A Performance Letter of Guarantee is a critical financial instrument in Canadian business transactions, particularly in construction, infrastructure, and large commercial projects. It is used when a beneficiary (typically a project owner or client) requires security against the risk of non-performance by a contractor or service provider. The document is issued by a bank, guaranteeing payment of a specified sum if the principal fails to meet their contractual obligations. Operating under Canadian federal banking laws and provincial contract laws, the Performance Letter of Guarantee includes specific details about the guaranteed amount, validity period, conditions for payment, and claim procedures. This type of guarantee is essential for risk management in major projects and is often required in tender processes, particularly for government contracts and large-scale private developments.
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1. Issuing Bank Details: Complete details of the issuing bank including address and reference numbers
2. Date: Date of issuance of the Letter of Guarantee
3. Beneficiary Information: Full legal name and address of the party receiving the guarantee
4. Reference Information: Contract/Project reference numbers and title
5. Guarantee Amount: The maximum amount guaranteed, expressed in both numbers and words
6. Purpose of Guarantee: Clear statement of the specific performance being guaranteed
7. Validity Period: Explicit start and end dates of the guarantee
8. Terms of Payment: Conditions under which the guarantee can be called and payment process
9. Governing Law Declaration: Statement specifying Canadian law governance and jurisdiction
1. Multiple Currency Provisions: Include when guarantee amount involves multiple currencies or exchange rate considerations
2. Step-Down Clauses: Include when guarantee amount reduces in stages based on performance milestones
3. Extension Clauses: Include when automatic extension provisions are required
4. Counter-Guarantee References: Include when guarantee is issued under a counter-guarantee structure
5. Force Majeure Provisions: Include for long-term guarantees or in high-risk jurisdictions
1. Performance Milestones Schedule: Detailed breakdown of performance targets and corresponding dates
2. Claim Documentation Requirements: List of required documents and formats for making a claim
3. Project Specifications: Technical details of the project or performance requirements being guaranteed
4. Authorization Signatures: List of authorized signatories for claim submission or guarantee modification
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