The Performance Security Bank Guarantee is a critical financial instrument in U.S. commercial transactions, particularly in construction, infrastructure, and government contracts. It provides financial security to project owners or employers when engaging contractors or service providers for significant projects. The guarantee ensures that if the principal fails to perform their contractual obligations, the beneficiary can recover losses up to the guaranteed amount directly from the issuing bank. This document is subject to both federal banking regulations and state-specific requirements, and typically includes detailed terms regarding the guarantee amount, validity period, claim conditions, and execution requirements.
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1. Bank Details: Full legal name, address, and regulatory details of the issuing bank
2. Beneficiary Details: Complete identification and contact information of the party receiving the guarantee
3. Principal Details: Complete identification and contact information of the party requesting the guarantee
4. Guarantee Amount: Specific amount covered by the guarantee, including currency and numbers in words
5. Validity Period: Explicit start and end dates of the guarantee, including conditions for extension if any
6. Underlying Obligation: Reference to and description of the main contract or obligation being guaranteed
7. Claim Procedure: Detailed process for making claims under the guarantee, including notice requirements
8. Governing Law: Specification of applicable law and jurisdiction
1. Partial Drawings: Terms and conditions for allowing partial claims against the guarantee
2. Assignment Provisions: Terms and conditions for transferring or assigning guarantee rights
3. Counter-Guarantee: Terms of any counter-guarantee arrangements with correspondent banks
4. Force Majeure: Provisions dealing with extraordinary events affecting guarantee obligations
1. Form of Demand: Standard template for making claims under the guarantee
2. Underlying Contract Summary: Summary of key terms from the contract being guaranteed
3. Bank's Standard Terms: Standard terms and conditions of the issuing bank applicable to guarantees
4. Specimen Signatures: Authorized signatures and authentication procedures
Relevant legal definitions
Beneficiary
Principal
Guarantee Amount
Guarantee Period
Expiry Date
Demand
Business Day
Underlying Contract
Performance Obligations
Event of Default
Maximum Liability
Guaranteed Obligations
Claim Period
Bank's Obligation
Force Majeure
Governing Law
Jurisdiction
Notice
Effective Date
Material Breach
Counter-Guarantee
Assignment Rights
Banking Day
Authorized Representatives
Original Guarantee
Security Interest
Payment Demand
Written Demand
Supporting Documents
Dispute Resolution
Principal
Guarantee Amount
Guarantee Period
Expiry Date
Demand
Business Day
Underlying Contract
Performance Obligations
Event of Default
Maximum Liability
Guaranteed Obligations
Claim Period
Bank's Obligation
Force Majeure
Governing Law
Jurisdiction
Notice
Effective Date
Material Breach
Counter-Guarantee
Assignment Rights
Banking Day
Authorized Representatives
Original Guarantee
Security Interest
Payment Demand
Written Demand
Supporting Documents
Dispute Resolution
Clauses
Guarantee Amount and Scope
Duration and Validity
Bank's Undertaking
Conditions for Payment
Demand Procedure
Payment Terms
Reduction and Release
Assignment and Transfer
Amendments
Force Majeure
Governing Law
Jurisdiction
Notices
Bank's Rights and Obligations
Partial Drawings
Extension and Variation
Counter-Indemnity
Documentation Requirements
Dispute Resolution
Termination
Waiver
Severability
Costs and Expenses
Multiple Demands
Successors and Assigns
Compliance with Laws
Third Party Rights
Representations and Warranties
Limitation of Liability
Entire Agreement
Duration and Validity
Bank's Undertaking
Conditions for Payment
Demand Procedure
Payment Terms
Reduction and Release
Assignment and Transfer
Amendments
Force Majeure
Governing Law
Jurisdiction
Notices
Bank's Rights and Obligations
Partial Drawings
Extension and Variation
Counter-Indemnity
Documentation Requirements
Dispute Resolution
Termination
Waiver
Severability
Costs and Expenses
Multiple Demands
Successors and Assigns
Compliance with Laws
Third Party Rights
Representations and Warranties
Limitation of Liability
Entire Agreement
Relevant Industries
Construction
Manufacturing
Energy
Government Contracts
Infrastructure
Relevant Teams
Legal
Finance
Commercial
Risk Management
Operations
Relevant Roles
Contract Manager
Project Manager
Financial Director
Risk Manager
Commercial Director
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