The Performance Letter of Guarantee is a fundamental risk mitigation instrument in commercial transactions under New Zealand law. It is typically required when a party (usually a contractor or supplier) needs to provide security for their performance obligations in a contract. The guarantee, issued by a bank or financial institution, provides the beneficiary with immediate access to funds if the principal fails to perform their contractual duties. The document specifies the guaranteed amount, validity period, conditions for calling the guarantee, and claim procedures. This type of guarantee is particularly common in construction projects, government contracts, and international trade transactions where the parties seek financial security for performance obligations. The guarantee operates as an independent undertaking from the underlying contract and is designed to provide prompt payment upon a compliant demand, subject to New Zealand banking regulations and commercial law.
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1. Letter Header and Date: Includes the issuing bank's letterhead, reference number, and date of issuance
2. Addressee Details: Full details of the beneficiary of the guarantee, including name, address, and reference details
3. Subject Line: Clear identification that this is a Performance Guarantee, including any reference numbers
4. Underlying Contract Reference: Details of the primary contract or agreement for which the guarantee is being issued
5. Guarantee Amount: The specific sum being guaranteed, stated both in figures and words
6. Guarantee Terms: Core terms including validity period, conditions for calling the guarantee, and payment obligations
7. Claim Process: Procedure for making claims under the guarantee, including required documentation and timeframes
8. Expiry and Return: Conditions for expiry of the guarantee and requirements for returning the original document
9. Governing Law Statement: Specification that the guarantee is governed by New Zealand law
10. Authorized Signatures: Space for authorized bank signatories and bank seal/stamp
1. Partial Claims Provision: Include when multiple partial claims are to be allowed under the guarantee
2. Assignment Clause: Include when the guarantee needs to be transferable to other parties
3. Counter-Guarantee Reference: Include when the guarantee is issued under a counter-guarantee from another bank
4. Automatic Extension Clause: Include when the guarantee may need to be automatically extended under certain conditions
5. Force Majeure Clause: Include when specific force majeure provisions need to be addressed
6. Language Declaration: Include when the guarantee might be translated or used in multiple languages
1. Form of Demand: Template for making a claim under the guarantee
2. Underlying Contract Summary: Key details of the contract being guaranteed
3. Authorized Signatories List: List of persons authorized to make claims under the guarantee
4. Performance Milestones: Schedule of performance targets or milestones related to the guarantee
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