The Banker's Guarantee For Individual is a crucial financial instrument used in New Zealand when an individual requires a bank to guarantee their financial obligations to a third party. This document is commonly used in scenarios such as property purchases, construction contracts, or performance obligations where the beneficiary requires additional security. The guarantee provides assurance to the beneficiary that the bank will honor the guaranteed amount if the individual defaults on their obligations. The document must comply with New Zealand banking regulations, including the Reserve Bank of New Zealand Act 1989, the Credit Contracts and Consumer Finance Act 2003, and relevant consumer protection legislation. It includes specific provisions for demand procedures, payment terms, and bank's rights, tailored to meet the requirements of New Zealand law while protecting both the bank's interests and the individual customer's rights.
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1. Parties: Identifies the bank (guarantor), the beneficiary, and the individual customer (principal debtor)
2. Background: Explains the context of the guarantee, including the underlying transaction or obligation being guaranteed
3. Definitions: Defines key terms used throughout the guarantee document
4. Guarantee and Indemnity: Core section detailing the bank's guarantee obligations and indemnity provisions
5. Limit of Liability: Specifies the maximum amount of the guarantee and any limitations
6. Demand Requirements: Details how and when the beneficiary can make a demand under the guarantee
7. Payment Terms: Specifies payment procedures, timing, and currency
8. Duration and Expiry: States the validity period of the guarantee and conditions for expiry
9. Bank's Rights and Protections: Outlines the bank's rights, including right of recourse against the principal debtor
10. Representations and Warranties: Standard declarations by the principal debtor regarding their capacity and authority
11. Governing Law and Jurisdiction: Specifies New Zealand law as governing law and jurisdiction for disputes
1. Counter-Indemnity: Additional section required when the principal debtor provides specific counter-indemnity to the bank
2. Security Provisions: Include when specific security is provided against the guarantee
3. Assignment: Include if assignment of rights under the guarantee is permitted
4. Tax Provisions: Include when specific tax implications need to be addressed
5. Force Majeure: Optional clause dealing with circumstances beyond parties' control
6. Multiple Parties: Include when there are multiple principal debtors or beneficiaries
1. Schedule 1 - Form of Demand: Template for making a valid demand under the guarantee
2. Schedule 2 - Fee Schedule: Details of bank fees and charges related to the guarantee
3. Schedule 3 - Security Details: Details of any security provided (if applicable)
4. Appendix A - Underlying Agreement Reference: Reference to or extract from the underlying agreement being guaranteed
5. Appendix B - Required Documents: List of documents required for guarantee activation and demands
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