The Standby Bank Guarantee is a crucial financial instrument in commercial transactions under Maltese law, typically used when one party requires financial security for the performance obligations of another party. It is commonly utilized in construction projects, international trade, and large commercial contracts where the beneficiary seeks protection against potential default or non-performance by the applicant. The document contains specific terms regarding the guarantee amount, validity period, conditions for demand, and documentation requirements. Under Maltese jurisdiction, these guarantees must comply with local banking regulations and commercial law while often incorporating international banking practices. The guarantee can be called upon through a formal demand process, typically requiring presentation of specified documents evidencing the applicant's default.
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1. Bank Details and Reference: Identifying information of the issuing bank, guarantee reference number, and date
2. Beneficiary Details: Full name and address of the party in whose favor the guarantee is issued
3. Applicant Details: Full name and address of the party requesting the guarantee
4. Guarantee Amount: The maximum amount guaranteed and the currency
5. Underlying Transaction: Reference to the primary contract or obligation being guaranteed
6. Guarantee Terms: The specific conditions under which the guarantee can be called upon
7. Expiry Provisions: The validity period of the guarantee and expiry conditions
8. Demand Requirements: The formal requirements and process for making a claim under the guarantee
9. Governing Law and Jurisdiction: Specification of Maltese law as governing law and jurisdiction details
10. Bank Signature Block: Official signatures, stamps and authentication details
1. Transfer Provisions: Include when the guarantee needs to be transferable to another beneficiary
2. Reduction Clauses: Include when the guarantee amount may be reduced over time or upon certain events
3. Counter-Guarantee References: Include when there is a counter-guarantee from another bank involved
4. Language Provisions: Include when the guarantee may be issued in multiple languages
5. Force Majeure Clauses: Include when specific force majeure provisions are required beyond standard terms
6. SWIFT Authentication: Include when the guarantee may be transmitted via SWIFT
7. Uniform Rules Reference: Include when the guarantee is subject to ICC URDG 758 or other international rules
1. Form of Demand: Template for making a compliant demand under the guarantee
2. Supporting Documents List: List of required documents to be presented with any demand
3. Underlying Contract Extract: Relevant excerpts from the underlying contract being guaranteed
4. Authentication Procedures: Specific procedures for verifying authenticity of demands and communications
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