The Open Ended Bank Guarantee is a fundamental financial instrument in Saudi Arabian commercial practice, widely used to secure contractual obligations and financial commitments. It is particularly relevant in scenarios where the duration of the underlying obligation is uncertain or when dealing with government entities that require indefinite security. The document must comply with the Saudi Arabian Monetary Authority (SAMA) regulations, Banking Control Law, and Shariah principles. It typically includes detailed provisions for demand procedures, payment terms, and validity conditions. The guarantee remains in force until either the original document is returned to the issuing bank or an explicit release is obtained from the beneficiary. This type of guarantee is commonly required in government tenders, construction projects, and international trade transactions where Saudi Arabian entities are involved.
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1. Parties: Identification of the Bank (Guarantor), the Principal (Party requesting the guarantee), and the Beneficiary
2. Background: Context of the guarantee, including the underlying transaction or obligation being guaranteed
3. Definitions: Key terms used in the guarantee, including technical and legal terminology
4. Guarantee Amount: The maximum amount covered by the guarantee, specified in numbers and words
5. Scope of Guarantee: Detailed description of the obligations being guaranteed and the extent of the bank's liability
6. Duration and Validity: Terms regarding the open-ended nature of the guarantee and conditions for its continuation
7. Demand Requirements: Procedures and conditions for making a claim under the guarantee
8. Payment Terms: Timeline and method for payment upon valid demand
9. Bank's Rights and Obligations: Specific rights, obligations, and limitations of the bank's liability
10. Governing Law and Jurisdiction: Confirmation of Saudi Arabian law as governing law and jurisdiction for disputes
1. Counter Indemnity: Terms for the Principal's obligation to indemnify the bank, used when required by bank policy
2. Assignment Restrictions: Provisions restricting or permitting assignment of rights under the guarantee, included when assignment needs to be specifically addressed
3. Force Majeure: Provisions for extraordinary events affecting the guarantee, included when specifically requested
4. Language Preference: Specification of prevailing language if guarantee is bilingual, used when document is in multiple languages
5. Shariah Compliance Declaration: Specific statement of Shariah compliance, included when required by the bank or beneficiary
6. Anti-Money Laundering Provisions: Specific AML compliance requirements, included when dealing with high-risk transactions or parties
1. Schedule 1 - Form of Demand: Template for making a valid demand under the guarantee
2. Schedule 2 - Underlying Contract Details: Summary or extract of the main contract or obligation being guaranteed
3. Schedule 3 - Supporting Documents: List of required supporting documents for guarantee activation or claims
4. Appendix A - Bank's Standard Terms: Standard terms and conditions of the issuing bank applicable to guarantees
5. Appendix B - Authorization Documents: Copies of corporate authorizations and powers of attorney
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