The Cash Bank Guarantee is a critical financial instrument used in various commercial transactions under Danish law. It is typically required in situations where one party needs to provide financial security to another, such as in construction projects, tender submissions, or commercial contracts. The document establishes the bank's unconditional obligation to pay a specified amount to the beneficiary upon receiving a compliant demand, without reference to any underlying transaction. This guarantee type is particularly important in the Danish market where bank guarantees are commonly used as security instruments. The document must comply with Danish banking regulations, including the Financial Business Act and anti-money laundering requirements, and typically includes detailed provisions for demand procedures, validity periods, and release conditions. The Cash Bank Guarantee provides beneficiaries with a secure and readily accessible form of financial security, backed by the credibility and financial strength of a banking institution.
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Key Requirements PROMPT example:
Cash Bank Guarantee
I need a Cash Bank Guarantee for EUR 500,000 to secure a construction project tender in Copenhagen, with the guarantee valid from March 1, 2025, to December 31, 2025, issued by Danske Bank in favor of the Copenhagen Municipal Authority.
1. Parties: Identification of the Bank (Guarantor), the Beneficiary, and the Principal (the party on whose behalf the guarantee is issued)
2. Background: Context of the guarantee, including the underlying transaction or obligation that necessitates the guarantee
3. Definitions: Key terms used throughout the guarantee document
4. Guarantee Amount: Specified amount of the guarantee in the relevant currency
5. Scope of Guarantee: Detailed description of what the guarantee covers and the bank's obligations
6. Duration and Validity: Term of the guarantee, including effective date and expiry conditions
7. Demand Requirements: Procedures and conditions for making a claim under the guarantee
8. Payment Terms: Specifics of how and when payment will be made upon a valid demand
9. Reduction and Release: Conditions under which the guarantee amount may be reduced or the guarantee released
10. Governing Law and Jurisdiction: Specification of Danish law as governing law and jurisdiction for disputes
1. Transfer and Assignment: Terms regarding the transferability of the guarantee, included when transfer rights are to be granted or specifically prohibited
2. Counter-Indemnity: Terms of indemnification from the Principal to the Bank, included when not covered in a separate agreement
3. Multiple Demands: Provisions for handling multiple or partial demands, included for larger commercial guarantees
4. Force Majeure: Provisions for extraordinary events affecting the guarantee, included for longer-term guarantees
5. Anti-Money Laundering Compliance: Specific AML requirements and procedures, included for high-value guarantees or when required by bank policy
6. Language: Provisions regarding the controlling language version, included when multiple language versions exist
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Agreement Reference: Details or extract of the underlying agreement giving rise to the guarantee
3. Authorized Signatories: List of persons authorized to make demands under the guarantee
4. Fee Schedule: Details of bank fees and charges related to the guarantee
5. Supporting Documents: List and/or copies of required supporting documents for guarantee validation
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Real Estate
International Trade
Manufacturing
Energy and Utilities
Infrastructure Development
Telecommunications
Government and Public Sector
Retail and Commercial
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Commercial Operations
Project Management
Corporate Banking
Trade Finance
Business Development
Operations
Credit Administration
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Compliance Officer
Risk Manager
Contract Manager
Project Manager
Commercial Director
Credit Manager
Banking Relationship Manager
Corporate Finance Manager
Business Development Director
Operations Manager
Company Secretary
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