The Bank Guarantee Irrevocable is a critical financial instrument used in Indian business transactions where one party seeks to secure their financial obligations to another. It is commonly required in scenarios such as bid submissions, performance security, advance payments, or project completions. The document, governed by Indian law including the Banking Regulation Act and Contract Act, creates a three-party relationship between the bank (guarantor), the applicant (principal debtor), and the beneficiary. The guarantee's irrevocable nature means it cannot be modified or terminated without the beneficiary's consent, providing robust security. This instrument is particularly vital in large commercial transactions, government tenders, and international trade, where it serves as a risk mitigation tool and provides financial security to the beneficiary.
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1. Parties: Details of the Bank (Guarantor), the Applicant (Principal Debtor), and the Beneficiary
2. Background: Context of the underlying transaction and purpose of the guarantee
3. Definitions: Key terms used in the guarantee including Guarantee Amount, Expiry Date, and Claim Period
4. Guarantee and Its Nature: Clear statement of the bank's irrevocable and unconditional undertaking to pay
5. Amount of Guarantee: Specific amount for which the guarantee is issued and currency details
6. Duration and Validity: Effective date, expiry date, and claim period of the guarantee
7. Invocation Procedure: Process and conditions for making a claim under the guarantee
8. Payment Terms: Timeline and method of payment upon invocation
9. Bank's Obligations: Scope and extent of bank's commitment and payment obligations
10. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction over disputes
1. Multiple Beneficiaries Clause: Required when the guarantee has more than one beneficiary
2. FEMA Compliance: Needed for guarantees involving foreign currency or cross-border elements
3. Reduction Clause: Optional clause for step-down reduction of guarantee amount over time
4. Assignment Provisions: Required if the guarantee needs to be transferable
5. Counter Guarantee: Needed when involving multiple banks or cross-border guarantees
6. Language Declaration: Required for guarantees prepared in multiple languages
1. Schedule 1: Form of Demand: Prescribed format for making a claim under the guarantee
2. Schedule 2: Underlying Contract Details: Summary of the primary contract for which guarantee is issued
3. Schedule 3: Bank's Authorization: Bank board resolution or authorization for issuing the guarantee
4. Schedule 4: Supporting Documents: List of documents submitted for guarantee issuance
5. Appendix A: Communication Details: Contact information and notice details for all parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Construction & Infrastructure
Manufacturing
International Trade
Real Estate
Government & Public Sector
Energy & Utilities
Telecommunications
Mining & Resources
Transportation & Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Banking
Trade Finance
Project Finance
Credit
Operations
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Risk Manager
Compliance Officer
Corporate Banking Officer
Trade Finance Manager
Project Finance Manager
Contract Manager
Company Secretary
Credit Risk Officer
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