The Standby Guarantee is a critical financial instrument used in commercial transactions where parties seek independent payment security. Typically issued by Swiss banks or foreign banks operating under Swiss law, it provides a commitment to pay upon presentation of specified documents indicating a default or non-performance. The document incorporates specific requirements under Swiss banking regulations and often follows international banking practices (ISP98). Used primarily in international trade, project finance, and large commercial transactions, the Standby Guarantee offers a robust mechanism for securing various obligations, from performance guarantees to payment securities. The document's structure and content are designed to ensure clarity and enforceability under Swiss law while meeting international banking standards.
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1. Parties: Identification of the Guarantor (bank), Principal (applicant), and Beneficiary with full legal names and addresses
2. Background: Brief description of the underlying transaction and the reason for issuing the guarantee
3. Definitions: Key terms used in the guarantee, including 'Guaranteed Amount', 'Expiry Date', and 'Demand Notice'
4. Guarantee: Core guarantee commitment, specifying the maximum amount and currency
5. Conditions for Payment: Specific requirements and documentation needed for making a valid demand under the guarantee
6. Form of Demand: Prescribed format and content requirements for a payment demand
7. Payment Terms: Timeline for payment, payment method, and bank account details
8. Expiry: Validity period of the guarantee and conditions for extension or termination
9. Governing Law and Jurisdiction: Specification of Swiss law as governing law and jurisdiction for disputes
10. Notices: Communication methods and addresses for all formal notifications
1. Multiple Beneficiaries: Required when the guarantee is issued in favor of multiple beneficiaries, specifying their rights and relationships
2. Transfer and Assignment: Include when the guarantee needs to be transferable or assignable
3. Reduction Clause: Used when the guarantee amount can be reduced over time or upon certain events
4. Counter-Guarantee Provisions: Required when the guarantee is issued under a counter-guarantee structure
5. Special Payment Conditions: Include when there are specific conditions or restrictions on payment methods
6. Force Majeure: Optional clause addressing extraordinary circumstances affecting the guarantee
7. Language: Required when the guarantee is issued in multiple languages, specifying the prevailing version
1. Form of Demand: Template for the beneficiary to make a compliant demand under the guarantee
2. Underlying Contract Reference: Key details or extract of the underlying contract requiring the guarantee
3. Specimen Signatures: Authorized signatures for the parties involved in the guarantee
4. Bank Details: Complete banking information for payment processing
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Construction and Infrastructure
Energy and Resources
Manufacturing
Telecommunications
Real Estate Development
Engineering and Technology
Shipping and Maritime
Import/Export
Relevant Teams
Legal
Finance
Treasury
Risk Management
Commercial Operations
Trade Finance
Banking Operations
Compliance
International Business
Contract Administration
Relevant Roles
Trade Finance Manager
Corporate Banking Officer
Legal Counsel
Chief Financial Officer
Treasury Manager
Risk Manager
Commercial Director
Project Finance Manager
Contract Manager
International Trade Specialist
Compliance Officer
Banking Operations Manager
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