The Advance Payment Guarantee Letter is essential in commercial transactions where substantial advance payments are required. It serves as a risk mitigation tool, particularly in sectors such as construction, manufacturing, and international trade. Under Singapore jurisdiction, this document provides the beneficiary with a direct claim against the issuing bank, independent of the underlying contract. The guarantee typically includes specific conditions for claims, validity period, and maximum liability amount, structured in accordance with Singapore banking regulations and international banking practices.
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Key Requirements PROMPT example:
Advance Payment Guarantee Letter
"I need an Advance Payment Guarantee Letter for a Singapore construction project where my company is making a 30% advance payment of SGD 2.5 million to a contractor, with the guarantee to be valid until March 2025."
1. Bank Details: Full name, address, and registration details of the issuing bank
2. Beneficiary Details: Full name, address, and registration details of the party receiving the guarantee
3. Principal Details: Full name, address, and registration details of the party requesting the guarantee
4. Guarantee Amount: Specific amount being guaranteed, expressed in both numbers and words, including currency
5. Underlying Contract Reference: Details of the contract or agreement for which advance payment is being made, including date and reference number
6. Validity Period: Explicit start and end dates of the guarantee, including conditions for expiry
7. Claim Conditions: Specific conditions and procedures under which the guarantee can be called upon
1. Reduction Clause: Terms and conditions for gradual reduction of guarantee amount over time or based on project milestones
2. Assignment Provisions: Terms regarding the transfer or assignment of guarantee rights to third parties
3. Dispute Resolution: Specific procedures and jurisdiction for handling disputes related to the guarantee
1. Form of Demand: Standard template for making a formal claim under the guarantee
2. Copy of Underlying Contract: Authenticated copy of the contract or agreement forming the basis for the advance payment
3. Payment Schedule: Detailed schedule showing the timeline and amounts for reduction in guarantee value, if applicable
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