The Bank Guarantee For Supply Of Goods is commonly used in commercial transactions where suppliers require security for payment before commencing the supply of goods. This document, governed by English and Welsh law, provides an independent payment undertaking from a bank, protecting suppliers against buyer default or insolvency. It typically includes detailed terms regarding the guarantee amount, validity period, claim conditions, and documentary requirements. The guarantee operates independently of the underlying supply contract and is particularly valuable in international trade where parties may not have established trading relationships.
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1. Parties: Identification of the bank (guarantor), the applicant (buyer), and the beneficiary (seller)
2. Background: Context of the underlying transaction and purpose of the guarantee
3. Definitions: Key terms used throughout the guarantee
4. Guarantee Amount: The maximum sum guaranteed by the bank
5. Validity Period: Duration and expiry of the guarantee
6. Demand Requirements: Conditions and process for making claims
7. Payment Terms: Terms and timing of payment upon valid demand
1. Reduction Clause: Provisions for reducing guarantee amount over time - used for long-term supply contracts with staged deliveries
2. Transfer and Assignment: Rights to transfer the guarantee - used when transfer rights are required by the beneficiary
3. Counter-Indemnity: Applicant's obligation to indemnify the bank - used when separate counter-indemnity is not executed
1. Form of Demand: Template for making claims under the guarantee
2. Underlying Contract Details: Summary of the supply contract being guaranteed
3. Bank's Standard Terms: General terms and conditions of the issuing bank
4. Authentication Procedures: Procedures for verifying demands and communications
Relevant legal definitions
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