The Retention Bank Guarantee serves as a financial security instrument commonly used in UAE construction and development projects. It is issued when a contractor wishes to receive their full payment without the typical retention percentage being held back by the project owner. Under UAE law, this document provides an unconditional undertaking from a bank to pay the retention amount to the project owner if the contractor fails to meet their obligations. The guarantee must comply with UAE Federal Law No. 18 of 1993 (Commercial Code) and UAE Central Bank regulations, and typically remains valid until the end of the defects liability period. It offers project owners the same security as cash retention while improving the contractor's cash flow position.
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1. Bank Details and Reference: Complete details of the issuing bank, including branch, and the unique guarantee reference number
2. Beneficiary Details: Full name and address of the party in whose favor the guarantee is issued
3. Principal Details: Full name and address of the party requesting the guarantee (usually the contractor)
4. Project Reference: Details of the underlying project or contract for which the retention guarantee is being issued
5. Guarantee Amount: The specific amount being guaranteed, expressed in both numbers and words
6. Main Contract Reference: Reference to the main contract including its date and parties
7. Terms of Guarantee: Specific conditions under which the guarantee can be called, including validity period and expiry conditions
8. Claim Process: Procedure for making claims under the guarantee, including notice requirements
9. Governing Law and Jurisdiction: Explicit reference to UAE law and jurisdiction
10. Bank's Undertaking: The bank's formal commitment to pay upon first demand
1. Multiple Currency Provisions: Required when the guarantee amount involves multiple currencies or currency conversion provisions
2. Step-Down Provisions: Optional section for when the guarantee amount reduces in stages over time
3. Assignment Restrictions: Required when there are specific restrictions on the assignment or transfer of the guarantee
4. Force Majeure Provisions: Optional section detailing how force majeure events affect the guarantee obligations
5. Islamic Banking Compliance: Required when the guarantee needs to comply with Islamic banking principles
6. Counter-Guarantee References: Required when there is a counter-guarantee from another bank involved
1. Form of Demand: Template for making a valid demand under the guarantee
2. Project Milestone Schedule: If the guarantee is linked to project milestones, this schedule details the relevant milestones
3. Step-Down Schedule: If applicable, details the schedule of guarantee amount reductions
4. Authorized Signatories: List of persons authorized to make demands under the guarantee
Relevant legal definitions
Clauses
Relevant Industries
Construction
Infrastructure Development
Real Estate
Oil & Gas
Energy
Manufacturing
Engineering
Mining
Telecommunications
Industrial Development
Relevant Teams
Legal
Finance
Treasury
Commercial
Operations
Risk Management
Procurement
Project Management
Contract Administration
Corporate Governance
Relevant Roles
Project Manager
Contract Manager
Financial Director
Treasury Manager
Construction Manager
Legal Counsel
Chief Financial Officer
Risk Manager
Commercial Manager
Project Director
Bank Relationship Manager
Procurement Manager
Finance Manager
Company Secretary
Operations Director
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