Bank Guarantee Lost Original for South Africa

Bank Guarantee Lost Original Template for South Africa

A formal legal document used in South African banking practice when an original bank guarantee has been lost, destroyed, or misplaced. This document combines a declaration of loss with an indemnity agreement, protecting the bank's interests while providing a solution for the customer. It includes detailed information about the lost guarantee, circumstances of loss, search efforts undertaken, and indemnification provisions. The document must comply with South African banking regulations, particularly the Banks Act 94 of 1990 and Financial Sector Regulation Act 9 of 2017, and includes necessary affidavits and supporting documentation.

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What is a Bank Guarantee Lost Original?

The Bank Guarantee Lost Original document is a crucial instrument in South African banking practice, used when an original bank guarantee cannot be located or has been destroyed. This document becomes necessary in various business scenarios where the original guarantee is required but unavailable, such as project completions, contract fulfillments, or tender submissions. It serves multiple purposes: officially declaring the loss of the original guarantee, providing indemnity to the bank, and establishing a legal basis for issuing a replacement or cancellation. The document must comply with South African banking regulations and typically includes affidavits, searches conducted, and comprehensive details of the original guarantee. It's particularly important as bank guarantees represent significant financial commitments, and their loss or replacement must be handled with appropriate legal and procedural safeguards.

What sections should be included in a Bank Guarantee Lost Original?

1. Bank Details and Reference: Full details of the issuing bank, including branch, reference numbers, and contact information

2. Customer Details: Complete information about the customer who lost the original guarantee, including account details and contact information

3. Original Guarantee Details: Specific details of the lost bank guarantee including guarantee number, date of issue, amount, beneficiary details, and purpose

4. Declaration of Loss: Formal declaration stating the circumstances under which the original guarantee was lost or destroyed

5. Search Confirmation: Statement confirming that reasonable searches have been conducted and the document cannot be found

6. Indemnity: Customer's undertaking to indemnify the bank against any claims or losses arising from the lost guarantee

7. Replacement Request: Formal request for the issuance of a replacement guarantee or confirmation letter

8. Original Invalidation: Statement declaring the original guarantee null and void if found

What sections are optional to include in a Bank Guarantee Lost Original?

1. Police Report Reference: Include when a police report has been filed for the lost document

2. Beneficiary Acknowledgment: Include when the beneficiary has been notified and acknowledged the loss of the original guarantee

3. Additional Security Measures: Include when additional security measures or conditions are required for the replacement

4. Media Advertisement: Include when public notification of the lost guarantee in media is required

5. Third Party Claims Procedure: Include when specific procedures for handling potential third-party claims need to be detailed

What schedules should be included in a Bank Guarantee Lost Original?

1. Affidavit of Loss: Sworn affidavit detailing the circumstances of loss and search efforts

2. Original Guarantee Copy: Copy of the lost guarantee if available (marked as copy)

3. Supporting Documents: Relevant supporting documents such as ID, authority to act, etc.

4. Indemnity Bond: Detailed indemnity agreement protecting the bank's interests

5. Search Evidence: Documentation of attempts made to locate the original guarantee

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

Jurisdiction

South Africa

Publisher

Genie AI

Document Type

Bank Guarantee

Sector

Banking

Cost

Free to use
Relevant Industries

Banking and Financial Services

Construction and Infrastructure

Real Estate Development

International Trade

Manufacturing

Mining and Resources

Retail and Commercial

Government and Public Sector

Insurance

Transport and Logistics

Relevant Teams

Legal

Compliance

Risk Management

Treasury

Operations

Credit

Customer Relations

Documentary Credits

Corporate Banking

Trade Finance

Relevant Roles

Bank Manager

Legal Counsel

Compliance Officer

Risk Manager

Treasury Manager

Financial Director

Company Secretary

Contract Manager

Project Manager

Commercial Manager

Operations Manager

Credit Manager

Relationship Manager

Documentary Credits Specialist

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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