The Guarantee Letter of Credit is a critical financial instrument used in international trade and commercial transactions where parties seek additional security for their dealings. This document type combines elements of both bank guarantees and documentary credits, providing a robust framework under Swiss law for securing financial obligations. Typically issued by Swiss banks, these guarantees are particularly valued due to Switzerland's strong financial sector reputation and regulatory framework. The document specifies the conditions under which payment will be made, typically requiring presentation of specific documents or evidence of default. The Guarantee Letter of Credit is commonly used in import/export transactions, construction projects, and other commercial arrangements where the beneficiary requires a secure payment commitment from a reliable financial institution.
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1. Bank Letter Head and Reference: Bank's official letterhead, date, reference number, and contact details
2. Beneficiary Details: Full name and address of the beneficiary of the guarantee
3. Guarantee Amount and Currency: Clear statement of the maximum amount and currency of the guarantee
4. Underlying Transaction Reference: Reference to the primary contract or transaction being guaranteed
5. Type and Nature of Guarantee: Specification of guarantee type (e.g., performance, payment) and whether it's revocable or irrevocable
6. Terms of Demand: Conditions under which the guarantee can be called upon and required documentation
7. Expiry Date and Claims Period: Validity period of the guarantee and deadline for claims
8. Governing Law and Jurisdiction: Explicit reference to Swiss law and jurisdiction
9. Bank's Undertaking: Clear statement of bank's obligation to pay upon compliant demand
10. Authentication: Official bank signatures and stamps
1. Reduction Clause: Include when the guarantee amount may be reduced over time or upon specific events
2. Transfer and Assignment: Include when transfer or assignment of the guarantee rights is permitted
3. Force Majeure Provisions: Include for international transactions to address unforeseen circumstances
4. Counter-Guarantee Reference: Include when the guarantee is issued under a counter-guarantee structure
5. Partial Drawings: Include when multiple partial drawings are permitted under the guarantee
6. Language Declaration: Include when the guarantee is issued in multiple languages
1. Form of Demand: Template for making a compliant demand under the guarantee
2. Underlying Contract Extract: Relevant excerpts from the underlying contract being guaranteed
3. Authentication Specimens: Specimen signatures and authorization details of bank signatories
4. Communication Details: Complete contact details and procedures for all parties
5. Required Documents List: Comprehensive list of documents required for making a valid claim
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Construction
Energy
Infrastructure
Commodities Trading
Shipping and Logistics
Real Estate
Technology and Telecommunications
Relevant Teams
Legal
Finance
Treasury
International Trade
Risk Management
Compliance
Corporate Banking
Trade Finance
Documentary Credits
Commercial Banking
Relevant Roles
Trade Finance Manager
Corporate Banking Officer
International Trade Specialist
Treasury Manager
Chief Financial Officer
Finance Director
Risk Management Officer
Compliance Officer
Documentary Credits Specialist
Legal Counsel
Commercial Banking Manager
Export Finance Manager
Credit Risk Officer
Transaction Banking Manager
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