The Trade Finance Bank Guarantee is a crucial instrument in international trade and commercial transactions under Hong Kong law. It provides security to beneficiaries when conducting business with unknown or overseas counterparties, particularly in cross-border transactions. The document is commonly used in various scenarios including bid bonds, performance bonds, advance payment guarantees, and financial guarantees. It must comply with Hong Kong's Banking Ordinance and related regulations, while often incorporating international banking practices such as the Uniform Rules for Demand Guarantees (URDG 758). The guarantee can be structured as either a primary obligation of the bank or a secondary obligation contingent on the principal's default, depending on commercial requirements and the underlying transaction.
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1. Parties: Identification of the Guarantor (Bank), Principal (Account Party), and Beneficiary
2. Background: Brief context of the underlying transaction and purpose of the guarantee
3. Definitions: Key terms used in the guarantee, including 'Guaranteed Sum', 'Expiry Date', and 'Underlying Contract'
4. Guarantee and Indemnity: Core guarantee obligations, including the maximum guaranteed amount and nature of the guarantee
5. Demand Requirements: Format and procedure for making a valid demand under the guarantee
6. Payment Terms: Timeline and method for payment upon receipt of a valid demand
7. Expiry and Release: Terms regarding the expiry of the guarantee and release of obligations
8. Bank's Rights and Obligations: Specific rights and obligations of the guarantor bank
9. Representations and Warranties: Standard representations and warranties from all parties
10. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction for disputes
1. Counter-Indemnity: Required when the principal provides indemnity to the bank - typically in most corporate guarantee arrangements
2. Transfer and Assignment: Include when the guarantee needs to be transferable
3. Reduction Provisions: Include when the guarantee amount can be reduced over time or upon certain events
4. Electronic Presentation: Include when demands can be made electronically
5. Multiple Beneficiaries: Required when there is more than one beneficiary
6. Foreign Law Interface: Include when the underlying transaction involves foreign law elements
7. Sanctions Compliance: Include specific sanctions compliance provisions for international trade
8. Force Majeure: Optional provisions for force majeure events affecting the guarantee
1. Form of Demand: Template for making a valid demand under the guarantee
2. Fee Schedule: Details of bank fees and charges related to the guarantee
3. Underlying Contract Details: Summary or extract of the relevant underlying contract details
4. Authorized Signatories: List of authorized signatories for all parties
5. Communications Details: Contact information and notice details for all parties
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