The On Demand Bank Guarantee is a crucial financial instrument in UAE business operations, particularly in sectors requiring significant financial security. It represents an unconditional commitment by a bank to pay a specified sum to a beneficiary upon receiving a compliant demand, without the need to prove default or breach. This type of guarantee is extensively used in construction projects, tender submissions, advance payment security, and performance security in the UAE. The document must comply with UAE Federal Law No. 18 of 1993 (Commercial Transactions Law) and UAE Central Bank regulations, while often incorporating international banking practices. The guarantee typically includes specific terms regarding the demand mechanism, expiry conditions, and governing law provisions, making it a preferred security instrument for both local and international business transactions in the UAE.
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1. Bank Details and Reference: Information identifying the issuing bank, guarantee reference number, and date of issuance
2. Beneficiary Details: Full name and address of the party in whose favor the guarantee is issued
3. Applicant Details: Full name and address of the party requesting the guarantee
4. Guarantee Amount: The maximum amount of the guarantee, expressed in both numbers and words
5. Purpose of Guarantee: Clear statement of the underlying transaction or obligation being guaranteed
6. Guarantee Terms: Core terms including the bank's unconditional obligation to pay upon demand
7. Demand Requirements: Specific format and requirements for making a valid demand under the guarantee
8. Expiry Details: Clear statement of the expiry date and conditions, including claim period
9. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant jurisdiction for disputes
1. Counter Guarantee Reference: Required when the guarantee is issued based on a counter-guarantee from another bank
2. Reduction Clause: Optional clause specifying if and how the guarantee amount can be reduced over time
3. Assignment Provisions: Include when the guarantee needs to be transferable to another beneficiary
4. Language Precedence: Required when the guarantee is issued in multiple languages
5. Automatic Renewal Clause: Optional clause for guarantees that may need to be automatically renewed
6. Shipping Guarantee Provisions: Specific provisions required for shipping/maritime-related guarantees
1. Form of Demand: Template for the written demand to be submitted by the beneficiary
2. Supporting Documents List: List of any additional documents required to be submitted with the demand
3. Authentication Method: Details of SWIFT or other authentication methods to be used for demands
4. Underlying Contract Reference: Summary or reference details of the underlying contract or obligation being guaranteed
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Real Estate
International Trade
Manufacturing
Oil and Gas
Infrastructure Development
Shipping and Maritime
Government and Public Sector
Retail and Commercial
Energy and Utilities
Relevant Teams
Legal
Finance
Treasury
Risk Management
Commercial
Procurement
Project Management
Trade Finance
Credit
Compliance
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Bank Relationship Manager
Contract Manager
Legal Counsel
Trade Finance Manager
Credit Risk Manager
Project Manager
Procurement Manager
Commercial Director
Company Secretary
Financial Controller
Business Development Manager
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