A Construction Bank Guarantee is commonly required in Singapore's construction industry to provide financial security for large-scale building projects. This document becomes necessary when a project owner requires security against potential contractor defaults or non-performance. The guarantee typically includes specific details about the construction project, guarantee amount, validity period, and claim conditions. Under Singapore law, these guarantees are typically provided on an 'on-demand' basis, meaning payment must be made upon presentation of compliant documents, regardless of disputes in the underlying construction contract.
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Key Requirements PROMPT example:
Construction Bank Guarantee
"Need a Construction Bank Guarantee for a 15-story commercial building project in Singapore, with a guarantee amount of SGD 5 million and validity period until March 2025, to be issued by DBS Bank in favor of Singapore Commercial Properties Ltd."
1. Bank Details: Information about the issuing bank including name, registration number, and authorized signatories
2. Guarantee Amount: Specified sum of the guarantee in numbers and words, including currency
3. Principal Contract Reference: Details of the underlying construction contract including contract number, date, and parties
4. Beneficiary Details: Complete information about the party benefiting from the guarantee including name, registration number, and address
5. Validity Period: Specific start and end dates of the guarantee, including any automatic extension provisions
6. Demand Requirements: Detailed conditions and process for making claims under the guarantee
1. Partial Drawings: Terms and conditions for making multiple partial claims against the guarantee, including minimum claim amounts and notice requirements
2. Assignment Provisions: Terms governing the transfer of guarantee rights to third parties, including notification requirements and restrictions
3. Counter-Guarantee: Terms relating to counter-guarantee arrangements between multiple banks, typically used in international transactions
1. Form of Demand: Standard template for submitting claims under the guarantee, including required declarations and supporting documentation
2. Principal Contract Summary: Summary of key terms from the underlying construction contract relevant to the guarantee
3. Bank Authorization Documents: Documentation evidencing the bank's authority to issue the guarantee and specimen signatures of authorized signatories
Authors
Relevant legal definitions
Beneficiary
Bank
Contractor
Construction Contract
Contract Price
Demand
Expiry Date
Guarantee Amount
Guaranteed Obligations
Principal Contract
Project
Site
Works
Business Day
Completion Date
Default
Force Majeure Event
Guarantee Period
Letter of Demand
Maximum Liability
Notice
Payment Obligation
Singapore Dollars
Supporting Documents
Validity Period
Bank
Contractor
Construction Contract
Contract Price
Demand
Expiry Date
Guarantee Amount
Guaranteed Obligations
Principal Contract
Project
Site
Works
Business Day
Completion Date
Default
Force Majeure Event
Guarantee Period
Letter of Demand
Maximum Liability
Notice
Payment Obligation
Singapore Dollars
Supporting Documents
Validity Period
Clauses
Guarantee Amount and Scope
Duration and Validity
Demand Requirements
Payment Obligations
Bank's Rights and Obligations
Beneficiary's Rights
Assignment and Transfer
Force Majeure
Governing Law and Jurisdiction
Notices
Amendment and Variation
Waiver
Severability
Expiry and Release
Claims Process
Counter-Indemnity
Costs and Expenses
Compliance with Laws
Multiple Demands
Set-Off Rights
Language
Original Copies
Bank's Independent Obligation
Fraud Exception
Stamp Duty
Duration and Validity
Demand Requirements
Payment Obligations
Bank's Rights and Obligations
Beneficiary's Rights
Assignment and Transfer
Force Majeure
Governing Law and Jurisdiction
Notices
Amendment and Variation
Waiver
Severability
Expiry and Release
Claims Process
Counter-Indemnity
Costs and Expenses
Compliance with Laws
Multiple Demands
Set-Off Rights
Language
Original Copies
Bank's Independent Obligation
Fraud Exception
Stamp Duty
Relevant Industries
Relevant Teams
Relevant Roles
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