The Bank Guarantee For Tender Security is a crucial document in Australian tender processes, particularly for large-scale projects and government contracts. It provides financial security to tender issuers, ensuring that bidders maintain their commitments throughout the tender process. The guarantee typically amounts to 1-5% of the tender value and remains valid from tender submission until shortly after tender award or contract signing. This document is governed by Australian banking laws and regulations, including the Banking Act 1959 and relevant state-specific legislation. It contains essential information such as the guaranteed amount, validity period, conditions for invocation, and claim procedures. The guarantee becomes particularly important in high-value tenders where the withdrawal of a bid could cause significant financial impact to the tender issuer.
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1. Bank Details and Reference Number: Letterhead and unique reference number of the bank guarantee
2. Date: Date of issuance of the bank guarantee
3. Beneficiary Details: Full name and address of the entity requiring the tender security
4. Tender Details: Reference to the specific tender, including tender number and project description
5. Guarantee Amount: The specific amount guaranteed, both in figures and words
6. Principal Details: Details of the tenderer/bidder on whose behalf the guarantee is issued
7. Guarantee Terms: Core terms of the guarantee including validity period and conditions for invocation
8. Expiry Date: Clear statement of when the guarantee expires
9. Claim Period: Timeframe within which claims under the guarantee must be made
10. Governing Law: Statement that the guarantee is governed by Australian law
11. Authorization: Signature block for authorized bank officials with their names and titles
1. Counter Guarantee Reference: Required when the guarantee is issued based on a counter guarantee from another bank
2. Special Instructions: Any specific conditions or requirements unique to the tender or requested by the beneficiary
3. Assignment Clause: Include when the guarantee needs to be transferable
4. Dispute Resolution: Specific dispute resolution mechanisms if required by the tender terms
5. Multiple Currency Provisions: Required when the guarantee amount involves multiple currencies
6. Step-in Rights: Include when the beneficiary requires specific step-in rights in case of default
1. Schedule A - Tender Details: Detailed description of the tender, including full specifications and requirements
2. Schedule B - Form of Demand: Prescribed format for making a demand under the guarantee
3. Schedule C - Supporting Documents: List of required documents to be submitted with any claim
4. Appendix 1 - Bank's Authorization: Copy of the bank's internal approval and authorized signatories
5. Appendix 2 - Principal's Request: Copy of the application from the principal requesting the bank guarantee
Relevant legal definitions
Clauses
Relevant Industries
Construction
Infrastructure
Government Procurement
Mining
Energy
Defense
Telecommunications
Transportation
Public Works
Utilities
Healthcare Infrastructure
Education Infrastructure
Banking and Finance
Real Estate Development
Relevant Teams
Legal
Finance
Treasury
Procurement
Business Development
Risk Management
Commercial
Project Management
Bid Management
Compliance
Corporate Banking
Relevant Roles
Tender Manager
Project Director
Chief Financial Officer
Finance Manager
Legal Counsel
Bank Relationship Manager
Procurement Manager
Contract Administrator
Bid Manager
Treasury Manager
Risk Manager
Commercial Director
Company Secretary
Business Development Manager
Account Executive
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