The Government Bank Guarantee Amount is a crucial financial instrument in the Indian business landscape, particularly in government contracts and tenders. It provides financial security to government departments while facilitating business operations for private entities. When a company needs to provide financial security to a government entity (for instance, in construction projects, supply contracts, or tender participation), they can obtain this guarantee from their bank instead of depositing actual funds. The guarantee amount is typically determined based on the underlying contract value or tender requirements. This document, governed by Indian banking laws and RBI guidelines, outlines the bank's unconditional commitment to pay the specified sum upon valid invocation by the government beneficiary. The guarantee includes essential details such as the parties involved, guarantee amount, validity period, and invocation conditions, making it a comprehensive security instrument for government transactions.
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1. Bank Details and Reference Number: Unique guarantee number, issuing bank details, and branch information
2. Parties: Clear identification of the Bank (Guarantor), Principal Debtor (on whose behalf guarantee is issued), and Beneficiary (typically the government department)
3. Amount of Guarantee: Explicit statement of the guaranteed amount in both figures and words
4. Background: Context of the guarantee, reference to the underlying contract or tender
5. Definitions: Key terms used in the guarantee document
6. Guarantee Declaration: The bank's formal undertaking to pay the specified amount
7. Conditions for Invocation: Specific circumstances under which the guarantee can be invoked
8. Validity Period: Clear specification of the start and end dates of the guarantee
9. Payment Terms: Timeline and process for payment upon invocation
10. Non-Assignment Clause: Prohibition on transfer or assignment of the guarantee
11. Jurisdiction and Governing Law: Specification of Indian law and relevant jurisdiction
12. Notice Details: Communication methods and addresses for all parties
13. Execution Block: Signature blocks for authorized bank officials with bank seal
1. Counter Guarantee: Required when there is a counter-guarantee arrangement between banks or parties
2. Claim Period Extension: Include when there's a possibility of extending the claim period beyond the validity
3. Multiple Beneficiary Clause: Required when the guarantee has more than one beneficiary
4. Partial Claim Provisions: Include when partial claims are permitted under the guarantee
5. Force Majeure Clause: Optional clause defining circumstances beyond control that might affect the guarantee
6. Digital Authentication: Required when the guarantee is issued in electronic form
7. Language Declaration: Required when the guarantee is issued in multiple languages
1. Schedule A - Form of Demand: Standard format for making a demand under the guarantee
2. Schedule B - Supporting Documents: List of documents required to be submitted with guarantee invocation
3. Schedule C - Bank Account Details: Payment account details for the beneficiary
4. Appendix 1 - Original Tender/Contract Reference: Copy or details of the underlying tender or contract
5. Appendix 2 - Authority Letters: Copies of authority letters of signatories
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