The Back to Back Bank Guarantee is a crucial financial instrument in Malaysian banking practice, typically employed when a local bank needs to support a guarantee issued by another bank, often in cross-border transactions. This arrangement is particularly common in international trade, infrastructure projects, and large commercial contracts where local banking support is required by regulatory or commercial considerations. The document must comply with Malaysian banking regulations, particularly the Financial Services Act 2013 and Bank Negara Malaysia guidelines, while also considering international banking practices such as the URDG 758. The guarantee specifies the relationships between banks, trigger events for payment, validity periods, and claim procedures, serving as a risk management tool that provides security to the beneficiary while establishing clear obligations between the participating banks.
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1. Parties: Identification of all parties: Primary Guarantor Bank, Counter-Guarantor Bank, Applicant, and Beneficiary
2. Background: Context of the guarantee, including reference to the underlying transaction and primary guarantee
3. Definitions: Definitions of key terms used in the guarantee, including banking terms and technical references
4. Guarantee Amount and Currency: Specification of the guaranteed sum and currency of payment
5. Scope of Guarantee: Detailed description of the obligations being guaranteed and conditions for trigger
6. Duration and Validity: Term of the guarantee, including effective date, expiry date, and any auto-extension provisions
7. Demand Requirements: Procedures and requirements for making a valid demand under the guarantee
8. Payment Terms: Terms and conditions for payment, including timeline and method
9. Counter-Indemnity: Terms of counter-indemnity between the banks
10. Reduction and Release: Conditions and procedures for reduction or release of the guarantee
11. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction details
1. Language Requirements: Required when the guarantee needs to be issued in multiple languages
2. Transfer and Assignment: Include when the guarantee needs to be transferable
3. Force Majeure: Optional section for addressing extraordinary circumstances affecting guarantee obligations
4. Electronic Presentation: Include when electronic presentation of documents is permitted
5. Sanctions Clause: Required for international transactions to address compliance with sanctions regulations
6. Step-in Rights: Include when there are specific rights for the guarantor to step into the underlying transaction
1. Form of Demand: Template for making a compliant demand under the guarantee
2. Specimen Signatures: Authorized signatures for all relevant parties
3. Fee Schedule: Details of all applicable fees, charges, and commission
4. Primary Guarantee Details: Copy or key details of the primary guarantee being counter-guaranteed
5. Supporting Documents: List and formats of required supporting documents for demands
6. Communication Protocols: Procedures and contact details for all formal communications under the guarantee
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