The Irrevocable Letter of Guarantee is a fundamental financial instrument in Malaysian commercial practice, typically issued when a party requires financial security for performance or payment obligations. This document is commonly used in construction projects, tender submissions, advance payment security, and performance guarantees. Under Malaysian jurisdiction, these guarantees are regulated by the Financial Services Act 2013 and related banking regulations, providing a structured framework for their issuance and enforcement. The guarantee contains essential elements such as the guaranteed amount, validity period, claim conditions, and the bank's unconditional commitment to pay. The irrevocable nature means it cannot be cancelled or modified without the beneficiary's consent, providing robust security for commercial transactions.
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1. Bank's Letterhead and Reference Number: Official bank letterhead with reference number and date
2. Addressee Details: Beneficiary's complete name and address
3. Guarantee Amount: Clear statement of the maximum guaranteed sum in figures and words
4. Underlying Transaction Reference: Details of the primary contract or obligation being guaranteed
5. Guarantee Statement: Clear and unequivocal statement of the bank's guarantee obligation
6. Validity Period: Specific commencement and expiry dates of the guarantee
7. Irrevocability Statement: Express statement that the guarantee is irrevocable
8. Claim Procedure: Process and conditions for making a claim under the guarantee
9. Governing Law and Jurisdiction: Statement specifying Malaysian law and courts' jurisdiction
10. Authorized Signatories: Space for bank officers' signatures and bank stamp
1. Demand Conditions: Additional specific conditions that must be met for claims, used when there are special requirements for claim verification
2. Assignment Clause: Provisions regarding whether the guarantee can be assigned, included when assignment might be relevant
3. Language Declaration: Statement about prevailing language version, used when multiple language versions exist
4. Counter-Guarantee Reference: Reference to any counter-guarantee arrangements, included when there's a counter-guarantee structure
5. Force Majeure Clause: Provisions for extraordinary circumstances, included for long-term or high-value guarantees
1. Claim Format: Standard format for submitting claims under the guarantee
2. Supporting Documents List: List of required documents to be submitted with claims
3. Underlying Contract Summary: Brief summary of the main contract being guaranteed (for complex transactions)
Relevant legal definitions
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Construction
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International Trade
Real Estate Development
Infrastructure
Energy
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Government Contracts
Financial Services
Mining and Resources
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Legal
Finance
Treasury
Procurement
Commercial
Risk Management
Compliance
Project Management
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Operations
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Contract Manager
Legal Counsel
Financial Director
Treasury Manager
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Banking Relationship Manager
Compliance Officer
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