Revolving Bank Guarantee Template for Nigeria

1. Parties: Identification of the Guarantor Bank, the Applicant (Principal), and the Beneficiary

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

3. Definitions: Definitions of key terms including Guarantee Amount, Validity Period, Revolving Mechanism, and other relevant terms

4. Guarantee Amount and Scope: Specification of the maximum guarantee amount, revolving nature, and scope of the bank's undertaking

5. Duration and Renewal: Terms of the guarantee period, automatic renewal conditions, and expiry mechanisms

6. Revolving Mechanism: Detailed explanation of how the guarantee amount revolves, reinstatement conditions, and cycle periods

7. Demand and Payment Terms: Procedures for making demands under the guarantee, required documentation, and payment terms

8. Bank's Rights and Obligations: Scope of bank's obligations, examination rights, and payment conditions

9. Counter-Indemnity: Principal's obligations to indemnify the bank against claims and payments

10. Fees and Charges: Commission, fees, and other charges payable to the bank

11. Events of Default: Circumstances constituting default and their consequences

12. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction for disputes

1. Schedule 1 - Form of Demand: Prescribed format for making demands under the guarantee

2. Schedule 2 - Fee Schedule: Detailed breakdown of all applicable fees, charges, and commission

3. Schedule 3 - Supporting Documents: List of required supporting documents for guarantee activation and demands

4. Schedule 4 - Authorized Signatories: List of authorized signatories and specimen signatures

5. Appendix A - Underlying Contract Summary: Summary of the main contract or obligation being guaranteed

6. Appendix B - Compliance Checklist: Regulatory compliance requirements and confirmations