The Unconditional Irrevocable Bank Guarantee is a critical financial instrument used in commercial transactions where one party requires secure payment assurance from a bank. This document, governed by Austrian law, provides an independent, unconditional commitment from a bank to pay a specified amount upon the beneficiary's compliant demand, without the ability to revoke or modify the commitment unilaterally. It's commonly used in international trade, construction projects, and large commercial contracts where parties seek robust financial security. The guarantee operates under Austrian banking regulations and the supervision of the Financial Market Authority, while also adhering to international banking practices. It's particularly valuable in situations requiring strong payment security, contract performance assurance, or bid security in tender processes.
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1. Bank Details: Full legal name and address of the issuing bank
2. Guarantee Number: Unique reference number of the bank guarantee
3. Beneficiary Details: Full legal name and address of the beneficiary
4. Applicant Details: Full legal name and address of the party requesting the guarantee
5. Guarantee Amount: The maximum amount of the guarantee and currency
6. Underlying Transaction: Reference to the underlying contract or obligation being guaranteed
7. Guarantee Terms: Clear statement of the unconditional and irrevocable nature of the guarantee
8. Payment Conditions: Process and requirements for demanding payment under the guarantee
9. Validity Period: Effective date and expiry date of the guarantee
10. Governing Law: Specification of Austrian law as the governing law
11. Jurisdiction: Designation of competent courts for dispute resolution
1. Language Clause: Required when the guarantee might be used internationally, specifying English as the controlling language
2. Reduction Clause: Used when the guarantee amount may be reduced in stages based on specific conditions
3. Transfer Provisions: Include when the guarantee needs to be transferable to another beneficiary
4. Force Majeure: Added when specific force majeure provisions are required beyond standard law
5. Counter-Guarantee Reference: Required when the guarantee is issued under a counter-guarantee from another bank
6. Electronic Presentation: Include when electronic submission of documents is permitted
7. Partial Drawings: Required when multiple partial drawings under the guarantee are to be permitted
1. Demand Form: Standard form for making a demand under the guarantee
2. Supporting Documents List: List of required documents to be presented with any demand
3. Authenticated SWIFT Format: Format for authenticated SWIFT messages if applicable
4. Underlying Contract Extract: Relevant extract from the underlying contract requiring the guarantee
5. Signature Verification Form: Form for verifying authorized signatures for demands
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