The Indirect Bank Guarantee is a specialized financial instrument commonly used in international trade and complex financial transactions under Austrian law. It creates a chain arrangement where a local bank (Guarantor Bank) issues a guarantee at the request of another bank (Instructing Bank) on behalf of the Principal. This structure is particularly useful when the beneficiary requires a guarantee from a bank in their jurisdiction, but the Principal's relationship bank is located elsewhere. The document includes comprehensive provisions for guarantee issuance, demand procedures, payment terms, and counter-indemnity obligations, all compliant with Austrian banking regulations and international banking practices. It's essential for transactions requiring local bank presence while leveraging international banking relationships.
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1. Parties: Identification of all parties: Principal, Instructing Bank, and Guarantor Bank, including full legal names and addresses
2. Background: Context of the guarantee, including the underlying transaction or obligation being guaranteed
3. Definitions: Key terms used throughout the guarantee document
4. Guarantee Amount and Currency: Specification of the maximum guarantee amount and currency
5. Scope of Guarantee: Detailed description of the obligations covered by the guarantee
6. Duration and Expiry: Validity period of the guarantee, including effective date and expiry conditions
7. Demand Requirements: Formal requirements for making a valid demand under the guarantee
8. Payment Terms: Conditions and procedure for payment upon receipt of a valid demand
9. Counter-Indemnity: Principal's obligation to indemnify the Instructing Bank
10. Bank Charges and Fees: Distribution of costs and fees among parties
11. Governing Law and Jurisdiction: Confirmation of Austrian law as governing law and jurisdiction for disputes
12. Notices: Communication procedures and contact details for all parties
1. Transfer and Assignment: Include when the guarantee needs to be transferable
2. Reduction Clause: Include when the guarantee amount may be reduced over time
3. Language: Include when the guarantee may be issued in multiple languages
4. Force Majeure: Include for international guarantees to address unforeseen circumstances
5. Anti-Money Laundering Provisions: Include when required by specific banking regulations or compliance requirements
6. Sanctions Clause: Include when transactions involve international trade or parties from different jurisdictions
7. Electronic Presentation: Include when electronic submission of documents is permitted
1. Form of Demand: Template for making a compliant demand under the guarantee
2. Fee Schedule: Detailed breakdown of all applicable fees and charges
3. Specimen Signatures: Authorized signatures for all parties
4. Underlying Contract Details: Summary or extract of the underlying contract being guaranteed
5. Communication Procedures: Detailed procedures for communications between banks
6. Required Documents: List of documents required for guarantee activation or demand
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