The Bank Guarantee For Supply Of Goods is a crucial document in commercial transactions where suppliers require payment security. It is commonly used when dealing with new business relationships, large transaction values, or international trade. Under U.S. banking regulations, this guarantee serves as a binding commitment from a bank to pay a specified sum to the supplier if the buyer defaults on payment obligations. The document typically includes detailed terms about the guaranteed amount, validity period, conditions for payment, and claim procedures. It's particularly relevant in scenarios where suppliers are hesitant to ship goods without payment security, or where buyers need to demonstrate their creditworthiness through a bank's backing.
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1. Parties: Identification of the bank, beneficiary, and applicant
2. Background: Context of the underlying transaction and purpose of guarantee
3. Definitions: Key terms used throughout the guarantee
4. Guarantee Amount: Specific sum being guaranteed
5. Duration: Validity period of the guarantee
6. Conditions for Payment: Circumstances under which the guarantee can be called
7. Payment Terms: Process and timeline for payment upon valid demand
8. Governing Law: Applicable jurisdiction and legal framework
1. Assignment Clause: Terms for transferring rights under the guarantee - include when transfer rights are anticipated
2. Counter-Guarantee Provisions: Terms relating to any counter-guarantees - include when involving multiple banks or jurisdictions
3. Force Majeure: Provisions for extraordinary circumstances - include when specific risk allocation is needed
1. Form of Demand: Template for making claims under the guarantee
2. Underlying Contract Details: Summary of the primary contract being guaranteed
3. Supporting Documents: List of required documentation for claim validation
4. Bank's Standard Terms: General terms and conditions of the issuing bank
Relevant legal definitions
Guarantee
Guaranteed Amount
Guarantor
Beneficiary
Applicant
Underlying Contract
Goods
Demand
Expiry Date
Business Day
Banking Day
Force Majeure
Event of Default
Payment Obligation
Claim Notice
Supporting Documents
Effective Date
Governing Law
Counter-Guarantee
Assignment
Material Adverse Change
Permitted Transfer
Security Interest
Documentary Requirements
Notice
Authorized Representative
Bank's Standard Terms
Guarantee Period
Shipping Documents
Commercial Invoice
Guaranteed Amount
Guarantor
Beneficiary
Applicant
Underlying Contract
Goods
Demand
Expiry Date
Business Day
Banking Day
Force Majeure
Event of Default
Payment Obligation
Claim Notice
Supporting Documents
Effective Date
Governing Law
Counter-Guarantee
Assignment
Material Adverse Change
Permitted Transfer
Security Interest
Documentary Requirements
Notice
Authorized Representative
Bank's Standard Terms
Guarantee Period
Shipping Documents
Commercial Invoice
Clauses
Guarantee Amount and Scope
Duration and Validity
Payment Terms
Conditions for Claims
Documentary Requirements
Notice and Communications
Assignment and Transfer
Force Majeure
Governing Law and Jurisdiction
Amendments and Modifications
Termination
Default Events
Dispute Resolution
Representations and Warranties
Bank's Rights and Obligations
Beneficiary's Rights and Obligations
Applicant's Obligations
Indemnification
Costs and Expenses
Confidentiality
Severability
Entire Agreement
Waiver
Counter-Guarantee Provisions
Currency and Payment Methods
Compliance with Laws
Anti-Money Laundering
Notices
Banking Days and Time Periods
Document Examination Standards
Duration and Validity
Payment Terms
Conditions for Claims
Documentary Requirements
Notice and Communications
Assignment and Transfer
Force Majeure
Governing Law and Jurisdiction
Amendments and Modifications
Termination
Default Events
Dispute Resolution
Representations and Warranties
Bank's Rights and Obligations
Beneficiary's Rights and Obligations
Applicant's Obligations
Indemnification
Costs and Expenses
Confidentiality
Severability
Entire Agreement
Waiver
Counter-Guarantee Provisions
Currency and Payment Methods
Compliance with Laws
Anti-Money Laundering
Notices
Banking Days and Time Periods
Document Examination Standards
Relevant Industries
Manufacturing
International Trade
Retail
Construction
Relevant Teams
Finance
Procurement
Legal
Treasury
Supply Chain
Relevant Roles
Chief Financial Officer
Procurement Manager
Treasury Manager
Trade Finance Manager
Supply Chain Director
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