The Cash Backed Bank Guarantee is a crucial financial instrument used in Malaysian business transactions where a party requires security for performance or payment obligations. This document is typically used in scenarios such as construction projects, tender submissions, or commercial contracts where the beneficiary needs assurance of payment or performance. The guarantee is distinguished by being fully secured by a cash deposit from the applicant, which provides the bank with immediate recourse in case of a demand. The document must comply with Malaysian banking regulations, particularly the Financial Services Act 2013 and Bank Negara Malaysia guidelines, while also adhering to Malaysian contract law principles. It includes detailed provisions on the maintenance of the cash deposit, demand mechanisms, and the specific conditions under which the guarantee can be called upon.
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1. Parties: Identification of the Bank (Guarantor), the Applicant (providing cash backing), and the Beneficiary
2. Background: Context of the underlying transaction and purpose of the guarantee
3. Definitions: Key terms used in the guarantee including 'Guarantee Amount', 'Cash Deposit', 'Expiry Date', etc.
4. Guarantee: Core guarantee provisions including amount, scope, and bank's undertaking
5. Cash Backing Arrangements: Terms regarding the cash deposit, including amount, maintenance, and restrictions
6. Duration and Validity: Period of guarantee, expiry conditions, and any extension provisions
7. Demand Requirements: Process and conditions for making a demand under the guarantee
8. Bank's Rights and Obligations: Scope of bank's responsibilities and rights regarding the guarantee and cash deposit
9. Applicant's Covenants: Obligations of the applicant regarding maintenance of cash backing and compliance
10. Governing Law and Jurisdiction: Specification of Malaysian law and jurisdiction provisions
1. Counter-Indemnity: Additional indemnity provisions from the applicant to the bank, used in complex transactions
2. Transfer and Assignment: Provisions regarding transferability of the guarantee, included if transfers are to be permitted
3. Multiple Beneficiaries: Additional provisions for cases with more than one beneficiary
4. Foreign Currency Provisions: Special provisions for guarantees involving foreign currency, when applicable
5. Step-In Rights: Provisions allowing the bank to step into the underlying transaction, used in project finance
6. Force Majeure: Provisions dealing with extraordinary events, included for long-term guarantees
1. Form of Demand: Prescribed format for making a demand under the guarantee
2. Cash Deposit Details: Specific details of the cash backing arrangement including account details
3. Fee Schedule: Details of bank's fees and charges
4. Underlying Transaction Documents: Summary or copies of the transaction documents related to the guarantee
5. Authorized Signatories: List of persons authorized to make demands or communications under the guarantee
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