The Unsecured Bank Guarantee is a fundamental financial instrument in Pakistani commercial transactions, commonly used when businesses need to provide payment security without offering physical collateral. This document is particularly relevant in scenarios such as bid submissions, performance guarantees, advance payment guarantees, and other commercial obligations. The guarantee must comply with Pakistani banking regulations, including the Banking Companies Ordinance 1962 and State Bank of Pakistan directives. It typically includes detailed terms regarding the guarantee amount, validity period, demand requirements, and payment conditions. The unsecured nature of the guarantee means the bank relies primarily on the principal's creditworthiness and financial standing rather than specific assets as security.
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1. Parties: Identifies the three key parties: the Bank (Guarantor), the Beneficiary, and the Principal (party on whose behalf guarantee is issued)
2. Background: Describes the underlying transaction or obligation for which the guarantee is being issued
3. Definitions: Defines key terms used throughout the guarantee document
4. Guarantee Amount: Specifies the maximum amount of the bank's liability under the guarantee
5. Scope of Guarantee: Details the specific obligations or performance being guaranteed
6. Duration and Validity: Specifies the effective date and expiry date of the guarantee
7. Demand Requirements: Outlines the process and conditions for making a claim under the guarantee
8. Payment Terms: Specifies how and when payment will be made upon valid demand
9. Bank's Rights and Obligations: Details the extent and limitations of the bank's obligations
10. Governing Law and Jurisdiction: Specifies Pakistani law as governing law and defines jurisdiction for disputes
11. Notices: Specifies how formal communications between parties should be made
1. Counter Guarantee: Required when there is a counter-guarantee arrangement between banks
2. Assignment: Include when the guarantee rights may need to be transferable
3. Language: Required when the guarantee may be issued in multiple languages
4. Multiple Beneficiaries: Include when there is more than one beneficiary
5. Stamp Duty Declaration: Required in certain Pakistani jurisdictions based on local stamp duty requirements
6. Force Majeure: Include when specific force majeure provisions are needed beyond standard provisions
7. Anti-Money Laundering Compliance: Include when required by bank's compliance policies or regulatory requirements
1. Form of Demand: Template for making a valid demand under the guarantee
2. Underlying Contract Details: Summary or extract of the main contract being guaranteed
3. Authorized Signatories: List of persons authorized to make demands under the guarantee
4. Bank's Standard Terms and Conditions: Standard terms applicable to all bank guarantees issued by the bank
5. Fee Schedule: Details of bank charges and fees applicable to the guarantee
6. Communication Details: Contact information and addresses for all parties for formal notices
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction
Manufacturing
International Trade
Government and Public Sector
Infrastructure Development
Real Estate
Energy
Telecommunications
Defense Contracting
Mining and Resources
Transport and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Procurement
Commercial
Business Development
Project Management
Credit Control
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Bank Relationship Manager
Contract Manager
Procurement Manager
Legal Counsel
Risk Manager
Company Secretary
Commercial Director
Credit Manager
Compliance Officer
Business Development Manager
Project Manager
Bid Manager
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