A Commercial Bank Guarantee is commonly used in Singapore when businesses need to provide financial security for their commercial obligations. This document, governed by Singapore law and regulated by MAS, represents a bank's unconditional commitment to pay a specified amount upon the beneficiary's compliant demand. It's particularly valuable in international trade, construction projects, and government tenders where parties seek robust payment security. The guarantee includes specific terms about validity, demand conditions, and payment obligations, providing a standardized yet flexible instrument for commercial risk mitigation.
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Key Requirements PROMPT example:
Commercial Bank Guarantee
"Need a Commercial Bank Guarantee for a construction project tender in Singapore, with a guarantee amount of SGD 5 million, valid from 1 March 2025 to 31 December 2025, with automatic reduction clauses at project milestones."
1. Parties: Identification of the bank (guarantor), the applicant, and the beneficiary
2. Background: Context of the guarantee and underlying transaction
3. Definitions: Key terms used in the guarantee
4. Guarantee Amount: Specific sum guaranteed by the bank
5. Duration and Validity Period: Term of the guarantee including expiry conditions
6. Demand Requirements: Conditions and process for making claims
7. Payment Terms: Timeline and method of payment upon valid demand
1. Counter-Indemnity: Applicant's obligation to indemnify the bank - include when required by bank's internal policy
2. Assignment Provisions: Terms regarding transfer of guarantee rights - include when transfer rights are contemplated
3. Reduction Clauses: Provisions for reducing guarantee amount over time - include for long-term guarantees with declining exposure
1. Form of Demand: Template for making claims under the guarantee
2. Underlying Contract Details: Summary of the primary contract being guaranteed
3. Fee Schedule: Bank's charges and commission structure
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