The International Bank Guarantee is a crucial financial instrument used in international trade and commercial transactions where parties seek security for their contractual obligations. This document, governed by Hong Kong law, is particularly valuable in cross-border transactions where the beneficiary requires assurance of payment or performance from a reliable financial institution. The guarantee provides an independent commitment from a bank to pay a specified sum upon demand, typically used in large commercial contracts, construction projects, or international supply agreements. The document incorporates specific requirements under Hong Kong banking regulations and international banking practices (such as URDG 758), making it a robust instrument for risk mitigation in international business transactions.
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1. Parties: Identification of the Guarantor Bank, the Applicant (Principal), and the Beneficiary
2. Background: Context of the underlying transaction and purpose of the guarantee
3. Definitions: Definitions of key terms used in the guarantee including Guaranteed Amount, Expiry Date, and Demand requirements
4. Guarantee and Its Scope: Clear statement of the guarantee amount, currency, and the obligations being guaranteed
5. Demand Requirements: Specific procedures and requirements for making a valid demand under the guarantee
6. Payment Terms: Terms and conditions for payment, including timeline and method of payment
7. Validity Period: Duration of the guarantee, including commencement and expiry dates
8. Reduction and Release: Conditions under which the guarantee amount may be reduced or the guarantee released
9. Bank's Rights and Obligations: Specific rights and obligations of the guarantor bank
10. Transferability: Whether and under what conditions the guarantee may be transferred
11. Applicable Rules: Reference to applicable international rules (such as URDG 758)
12. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction for disputes
1. Counter-Guarantee Provisions: Required when there is a counter-guarantee arrangement between banks
2. Multiple Currency Provisions: Required when the guarantee involves multiple currencies or currency conversion
3. Claim Limitations: Optional restrictions on timing or frequency of claims
4. Step-in Rights: Required when the bank has rights to step into the underlying contract
5. Assignment Provisions: Detailed provisions about assignment rights when relevant
6. Electronic Presentation: Required when electronic presentation of documents is permitted
7. Force Majeure: Extended force majeure provisions when required by specific circumstances
8. Anti-Money Laundering Compliance: Additional AML provisions when required by bank policy or regulation
1. Schedule 1 - Form of Demand: Template for making a valid demand under the guarantee
2. Schedule 2 - Underlying Contract Details: Details of the contract or obligation being guaranteed
3. Schedule 3 - Fee Schedule: Schedule of bank fees and charges related to the guarantee
4. Schedule 4 - Communication Details: Contact details and authorized representatives of all parties
5. Appendix A - Required Documents: List of documents required for making a valid demand
6. Appendix B - Specimen Signatures: Specimen signatures of authorized signatories
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