The Irrevocable and Unconditional Bank Guarantee under Swiss law serves as a critical financial security instrument in commercial transactions, particularly in international trade, construction projects, and large-scale commercial contracts. This document type is governed by Swiss law, specifically the Swiss Code of Obligations (OR) and Swiss Banking Act, providing a robust legal framework that is well-respected internationally. The guarantee represents an absolute commitment by a Swiss bank or a bank operating under Swiss law to pay a specified amount to the beneficiary upon first demand, without the need for the beneficiary to prove any default or breach by the principal. The document includes essential elements such as the guaranteed amount, validity period, demand procedures, and express declarations of its irrevocable and unconditional nature. Given Switzerland's reputation for banking excellence and legal certainty, these guarantees are widely accepted in international business transactions.
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1. Parties: Identification of the Guarantor Bank, the Beneficiary, and the Principal (the party requesting the guarantee)
2. Background: Context of the underlying transaction or obligation for which the guarantee is being issued
3. Definitions: Key terms used in the guarantee, including 'Guaranteed Amount', 'Expiry Date', and 'Demand Notice'
4. Guarantee Amount and Currency: Clear specification of the maximum amount and currency of the guarantee
5. Unconditional Nature: Express declaration of the irrevocable and unconditional nature of the guarantee
6. Demand and Payment Provisions: Procedure for making demands under the guarantee and timeline for payment
7. Duration and Expiry: Validity period of the guarantee and conditions for expiry
8. Form of Demand: Required format and content of any demand under the guarantee
9. Reduction Provisions: Mechanisms for reducing the guarantee amount, if applicable
10. Governing Law and Jurisdiction: Specification of Swiss law as governing law and jurisdiction for disputes
1. Transfer and Assignment: Include when the guarantee needs to be transferable or assignable
2. Counter-Guarantee Provisions: Include when there is a counter-guarantee structure involved
3. Multiple Beneficiaries: Include when there are multiple beneficiaries and their relationships need to be defined
4. Partial Demands: Include when partial demands under the guarantee are to be permitted
5. Force Majeure: Include when specific force majeure provisions are required, particularly for international guarantees
6. Language Provisions: Include when the guarantee might be used internationally and multiple language versions are needed
7. Electronic Presentation: Include when electronic submission of demands is permitted
1. Form of Demand Notice: Template for the prescribed format of demand notices
2. Authentication Procedures: Details of required authentication methods for demands
3. Authorized Signatories: List of authorized signatories and specimen signatures
4. Underlying Contract Reference: Key details or extracts from the underlying contract requiring the guarantee
5. Bank's Standard Terms and Conditions: General terms and conditions of the issuing bank applicable to guarantees
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