The Performance Guarantee Agreement is essential in commercial transactions where parties seek financial security for performance obligations. It is commonly used in construction projects, large-scale service contracts, and infrastructure developments in Denmark, providing beneficiaries with immediate access to funds upon a valid demand. The document must comply with Danish law requirements, including the Danish Contracts Act and Financial Business Act, while also considering EU regulations. The agreement typically specifies the guarantee amount, validity period, demand procedures, and payment terms. It serves as an independent obligation, separate from the underlying contract, and can be called upon following specified trigger events or performance failures.
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Key Requirements PROMPT example:
Performance Guarantee Agreement
I need a Performance Guarantee Agreement under Danish law where Danske Bank A/S guarantees the obligations of Nordic Construction Ltd. for their work on the Copenhagen Metro extension project, with a guarantee amount of EUR 5 million and an expiry date of June 30, 2025.
1. Parties: Identification of the Guarantor, Principal (the party whose performance is being guaranteed), and Beneficiary
2. Background: Context of the underlying obligation and purpose of the guarantee
3. Definitions: Definitions of key terms used throughout the agreement
4. Guarantee: Core section detailing the scope and nature of the guarantee obligation
5. Maximum Liability: Specification of the maximum amount guaranteed
6. Demand Procedure: Process and requirements for making a valid demand under the guarantee
7. Payment Terms: Timeline and conditions for payment upon valid demand
8. Duration and Expiry: Term of the guarantee and conditions for expiry
9. Independent Obligation: Confirmation that the guarantee is independent from the underlying contract
10. Representations and Warranties: Standard guarantor representations regarding capacity and authority
11. Assignment and Transfer: Restrictions on assignment and transfer of rights under the guarantee
12. Notices: Communication procedures between parties
13. Governing Law and Jurisdiction: Confirmation of Danish law and jurisdiction
14. Execution: Signature blocks and execution formalities
1. Counter-Indemnity: Used when the Principal provides indemnity to the Guarantor
2. Multiple Beneficiaries: Required when there are multiple beneficiaries to specify their rights
3. Currency Provisions: Needed for cross-border guarantees involving multiple currencies
4. Step-In Rights: Optional provisions allowing Guarantor to take over Principal's obligations
5. Electronic Execution: Required if parties agree to electronic signature and delivery
6. Bank Details: Optional section for specifying payment account details
7. Amendments to Underlying Contract: Required if guarantee needs to address potential changes to the underlying obligation
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Contract Details: Summary or extract of the contract being guaranteed
3. Required Supporting Documents: List and format of documents required with demand
4. Authorized Signatories: List of persons authorized to make demands
5. Contact Details: Detailed contact information for all parties
6. Payment Instructions: Detailed banking and payment information
Authors
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Relevant Teams
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Finance
Treasury
Risk Management
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Relevant Roles
Legal Counsel
Contract Manager
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Chief Financial Officer
Risk Manager
Commercial Director
Treasury Manager
Procurement Manager
Business Development Manager
Operations Director
Finance Manager
Construction Manager
Compliance Officer
General Counsel
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