The Indirect Bank Guarantee is a crucial financial instrument in the UAE banking sector, particularly utilized when a foreign bank needs to issue a guarantee to a UAE-based beneficiary. This arrangement typically occurs when the beneficiary requires a guarantee from a local UAE bank rather than accepting a direct guarantee from a foreign bank. The document outlines the complete framework of the guarantee relationship, including the counter-guarantee from the foreign bank to the UAE bank, and the guarantee from the UAE bank to the beneficiary. It must comply with UAE Federal Laws, UAE Central Bank regulations, and often incorporates international banking practices such as the ICC Uniform Rules for Demand Guarantees. The guarantee can be used for various purposes including bid bonds, performance bonds, advance payment guarantees, and retention money guarantees, making it an essential tool in international trade and business transactions involving UAE parties.
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1. Parties: Identification of all parties: the beneficiary, the instructing party (applicant), the issuing bank, and the counter-guaranteeing bank
2. Background: Context of the guarantee, including the underlying commercial relationship and reason for the guarantee
3. Definitions: Key terms used throughout the guarantee, including banking terms and technical definitions
4. Guarantee Amount: Specification of the guaranteed sum, currency, and any automatic reduction mechanisms
5. Scope of Guarantee: Detail of what the guarantee covers and the circumstances under which it can be called
6. Duration and Expiry: Validity period of the guarantee, including start date, expiry date, and any extension conditions
7. Demand Requirements: Procedures and conditions for making a claim under the guarantee, including required documentation
8. Payment Terms: Timeline and process for payment upon valid demand, including currency and method of payment
9. Reduction and Release: Conditions under which the guarantee amount may be reduced or the guarantee released
10. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes
1. Counter-Indemnity: Terms of counter-indemnity from the instructing party to the issuing bank, used when separate counter-indemnity is not provided
2. Assignment Provisions: Rules regarding assignment of rights under the guarantee, included when assignment might be relevant
3. Force Majeure: Provisions dealing with extraordinary events, included for higher-value or long-term guarantees
4. Language: Provisions regarding prevailing language, included when guarantee is issued in multiple languages
5. Sanctions Compliance: Provisions regarding compliance with international sanctions, included for international guarantees
6. Electronic Presentations: Terms for electronic submission of documents, included when electronic processing is permitted
1. Form of Demand: Template for making a compliant demand under the guarantee
2. Required Documents: List and specimens of documents required for guarantee claims
3. Fee Schedule: Details of bank charges, fees, and commission rates
4. Communication Details: Contact information and authorized representatives of all parties
5. Underlying Contract Details: Summary of the primary contract or obligation being guaranteed
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction and Infrastructure
Real Estate Development
Oil and Gas
Manufacturing
Government and Public Sector
Telecommunications
Energy and Utilities
Maritime and Shipping
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Risk Management
Compliance
International Banking
Corporate Banking
Project Management
Operations
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Financial Controller
Risk Manager
Corporate Banking Manager
Trade Finance Operations Officer
Legal Counsel
Compliance Officer
Project Manager
Contract Manager
Banking Relationship Manager
Credit Risk Officer
International Business Development Manager
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