1. Letter Head and Date: Bank/Financial Institution's letterhead, reference number, and date of issuance
2. Addressee Details: Beneficiary's complete name and address
3. Guarantee Reference: Clear reference to the underlying transaction or obligation being guaranteed
4. Amount of Guarantee: The specific sum guaranteed, both in figures and words
5. Guarantee Declaration: Clear statement of the irrevocable and unconditional nature of the guarantee
6. Scope of Guarantee: Detailed description of the obligations covered by the guarantee
7. Duration and Validity: Explicit statement of the guarantee's effective date and expiry date
8. Payment Terms: Conditions and process for making a claim under the guarantee
9. Governing Law and Jurisdiction: Explicit reference to Maltese law and jurisdiction
10. Authorized Signatures: Space for authorized bank signatories and bank seal
1. Counter-Guarantee Reference: Required when the guarantee is issued based on a counter-guarantee from another bank
2. Assignment Clause: Include when the guarantee needs to be transferable to other beneficiaries
3. Reduction Clause: Include when the guarantee amount can be reduced over time based on specific conditions
4. Force Majeure Clause: Include for international guarantees to address extraordinary circumstances
5. Language Declaration: Required when the guarantee is issued in multiple languages
6. Anti-Money Laundering Statement: Include when required by specific regulatory requirements or bank policies
1. Schedule 1 - Underlying Contract Details: Details of the primary contract or obligation being guaranteed
2. Schedule 2 - Form of Demand: Prescribed format for making a claim under the guarantee
3. Schedule 3 - Supporting Documents: List of documents required to be submitted with any claim
4. Appendix A - Bank's Standard Terms: Standard terms and conditions of the issuing bank applicable to guarantees
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