The Irrevocable and Unconditional Bank Guarantee is a crucial financial instrument in Hong Kong's commercial landscape, commonly used to secure business obligations and facilitate trade transactions. This document is typically required when one party needs to provide financial security to another in situations such as construction projects, tender submissions, advance payments, or performance obligations. Under Hong Kong law, these guarantees are particularly valuable as they represent a bank's independent commitment to pay, separate from the underlying contract between the principal parties. The guarantee must comply with Hong Kong banking regulations and the Hong Kong Monetary Authority's guidelines, while also often incorporating international banking practices. The document's irrevocable and unconditional nature means that the bank must honor valid demands for payment without raising defenses from the underlying transaction.
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1. Bank Details and Reference: Full details of the issuing bank, guarantee reference number, and date of issuance
2. Beneficiary Details: Complete name and address of the party in whose favor the guarantee is issued
3. Applicant Details: Complete name and address of the party requesting the guarantee
4. Underlying Transaction: Reference to the primary contract or obligation being guaranteed
5. Guarantee Amount: The maximum amount guaranteed, stated in both figures and words
6. Guarantee Statement: Clear and unequivocal statement of the bank's irrevocable and unconditional commitment to pay
7. Demand Requirements: Specific format and procedure for making a demand under the guarantee
8. Payment Terms: Timeline and method of payment upon receipt of a compliant demand
9. Validity Period: Effective date, expiry date, and claim submission deadline
10. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction for dispute resolution
1. Reduction Clause: Optional clause specifying if and how the guarantee amount may be reduced over time
2. Transfer Provisions: Include when the guarantee needs to be transferable to another beneficiary
3. Multiple Demand Clause: Specify if multiple partial demands are allowed up to the maximum guarantee amount
4. Language Preference: Include when the guarantee might be issued in multiple languages
5. Force Majeure: Include when specific force majeure provisions are required beyond standard banking practice
6. Electronic Presentation: Include when electronic submission of demands is permitted
7. Assignment Restrictions: Include when specific restrictions on assignment are required
1. Schedule 1 - Form of Demand: Standard template for submitting a demand under the guarantee
2. Schedule 2 - Supporting Documents: List of required supporting documents to be submitted with demand
3. Schedule 3 - Communication Details: Contact details and authorized persons for all parties
4. Appendix A - Underlying Contract Reference: Key details of the underlying contract being guaranteed
5. Appendix B - Special Conditions: Any special conditions or requirements specific to this guarantee
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