A Bank Guarantee Demand Letter is utilized when a beneficiary needs to call upon a bank guarantee due to a default or breach by the principal party. Under English and Welsh law, this document must be precisely drafted to ensure enforceability and compliance with both local legislation and international banking practices. The letter typically includes specific guarantee references, demand amount, breach details, and payment instructions. It's a crucial tool in commercial transactions, particularly in international trade, construction, and project finance, where bank guarantees serve as important security instruments.
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1. Beneficiary Details: Full legal name and address of the party making the demand, including company registration number if applicable
2. Guarantee Reference: Specific reference number and date of the bank guarantee being called upon
3. Demand Amount: Specific amount being claimed under the guarantee, stated in both figures and words
4. Breach Description: Brief description of the underlying default or breach triggering the guarantee demand
5. Payment Instructions: Complete bank account details for payment of the demanded amount, including SWIFT/BIC codes
1. Supporting Documentation Reference: Section listing any supporting documents attached when required by original guarantee terms
2. Statement of Default: Detailed explanation section used when complex defaults need additional clarification
3. Partial Demand Declaration: Section required when only claiming part of the guarantee amount, including remaining balance calculation
1. Original Bank Guarantee: Copy or original of the bank guarantee document being called upon
2. Evidence of Authority: Documentation proving the signatory's authority to make the demand on behalf of the beneficiary
3. Supporting Evidence Schedule: Collection of documents evidencing the default or breach claimed under the guarantee
4. Bank Account Verification: Official bank documentation verifying the payment account details provided in the demand letter
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