The Advance Performance Guarantee is a vital financial instrument commonly used in Pakistani business transactions where advance payments are required for project execution or contract performance. This document is particularly relevant when a party (typically a contractor or supplier) receives advance payment for a project and needs to provide security to the paying party. The guarantee, issued by a Pakistani bank under local banking regulations and the Contract Act 1872, ensures that the advance payment will be properly utilized and protected against non-performance. It includes specific terms for invocation, validity period, and claim procedures, providing the beneficiary with a secure mechanism to recover the advance payment in case of default or non-performance. The document must comply with State Bank of Pakistan guidelines and may need to consider Islamic banking principles when applicable.
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1. Bank Details and Reference: Information about the issuing bank, branch, and guarantee reference number
2. Beneficiary Details: Complete details of the party receiving the guarantee
3. Principal/Applicant Details: Complete details of the party on whose behalf the guarantee is being issued
4. Underlying Contract Reference: Details of the main contract or agreement for which the advance payment is being made
5. Guarantee Amount: The specific amount of the guarantee in numbers and words
6. Purpose and Scope: Clear statement of the guarantee's purpose regarding advance payment and performance obligations
7. Terms of Invocation: Conditions under which the guarantee can be called upon and the process for making a claim
8. Validity Period: Specific commencement and expiry dates of the guarantee
9. Governing Law and Jurisdiction: Specification of Pakistani law and relevant jurisdiction
10. Bank's Undertaking: The specific commitment and obligations of the bank under the guarantee
1. Reduction Clause: Include when the guarantee amount should reduce progressively with contract performance
2. Extension Provisions: Include when there might be a need to extend the validity period
3. Counter-Guarantee Reference: Include when there is a counter-guarantee from another bank involved
4. Transfer/Assignment Restrictions: Include when transfer of guarantee rights needs to be specifically restricted
5. Force Majeure Clause: Include when specific force majeure provisions are required by the underlying contract
6. Shariah Compliance Statement: Include when the guarantee is issued under Islamic banking principles
1. Schedule A - Underlying Contract Extract: Relevant extracts from the main contract relating to the advance payment and performance requirements
2. Schedule B - Form of Demand: Prescribed format for making a claim under the guarantee
3. Schedule C - Performance Milestones: If applicable, details of performance milestones linked to the guarantee
4. Appendix 1 - Authorization Documents: Copies of corporate authorizations and power of attorney for signatories
5. Appendix 2 - Special Conditions: Any special conditions or requirements specific to the guarantee or underlying project
Authors
Relevant legal definitions
Clauses
Relevant Industries
Construction
Manufacturing
Infrastructure Development
Energy
Defense Contracting
Telecommunications
Mining
Oil and Gas
Heavy Engineering
Public Sector Projects
Real Estate Development
Industrial Projects
Relevant Teams
Legal
Finance
Treasury
Risk Management
Procurement
Commercial Operations
Project Management
Compliance
Credit
Banking Operations
Relevant Roles
Chief Financial Officer
Finance Director
Project Manager
Contract Manager
Legal Counsel
Treasury Manager
Risk Manager
Commercial Director
Procurement Manager
Company Secretary
Bank Relationship Manager
Credit Manager
Operations Director
Compliance Officer
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