The Open Ended Bank Guarantee is a crucial financial instrument in Malaysian business transactions, particularly utilized in long-term projects or ongoing commercial relationships where the duration of potential obligations cannot be precisely determined. This document is commonly used in construction projects, tender submissions, performance securities, and trade finance under Malaysian jurisdiction. It provides the beneficiary with a continuing security that remains valid until expressly discharged, unlike time-limited guarantees. The guarantee must comply with Malaysian banking regulations, particularly the Financial Services Act 2013 and Bank Negara Malaysia guidelines, while also considering international banking practices. It includes specific provisions for demand procedures, payment terms, and authentication requirements, making it suitable for various commercial applications where indefinite financial security is needed.
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1. Parties: Identifies the Bank (Guarantor), the Principal (party requesting the guarantee), and the Beneficiary
2. Background: Describes the underlying transaction or relationship necessitating the guarantee
3. Definitions: Defines key terms used throughout the guarantee document
4. Guarantee Amount: Specifies the maximum amount the bank guarantees
5. Scope of Guarantee: Details the obligations covered by the guarantee
6. Duration and Validity: Specifies that the guarantee is open-ended and conditions for validity
7. Bank's Undertaking: The bank's primary obligations and commitment to pay
8. Demand Requirements: Procedures and conditions for making a valid demand under the guarantee
9. Payment Terms: Specifies how and when payment will be made upon valid demand
10. Governing Law and Jurisdiction: Confirms Malaysian law as governing law and specifies jurisdiction
11. Notices: Details how formal communications between parties should be made
12. Assignment and Transfer: Restrictions on assignment or transfer of the guarantee
1. Counter-Indemnity: Include when the Principal provides counter-indemnity to the bank
2. Multiple Beneficiaries: Include when there are multiple beneficiaries to specify their rights
3. Partial Demands: Include when partial demands are permitted under the guarantee
4. Bank's Right of Set-Off: Include when the bank reserves right to set off against Principal's accounts
5. Electronic Presentations: Include when electronic demands or communications are permitted
6. Force Majeure: Include when specific force majeure provisions are required
7. Language: Include when document may be executed in multiple languages
1. Form of Demand: Template for making a valid demand under the guarantee
2. Details of Underlying Transaction: Specific details of the transaction or obligation being guaranteed
3. Bank's Contact Details: Complete contact information for the issuing bank branch
4. Authentication Procedures: Procedures for verifying authenticity of demands and communications
5. Fee Schedule: Details of bank's fees and charges related to the guarantee
6. Required Documents: List of documents required to accompany any demand
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