The Performance Bond Guarantee is a crucial financial security instrument commonly used in commercial and construction projects to protect against non-performance or default by a contractor or supplier. Under Swiss law, these guarantees must comply with specific requirements set out in the Swiss Code of Obligations, particularly regarding form and content. The document typically specifies a maximum guarantee amount, usually a percentage of the contract value, and includes detailed provisions for making claims, payment terms, and validity periods. Performance Bond Guarantees are particularly important in large-scale projects where the financial consequences of non-performance can be significant. The guarantee provides the beneficiary with direct recourse to the guarantor (usually a bank or insurance company) without first having to pursue the principal debtor, making it an efficient security instrument in commercial transactions.
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1. Parties: Identification of the Guarantor (typically a bank or insurance company), the Principal (the party whose performance is guaranteed), and the Beneficiary
2. Background: Brief description of the underlying contract or obligation being guaranteed and the context of the guarantee
3. Definitions: Key terms used in the guarantee, including 'Guaranteed Obligations', 'Maximum Liability Amount', and other relevant defined terms
4. Guarantee: Core guarantee provisions, including the specific performance being guaranteed and the maximum guarantee amount
5. Scope of Guarantee: Detailed description of what is covered by the guarantee and any limitations
6. Duration and Validity: Term of the guarantee, including start date and expiry conditions
7. Demand Requirements: Process and conditions for making a claim under the guarantee
8. Payment Terms: Timeline and method for payment upon valid demand
9. Reduction and Release: Conditions under which the guarantee amount may be reduced or the guarantee released
10. Governing Law and Jurisdiction: Confirmation of Swiss law as governing law and jurisdiction for disputes
1. Transfer and Assignment: Include when the guarantee may need to be transferable or when assignment needs to be specifically prohibited
2. Multiple Guarantors: Include when there is more than one guarantor, specifying joint and several liability
3. Counter-Indemnity: Include when there is a separate counter-indemnity arrangement with the Principal
4. Bank's Commission and Charges: Include when fees and charges need to be specified in the main guarantee document
5. Force Majeure: Include when specific force majeure provisions are required for the guarantee obligations
6. Notices: Include when formal notice requirements need to be specified beyond the standard demand procedure
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Contract Extract: Relevant excerpts from the underlying contract being guaranteed
3. Authentication Procedures: Specific procedures for authenticating demands (especially relevant for bank guarantees)
4. Authorized Signatories: List of persons authorized to make demands under the guarantee
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