The Standby Letter of Credit and Bank Guarantee document is essential in international trade and commercial transactions where parties seek financial security and payment assurance. This instrument, governed by Hong Kong law and banking regulations, provides a commitment from a bank to pay a specified amount to a beneficiary upon the presentation of complying documents, typically when the applicant fails to perform specified obligations. It combines the characteristics of both a Standby Letter of Credit and a Bank Guarantee, making it particularly versatile for various commercial applications. The document is commonly used in cross-border transactions, construction projects, performance obligations, and financial commitments, offering the beneficiary a reliable form of security backed by a bank's creditworthiness. Hong Kong's status as a major financial center makes this document particularly relevant, as it incorporates both local legal requirements and international banking practices.
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1. Parties: Identification of the issuing bank, applicant (account party), and beneficiary
2. Background: Context of the underlying transaction necessitating the letter of credit or guarantee
3. Definitions: Key terms used throughout the document including banking terms and technical definitions
4. Instrument Type and Amount: Clear specification of whether it's a standby letter of credit or bank guarantee, and the maximum amount available
5. Term and Expiry: Validity period of the instrument, including issue date and expiry date
6. Drawing Conditions: Specific conditions and documentation required for demanding payment under the instrument
7. Form of Demand: Prescribed format and content requirements for making a valid demand
8. Payment Terms: Timeline and method of payment upon receipt of a complying demand
9. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction details
10. Notices: Communication procedures and contact details for all parties
11. Assignment and Transfer: Provisions regarding transferability of rights under the instrument
12. Amendment Procedures: Process for making changes to the terms of the instrument
1. Counter-Indemnity: Terms of reimbursement from the applicant to the issuing bank, used when separate counter-indemnity is not executed
2. Multiple Drawing Provisions: Include when multiple partial drawings are permitted under the instrument
3. Foreign Currency Provisions: Required when the instrument is issued in a currency other than Hong Kong dollars
4. Electronic Presentation: Terms for electronic presentation of documents, included when SWIFT or other electronic channels are used
5. Reduction Provisions: Include when the instrument amount can be reduced over time or upon specific events
6. Automatic Extension Clause: Used when the instrument includes an 'evergreen' clause for automatic renewal
7. Force Majeure: Specific provisions for force majeure events affecting the instrument
8. Syndication Provisions: Required when multiple banks are involved in issuing the instrument
1. Form of Demand: Template for the beneficiary to make a complying demand under the instrument
2. Required Documents: Detailed list of documents required to support a demand
3. Fee Schedule: Schedule of bank fees and charges applicable to the instrument
4. Authorized Signatories: List of persons authorized to act on behalf of each party
5. Form of Transfer: Template for transfer documentation if the instrument is transferable
6. Supporting Documents: Copies of underlying contract or agreement referenced in the instrument
7. Communication Procedures: Detailed procedures for electronic or SWIFT communications
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