Business Bank Guarantee Template for Nigeria

1. Parties: Identification of the Bank (Guarantor), the Principal (Business/Client), and the Beneficiary

2. Background: Context of the guarantee, including the underlying business relationship and purpose of the guarantee

3. Definitions: Definitions of key terms used throughout the guarantee document

4. Guarantee Amount: Specific amount of the guarantee and currency

5. Scope of Guarantee: Detailed description of the obligations being guaranteed

6. Duration and Validity: Term of the guarantee, including commencement and expiry dates

7. Conditions for Demand: Circumstances under which the guarantee can be called upon

8. Payment Terms: Process and timing for payment upon valid demand

9. Bank's Rights and Obligations: Detailed outline of the guarantor bank's responsibilities and rights

10. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

11. Notices: Communication procedures and contact details for all parties

12. Execution: Signature blocks and execution requirements

1. Schedule 1 - Form of Demand: Template for making a valid demand under the guarantee

2. Schedule 2 - Security Details: Details of any collateral or security provided (if applicable)

3. Schedule 3 - Fee Schedule: Details of bank fees and charges related to the guarantee

4. Appendix A - Required Documents: List of documents required for guarantee activation or demand

5. Appendix B - Authorized Signatories: List of persons authorized to make demands or act under the guarantee