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Bank Guarantee Irrevocable Template for Austria

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Key Requirements PROMPT example:

Bank Guarantee Irrevocable

"I need an irrevocable bank guarantee under Austrian law for a construction project, where my company needs to secure a performance obligation of EUR 2.5 million until March 2025, with the guarantee callable on first demand and Austrian courts having exclusive jurisdiction."

Document background
The Bank Guarantee Irrevocable is a crucial financial instrument used in Austrian and international business transactions to provide security and assurance to parties involved in commercial dealings. This document is typically employed when one party requires financial security from another, such as in construction projects, tender submissions, or performance obligations. Under Austrian law, these guarantees are governed by strict regulatory requirements and banking practices, providing a high degree of certainty and enforceability. The guarantee's irrevocable nature ensures that it cannot be withdrawn or modified without the beneficiary's consent, making it a preferred form of security in significant commercial transactions. The document includes detailed information about the guaranteed amount, conditions for calling the guarantee, payment terms, and the specific obligations being secured, all structured to comply with Austrian legal requirements and banking standards.
Suggested Sections

1. Place and Date: Location and date of issuance of the bank guarantee

2. Parties: Identification of the guarantor bank, the beneficiary, and the principal debtor

3. Reference Numbers: Bank's reference number and any related transaction numbers

4. Guarantee Amount: The maximum amount of the guarantee expressed in numbers and words

5. Underlying Transaction: Description of the primary obligation or transaction being guaranteed

6. Guarantee Declaration: Express and unconditional declaration of guarantee by the bank

7. Irrevocability Statement: Clear statement that the guarantee is irrevocable

8. Conditions for Payment: Specific conditions and documentation required for calling the guarantee

9. Payment Terms: Timeline and method of payment upon valid demand

10. Expiry: Validity period and expiration conditions of the guarantee

11. Governing Law: Explicit statement that Austrian law governs the guarantee

12. Jurisdiction: Specification of competent courts for disputes

13. Bank's Signature: Authorized signatures and bank stamp section

Optional Sections

1. Reduction Clause: Optional clause specifying conditions for automatic reduction of guarantee amount, used for performance or warranty guarantees

2. Transfer Provisions: Section specifying whether the guarantee is transferable, included when transferability is requested

3. Counter-Guarantee Reference: Reference to any counter-guarantee arrangements, included in international transactions

4. URDG 758 Application: Declaration of application of ICC Uniform Rules for Demand Guarantees, included when parties agree to apply international standards

5. Language Provision: Specification of controlling language version, included when guarantee is issued in multiple languages

6. Electronic Presentation: Terms for electronic presentation of documents, included when electronic submissions are accepted

Suggested Schedules

1. Appendix A - Form of Demand: Template for making a compliant demand under the guarantee

2. Appendix B - Required Documents: List of documents required to be presented with any demand

3. Appendix C - Authorized Signatories: List of persons authorized to make demands under the guarantee

4. Appendix D - Underlying Contract Extract: Relevant extracts from the underlying contract being guaranteed (if applicable)

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions






























Clauses



























Relevant Industries

Banking and Financial Services

Construction and Infrastructure

International Trade

Real Estate Development

Manufacturing

Energy and Utilities

Telecommunications

Government and Public Sector

Retail and Commercial Development

Transport and Logistics

Relevant Teams

Legal

Finance

Treasury

Risk Management

Commercial Operations

Procurement

Compliance

International Business

Project Management

Credit Control

Relevant Roles

Chief Financial Officer

Treasury Manager

Finance Director

Risk Manager

Commercial Director

Contract Manager

Legal Counsel

Banking Relationship Manager

Project Manager

Procurement Manager

Credit Risk Officer

Corporate Finance Manager

International Business Development Manager

Compliance Officer

Financial Controller

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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