A Performance Bank Guarantee is commonly used in commercial transactions where one party requires security for the performance obligations of another. Under English and Welsh law, these guarantees are particularly prevalent in construction, international trade, and infrastructure projects. The document creates a primary obligation on the bank to pay upon demand, typically up to 10% of the contract value. It provides beneficiaries with quick access to compensation without the need for litigation, making it an essential risk management tool in significant commercial transactions.
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1. Parties: Details of the Bank (Guarantor), Principal (Party whose performance is guaranteed), and Beneficiary
2. Background: Context of the underlying contract and reason for guarantee
3. Definitions: Key terms used throughout the guarantee
4. Guarantee and Indemnity: Core obligations of the bank and scope of guarantee
5. Maximum Liability: Specified maximum amount of the guarantee
6. Demand Requirements: Process and requirements for making a claim
7. Expiry: Duration and termination conditions of the guarantee
8. Governing Law and Jurisdiction: Specification of applicable law and courts
1. Assignment: Rights to transfer the guarantee, typically included when transfer rights are contemplated
2. Counter-Indemnity: Principal's obligation to reimburse the bank, included when separately documented from main facility agreement
3. Step-In Rights: Bank's rights to take over underlying contract obligations, included in complex project finance situations
1. Form of Demand: Template for making claims under the guarantee
2. Underlying Contract Details: Summary or copy of the contract being guaranteed
3. Bank's Authorization: Evidence of bank's authority to issue guarantee
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