A Revolving Bank Guarantee is essential for businesses that require continuous financial security with multiple utilization capabilities. This document type is particularly relevant when companies need ongoing guarantee coverage for recurring obligations or multiple projects, without having to establish new guarantees each time. Under Indian law, the document must comply with the Banking Regulation Act 1949, RBI guidelines, and related banking regulations. It outlines the revolving mechanism, whereby the guarantee amount becomes available again after each claim settlement, subject to the overall facility limit. The guarantee can be used for various purposes such as bid bonds, performance security, or payment guarantees, making it a versatile instrument for businesses operating in India. The document includes crucial details about claim procedures, validity periods, commission structures, and the specific conditions under which the guarantee amount reinstates.
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1. Parties: Identifies the Bank (Guarantor), the Applicant (Principal Debtor), and the Beneficiary
2. Background: Sets out the context of the underlying transaction and need for the bank guarantee
3. Definitions: Defines key terms including Guarantee Amount, Revolving Mechanism, Validity Period, and Trigger Events
4. Guarantee Amount and Scope: Specifies the maximum guarantee amount and nature of obligations covered
5. Revolving Mechanism: Details how the guarantee amount reinstates after claims, reinstatement conditions, and revolving period
6. Claim Procedure: Outlines the process for making claims, required documentation, and bank's examination procedure
7. Representations and Warranties: Standard representations from all parties regarding capacity and authority
8. Rights and Obligations: Details the rights and obligations of each party under the guarantee
9. Commission and Charges: Specifies fees, charges, and payment terms for the guarantee facility
10. Term and Validity: Sets out the duration, expiry conditions, and any auto-renewal provisions
11. Governing Law and Jurisdiction: Specifies Indian law as governing law and jurisdiction for disputes
1. Counter Guarantee: Required when the applicant provides a counter guarantee to the bank
2. Multiple Beneficiaries: Include when the guarantee has multiple beneficiaries with specific claim rights
3. Step-in Rights: Required when beneficiary has rights to assign or transfer the guarantee
4. Security Provisions: Include when specific security or collateral is provided against the guarantee
5. Foreign Law Compliance: Required for guarantees with international beneficiaries or cross-border elements
6. Digital/Electronic Procedures: Include when claims or communications can be made electronically
1. Schedule 1 - Guarantee Format: Standard format of the bank guarantee including all necessary clauses
2. Schedule 2 - Claim Form: Template for submitting claims under the guarantee
3. Schedule 3 - Fee Schedule: Detailed breakdown of all fees, charges, and commission
4. Schedule 4 - Authorized Signatories: List of authorized signatories with specimen signatures
5. Schedule 5 - Required Documents: List of documents required for claims and guarantee operations
6. Appendix A - Operating Procedures: Detailed procedures for guarantee operations, claims, and communications
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Construction & Infrastructure
International Trade
Manufacturing
Government & Public Sector
Energy & Utilities
Telecommunications
Real Estate Development
Mining & Resources
Defense Contracting
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Commercial
Procurement
Corporate Affairs
Banking Operations
Project Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Banking Relations Manager
Legal Counsel
Contract Manager
Risk Manager
Compliance Officer
Commercial Director
Project Finance Manager
Business Development Manager
Credit Manager
Corporate Banking Officer
Procurement Manager
Company Secretary
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