Document background
The Non-Financial Guarantee is a critical legal instrument in Austrian commercial practice, commonly used to provide security for performance obligations in various business contexts. This document is particularly relevant when a party needs to guarantee non-financial obligations such as construction completion, service delivery, or warranty commitments. The guarantee must comply with Austrian law, specifically the provisions of the Austrian Civil Code (ABGB) regarding guarantees and sureties. It is designed to protect the beneficiary's interests while clearly defining the guarantor's obligations and liability limits. The document includes essential elements such as demand mechanisms, duration terms, and enforcement provisions, making it suitable for both domestic and international transactions where Austrian law is chosen as the governing law.
