The Standby Guarantee is a crucial financial instrument in New Zealand's commercial landscape, providing security for various business obligations and transactions. It serves as an independent payment undertaking, typically issued by banks or financial institutions, to support commercial contracts, construction projects, and international trade transactions. The document is structured to comply with New Zealand's Contract and Commercial Law Act 2017 and related legislation, incorporating both local legal requirements and international banking practices. A Standby Guarantee is particularly valuable when parties seek a reliable, enforceable mechanism to secure performance or payment obligations, offering beneficiaries a straightforward means of obtaining payment upon presentation of compliant documents, without needing to prove actual damages or pursue court action.
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1. Parties: Identification of the Guarantor (typically a bank or financial institution) and the Beneficiary
2. Background: Context of the underlying transaction and purpose of the guarantee
3. Definitions: Key terms used in the guarantee including 'Guaranteed Obligations', 'Demand', 'Expiry Date'
4. Guarantee and Payment Obligation: Core obligation of the guarantor to pay upon compliant demand
5. Maximum Liability: The maximum amount payable under the guarantee
6. Demand Requirements: Format, content and documentary requirements for making a valid demand
7. Payment Terms: Timing and method of payment upon receipt of compliant demand
8. Reduction and Release: Circumstances under which the guarantee amount may be reduced or the guarantee released
9. Expiry: Duration of the guarantee and conditions for expiry
10. Transferability: Whether and how the guarantee may be transferred
11. Governing Law and Jurisdiction: Specification of New Zealand law and jurisdiction for disputes
1. Counter-Indemnity: Used when there is a separate counter-indemnity from the applicant to the guarantor
2. Multiple Beneficiaries: Required when there is more than one beneficiary, specifying their rights and relationships
3. Assignment: Detailed provisions for assignment if this is to be permitted
4. Partial Demands: Include when multiple partial demands are to be permitted
5. Special Payment Conditions: Any specific conditions or requirements for payment beyond standard demand
6. Electronic Presentations: Include if demands can be made electronically
7. Force Majeure: Specific provisions for force majeure events affecting the guarantee
8. Language of Demands: Required if demands in languages other than English are permitted
1. Form of Demand: Template for making a compliant demand under the guarantee
2. Form of Reduction Certificate: Template for reducing the guarantee amount (if applicable)
3. Required Supporting Documents: List and formats of documents required to accompany a demand
4. Authorized Signatories: List of persons authorized to sign demands on behalf of the beneficiary
5. Fee Schedule: Schedule of fees and charges (if applicable)
6. Underlying Contract Details: Key details of the underlying contract or obligation being guaranteed
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