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Payment Guarantee Agreement

Payment Guarantee Agreement Template for Austria

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Key Requirements PROMPT example:

Payment Guarantee Agreement

"I need a Payment Guarantee Agreement where Deutsche Bank Austria AG will guarantee payment obligations of EUR 2.5 million for our supplier ABC GmbH for a period of 12 months starting March 1, 2025, with specific provisions for partial drawings."

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Document background
Payment Guarantee Agreements are essential financial instruments used to secure payment obligations in commercial transactions under Austrian law. These agreements are particularly valuable in scenarios where a party requires assurance of payment, such as in international trade, large-scale projects, or significant commercial transactions. The agreement provides a legally binding commitment from a guarantor (often a financial institution) to pay a specified sum to the beneficiary if the principal debtor fails to meet their payment obligations. The document must comply with Austrian banking regulations and civil law requirements, including specific formalities under the ABGB and UGB. A Payment Guarantee Agreement typically includes detailed provisions on the guarantee's scope, conditions for demands, payment mechanics, and enforcement procedures, making it a crucial tool for risk management in commercial relationships.
Suggested Sections

1. Parties: Identification of the Guarantor, the Beneficiary, and the Principal Debtor, including full legal names and addresses

2. Background: Context of the guarantee, including reference to the underlying obligation or transaction being guaranteed

3. Definitions: Definitions of key terms used throughout the agreement

4. Guarantee: Core guarantee provisions, including the scope and nature of the guarantee obligation

5. Maximum Amount: Specification of the maximum amount covered by the guarantee

6. Payment Terms: Terms and conditions for making payments under the guarantee, including timing and process

7. Duration: Validity period of the guarantee, including commencement and expiry dates

8. Demands Under the Guarantee: Process and requirements for making valid demands under the guarantee

9. Representations and Warranties: Standard representations and warranties by the Guarantor

10. Governing Law and Jurisdiction: Confirmation of Austrian law as governing law and jurisdiction for disputes

11. Notices: Process and requirements for giving valid notices under the agreement

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Counter-Indemnity: Terms of reimbursement from the Principal Debtor to the Guarantor, included when the guarantee is not given gratuitously

2. Assignment and Transfer: Provisions regarding the ability to assign or transfer rights under the guarantee, included when transferability is desired

3. Multiple Guarantors: Additional provisions for cases involving more than one guarantor

4. Currency Provisions: Specific provisions for guarantees involving foreign currency, included for international transactions

5. Tax Gross-Up: Provisions for tax implications and gross-up obligations, included when tax considerations are relevant

6. Force Majeure: Provisions dealing with extraordinary events affecting the guarantee, included when specifically requested

7. Amendments and Modifications: Process for making changes to the guarantee terms, included for longer-term guarantees

Suggested Schedules

1. Form of Demand: Template for making valid demands under the guarantee

2. Underlying Agreement: Copy or summary of the agreement or obligation being guaranteed

3. Corporate Authorizations: Copies of relevant corporate approvals and authorizations

4. Specimen Signatures: Specimen signatures of authorized signatories

5. Payment Details: Bank account and payment processing details

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

alex.den.21@genieai.co
Relevant legal definitions


























Clauses


























Relevant Industries

Banking and Financial Services

Construction and Real Estate

International Trade

Manufacturing

Infrastructure and Energy

Retail and Consumer Goods

Professional Services

Transportation and Logistics

Technology and Software

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Commercial Operations

Credit Control

Corporate Secretariat

Banking Operations

Relevant Roles

Chief Financial Officer

Treasury Manager

Finance Director

Legal Counsel

Corporate Lawyer

Risk Manager

Commercial Director

Contract Manager

Banking Relationship Manager

Credit Risk Officer

Company Secretary

Finance Manager

Compliance Officer

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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