The Performance Bank Guarantee In Tender is a crucial document in Canadian tender processes, particularly for high-value or strategic projects where the tender issuer requires security against the tenderer's performance obligations. This guarantee is typically required during the tender submission phase and remains valid until the tender process is completed or the contract is signed. It provides financial protection to the tender issuer if the successful tenderer fails to honor their bid commitments, such as refusing to sign the contract or not providing required performance securities. The document must comply with Canadian federal banking regulations and provincial contract laws, including specific requirements for government tenders. The guarantee amount usually ranges from 2% to 5% of the tender value, though this can vary based on project requirements and risk assessment.
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1. Parties: Identifies the three key parties: the Bank (Guarantor), the Tenderer (Principal), and the Tender Issuer (Beneficiary)
2. Background: Details of the tender process, reference numbers, and context of the guarantee requirement
3. Definitions: Key terms used in the guarantee including 'Guaranteed Sum', 'Tender', 'Expiry Date', etc.
4. Guarantee: Core guarantee commitment, stating the maximum amount and circumstances under which the bank will pay
5. Duration: Validity period of the guarantee, including start date and expiry conditions
6. Bank's Obligation: Specific terms of when and how the bank will honor the guarantee, including payment timeline
7. Demand Requirements: Format and content requirements for making a valid demand under the guarantee
8. Reduction and Release: Conditions under which the guarantee amount may be reduced or the guarantee released
9. Governing Law and Jurisdiction: Specifies Canadian law as governing law and identifies jurisdiction for disputes
10. Assignment and Transfer: Restrictions on transfer or assignment of rights under the guarantee
1. Multiple Beneficiaries: Required when the tender involves multiple beneficiary entities
2. Step-In Rights: Optional section for cases where the beneficiary may need rights to step in and complete the tender obligations
3. Currency Provisions: Required for international tenders or when multiple currencies are involved
4. Counter-Guarantee: Needed when involving an international bank with a local bank counter-guarantee
5. Electronic Presentation: Optional section specifying terms for electronic demand presentation
6. Force Majeure: Optional provisions for handling force majeure events affecting the tender performance
1. Schedule A - Tender Details: Detailed description of the tender project and requirements
2. Schedule B - Form of Demand: Prescribed format for making a demand under the guarantee
3. Schedule C - Contact Details: Contact information for all parties for notices and demands
4. Appendix 1 - Bank's Special Conditions: Any special conditions or requirements imposed by the issuing bank
5. Appendix 2 - Supporting Documents: List of required supporting documents for demand verification
6. Appendix 3 - Payment Instructions: Banking details and payment procedures for guarantee claims
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
Government and Public Sector
Energy and Utilities
Mining and Resources
Transportation
Healthcare Infrastructure
Telecommunications
Defense Contracting
Municipal Services
Relevant Teams
Legal
Finance
Procurement
Risk Management
Treasury
Commercial Operations
Compliance
Project Management
Bid Management
Contract Administration
Relevant Roles
Chief Financial Officer
Procurement Manager
Tender Manager
Legal Counsel
Contract Administrator
Project Director
Risk Manager
Treasury Manager
Bid Manager
Commercial Director
Banking Relationship Manager
Compliance Officer
Financial Controller
Project Finance Manager
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