Contract Of Indemnity And Guarantee Template for Singapore

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Key Requirements PROMPT example:

Contract Of Indemnity And Guarantee

"I need a Contract of Indemnity and Guarantee for my Singapore-based construction company to provide a performance guarantee to our client for a major building project, with the guarantee period running until December 2025 and covering potential defects liability."

What is a Contract Of Indemnity And Guarantee?

The Contract of Indemnity and Guarantee is a crucial legal instrument in Singapore's commercial landscape, commonly used to secure business obligations and provide financial security. This document, governed by Singapore law, particularly the Contracts Act (Chapter 53), serves two primary functions: as an indemnity protecting against specified losses, and as a guarantee ensuring the performance of third-party obligations. It's particularly relevant in scenarios involving financial transactions, construction projects, or commercial leases, where parties seek additional security for their business dealings.

What sections should be included in a Contract Of Indemnity And Guarantee?

1. Parties: Identification of the indemnifier/guarantor and the beneficiary

2. Background: Context of the indemnity/guarantee and the underlying transaction

3. Definitions: Key terms used throughout the agreement

4. Scope of Indemnity/Guarantee: Detailed description of what is being guaranteed or indemnified

5. Duration: Term of the indemnity/guarantee

6. Obligations of Parties: Rights and duties of each party

7. Governing Law: Specification of Singapore law as governing law

What sections are optional to include in a Contract Of Indemnity And Guarantee?

1. Security Provisions: Additional security measures, used when additional collateral is provided

2. Step-In Rights: Rights of the beneficiary to take over obligations in project-related guarantees

3. Counter-Indemnity: Provisions for counter-indemnification when multiple parties are involved in the arrangement

What schedules should be included in a Contract Of Indemnity And Guarantee?

1. Schedule of Guaranteed Obligations: Detailed list of obligations covered by the guarantee/indemnity

2. Form of Demand: Template for making claims under the guarantee/indemnity

3. Security Documents: Details of any security provided

4. Corporate Authorizations: Required corporate approvals and resolutions

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Finance
Construction
Real Estate
Insurance
International Trade

Relevant Teams

Legal
Finance
Risk Management
Treasury
Compliance

Relevant Roles

Chief Financial Officer
Legal Counsel
Risk Manager
Treasury Manager
Contract Manager

Find the exact document you need

Third Party Indemnity Agreement

A Singapore-law governed agreement where one party agrees to protect another against third-party related losses or liabilities.

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What is a Contract Of Indemnity And Guarantee?

What sections should be included in a Contract Of Indemnity And Guarantee?

What sections are optional to include in a Contract Of Indemnity And Guarantee?

What schedules should be included in a Contract Of Indemnity And Guarantee?

Authors

Alex Denne

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