Performance Guarantee Bonds are essential risk management tools in commercial transactions under Singapore law. They are commonly used when a party requires security for the performance of contractual obligations, particularly in construction, infrastructure, and large-scale projects. The Performance Guarantee Bond provides the beneficiary with direct recourse to the guarantor (usually a bank) for a specified sum if the principal fails to meet their obligations. These bonds are typically on-demand instruments, meaning payment must be made upon compliant demand without proof of default, subject to fraud or unconscionability exceptions under Singapore law.
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Key Requirements PROMPT example:
Performance Guarantee Bond
"I need a Performance Guarantee Bond for a construction project in Singapore, where Bank ABC will guarantee SGD 5 million for XYZ Construction's performance of works at the Marina Bay development, with the bond to be effective from March 1, 2025."
1. Parties: Details of the Guarantor (usually a bank), Principal (contractor), and Beneficiary
2. Background: Context of the underlying contract and purpose of the guarantee
3. Definitions: Key terms used throughout the bond document
4. Guarantee Amount: Specific sum guaranteed under the bond
5. Duration and Validity: Term of the guarantee and expiry conditions
6. Demand Requirements: Conditions and process for making claims under the bond
1. Step-in Rights: Rights of guarantor to take over project completion - used for large construction or infrastructure projects
2. Partial Claims Provisions: Provisions for making partial claims against the bond - used for complex projects with multiple milestones
3. Assignment Clauses: Rights and restrictions on assignment of the bond - used when transfer of rights might be anticipated
1. Form of Demand: Template for making claims under the bond
2. Underlying Contract Details: Summary of the main contract being guaranteed
3. Project Milestones: Key dates and deliverables (if applicable)
4. Authorized Signatories: List of persons authorized to make demands under the bond
Authors
Relevant legal definitions
Guarantor
Principal
Beneficiary
Guarantee Amount
Bond
Demand
Expiry Date
Guaranteed Obligations
Original Contract
Project
Business Day
Completion Date
Default
Effective Date
Governing Law
Maximum Liability
Notice
Permitted Assignment
Security Interest
Underlying Contract
Valid Claim
Working Days
Force Majeure Event
Authorized Representative
Performance Standards
Principal
Beneficiary
Guarantee Amount
Bond
Demand
Expiry Date
Guaranteed Obligations
Original Contract
Project
Business Day
Completion Date
Default
Effective Date
Governing Law
Maximum Liability
Notice
Permitted Assignment
Security Interest
Underlying Contract
Valid Claim
Working Days
Force Majeure Event
Authorized Representative
Performance Standards
Clauses
Guarantee
Payment on Demand
Term and Duration
Expiry
Assignment
Amendments
Notices
Governing Law
Jurisdiction
Indemnification
Claims Process
Representations and Warranties
Maximum Liability
Termination
Force Majeure
Waiver
Severability
Confidentiality
Third Party Rights
Counterparts
Costs and Expenses
Currency
No Set-off
Entire Agreement
Compliance with Laws
Payment on Demand
Term and Duration
Expiry
Assignment
Amendments
Notices
Governing Law
Jurisdiction
Indemnification
Claims Process
Representations and Warranties
Maximum Liability
Termination
Force Majeure
Waiver
Severability
Confidentiality
Third Party Rights
Counterparts
Costs and Expenses
Currency
No Set-off
Entire Agreement
Compliance with Laws
Relevant Industries
Relevant Teams
Relevant Roles
Find the exact document you need
Corporate Performance Guarantee
A Singapore law-governed guarantee where a corporate entity ensures the performance obligations of another party, backed by legal enforceability under Singapore jurisdiction.
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Advance Performance Guarantee
A Singapore-law governed financial guarantee securing the performance obligations of a contractor or supplier, typically issued by a bank.
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Contract Performance Guarantee
A Singapore-law governed guarantee ensuring contractual performance through financial security provided by a third-party guarantor.
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Performance Guarantee Bond
A Singapore-law governed financial guarantee securing a contractor's performance obligations, typically issued by a bank.
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