The Corporate Bank Guarantee is a crucial financial instrument in UAE business transactions, commonly used to secure contractual obligations, tender submissions, advance payments, or performance requirements. This document, regulated under UAE Federal Law No. 18 of 1993 (Commercial Code) and UAE Central Bank regulations, represents a bank's irrevocable commitment to pay a specified sum to a beneficiary upon compliant demand. It serves as a risk mitigation tool, particularly important in large commercial transactions where parties seek additional security. The guarantee's terms must be precisely drafted to ensure compliance with UAE banking regulations and Shariah principles where applicable, while clearly defining the conditions for demand and payment.
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1. Parties: Identification of the Bank (Guarantor), the Corporate Entity (Principal), and the Beneficiary
2. Background: Context of the guarantee, reference to the underlying transaction or obligation being guaranteed
3. Definitions: Key terms used throughout the guarantee document
4. Guarantee Amount: Specific amount of the guarantee and currency
5. Scope of Guarantee: Detailed description of the obligations being guaranteed
6. Duration and Validity: Term of the guarantee, including effective date and expiry date
7. Demand Requirements: Process and conditions for making a claim under the guarantee
8. Payment Terms: Timeline and method for payment upon valid demand
9. Bank's Rights and Obligations: Specific rights and duties of the guarantor bank
10. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant courts
11. Notices: Communication procedures and contact details for all parties
12. Execution: Signature blocks and execution formalities
1. Counter-Indemnity: Terms of indemnification from the Principal to the Bank, used when additional security is required
2. Assignment Restrictions: Provisions restricting or permitting transfer of guarantee rights, included when transfer rights need to be specifically addressed
3. Automatic Extension Clause: Mechanism for automatic extension of the guarantee, used for longer-term projects or obligations
4. Reduction Clause: Provisions for gradual reduction of guarantee amount, used in project-related guarantees
5. Force Majeure: Provisions dealing with extraordinary events, included when specific risk allocation is needed
6. Language Preference: Specification of prevailing language if guarantee is bilingual, used when multiple language versions exist
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Contract Details: Summary or extract of the main contract being guaranteed
3. Corporate Authorizations: Evidence of authority to issue/receive the guarantee
4. Payment Instructions: Detailed banking information for payments under the guarantee
5. Specimen Signatures: Authorized signatures for making demands or communications
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Real Estate
International Trade
Manufacturing
Oil and Gas
Infrastructure Development
Telecommunications
Government and Public Sector
Retail and Commerce
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Commercial
Procurement
Corporate Banking
Trade Finance
Compliance
Credit Risk
Operations
Relevant Roles
Chief Financial Officer
Treasury Manager
Legal Counsel
Contract Manager
Finance Director
Risk Manager
Commercial Director
Project Manager
Procurement Manager
Banking Relationship Manager
Compliance Officer
Credit Risk Officer
Corporate Banking Officer
Trade Finance Manager
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