The On Demand Bank Guarantee is a crucial financial instrument used in various commercial transactions under Canadian jurisdiction. It serves as a risk mitigation tool where the bank provides an independent undertaking to pay a specified amount to a beneficiary upon receiving a compliant demand, without requiring proof of the applicant's default. This document is particularly relevant in scenarios involving tender submissions, performance obligations, advance payments, or retention money in commercial contracts. The guarantee must comply with Canadian federal banking regulations, including the Bank Act and provincial contract laws, while also considering international banking practices when applicable. It contains essential elements such as the guarantee amount, validity period, demand requirements, and clear payment obligations, providing security and confidence to commercial transactions.
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1. Parties: Identification of the Bank (Guarantor), the Applicant (Principal), and the Beneficiary
2. Background: Brief description of the underlying transaction or relationship necessitating the guarantee
3. Definitions: Definitions of key terms used throughout the guarantee
4. Guarantee Amount: Clear statement of the maximum amount guaranteed and currency
5. Scope of Guarantee: Description of what the guarantee covers and the bank's obligations
6. Demand Requirements: Specific requirements and procedure for making a valid demand under the guarantee
7. Duration and Expiry: Validity period of the guarantee, including start date and expiry date
8. Payment Terms: Terms and conditions for payment upon demand, including payment period
9. Bank's Rights and Obligations: Detailed description of the bank's rights, including examination of documents and payment obligations
10. Governing Law and Jurisdiction: Specification of applicable law and courts having jurisdiction
11. Notices: Communication methods and addresses for all parties
1. Reduction Clause: Used when the guarantee amount can be reduced over time or upon certain events
2. Transfer and Assignment: Include when the guarantee needs to be transferable to other beneficiaries
3. Counter-Guarantee Provisions: Required when there is a counter-guarantee from another bank
4. Multiple Demands: Include when multiple partial demands are permitted
5. Force Majeure: Used when specific force majeure provisions are required beyond standard law
6. Language Provision: Required when the guarantee may be issued in multiple languages
7. Electronic Presentation: Include when electronic demands or documents are acceptable
8. Anti-Money Laundering Compliance: Used when specific AML requirements need to be highlighted
1. Form of Demand: Template for making a valid demand under the guarantee
2. Required Documents: List and samples of documents required to accompany a demand
3. Authentication Procedures: Detailed procedures for authenticating demands and communications
4. Contact Details: Complete contact information for all parties
5. Underlying Contract Details: Summary or extract of the relevant parts of the underlying contract
6. Fee Schedule: Schedule of fees and charges applicable to the guarantee
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
International Trade
Manufacturing
Energy and Utilities
Real Estate Development
Government and Public Sector
Mining and Resources
Telecommunications
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Procurement
Commercial
Corporate Banking
Trade Finance
Project Management
Compliance
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Contract Manager
Legal Counsel
Risk Manager
Commercial Director
Project Manager
Finance Director
Banking Relationship Manager
Procurement Manager
Company Secretary
Corporate Finance Manager
Credit Risk Officer
Business Development Manager
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